I think that future historians will have a very negative view about the great experiment to boost economic activity with monetary measures via creating asset inflation. I think this view will be very badly discredited. Now, we have to understand it will take some time for this to happen because you have the neo-Keynesians, these are the people like Martin Wolf at the Financial Times and Mr. Paul Krugman at the New York Times and Mr. Rosengren at the Boston Fed and Larry Summers, who, if there is a failure in the asset markets or in the economy and so forth, will say the reason the policies didn't work is because we didn't do enough. That may go on for quite some time but I can tell you that I see more and more people, young people, who no longer consider the Austrian economic theory to be heresy. And it isn't heresy.
It's essentially common sense, a historical approach to economics. I think that eventually, future economic history books will condemn Mr. Greenspan, Mr. Bernanke and Ms. Yellen very badly.
And I will make sure it will happen during my lifetime. I'm not saying this because of any animosity in terms of my having suffered from their system. As I told you, I'm in the financial system. I'm an asset owner. I would never have had the assets I have today without money printing. I just look at the world as an economist and from the point of view of fairness, and I don't think the present system is in the long run desirable. We have a new aristocracy, largely a smart aristocracy – the hedge fund managers and so forth – but in terms of culture, a lot to be desired.
