Only when a central bank manipulates the money supply and interest rate does it become possible for large-scale failures across entire sectors of the economy to happen at the same time, causing waves of mass layoffs in entire industries, leaving a large number of workers jobless at the same time, with skills that are not easily transferrable to other fields.19 As Hayek put it: “The cause of waves of unemployment is not ‘capitalism’ but governments denying enterprise the right to produce good money.”20
