The Bitcoin Standard: The Decentralized Alternative to Central Banking

by Saifedean Ammous

For Keynesian economists, the war was what caused economic recovery, and if one looked at life merely through the lens of statistical aggregates collected by government bureaucrats, such a ridiculous notion is tenable. With government war expenditure and conscription on the rise, aggregate expenditure soared while unemployment plummeted, so all countries involved in World War II had recovered because of their participation in the war. Anybody not afflicted with Keynesian economics, however, can realize that life during World War II, even in countries that did not witness war on their soil, like the United States, cannot by any stretch of the imagination be characterized as “economic recovery.”