I think you are kind of a lovable crank, @ArgentCy, sort of in the Ron Paul mold, but many of your posts remind me of this lovely David Romer quote... "Everything reminds Milton Friedman of the money supply. Everything reminds me of sex, but I don't put that in my textbooks." Your point about using monetary policy to fight against rising real interest rates temporarily and how easy credit leads to "mal-investment" in nonproductive assets in the Von Mises sense is well-met, however. I just think the market catches up with you eventually, which you seem to agree with. The Fed ran easy credit in the 1990s and early 2000s, pumped up a stock market and housing market bubble in the process in the name of boosting the economy, and the whole thing caught up with them circa 2008. I am sure you would say we are in a similar cycle now -- re-pumping the bubbles and engendering an even harsher reckoning.