Anyone not a mainstream economist has recognized the awesome
blindness of the profession to the approach of the latest financial crisis and its
impotent policies afterwards. I recently finished a book published last year
that not only explains why mainstream economics failed but promotes good
economics, the Austrian kind, and provides another tool for telling the future.
Thomas Aubrey, the author of Profiting from Monetary Policy and founder of Credit Capital
Advisory in the U.K., consults businesses on how credit creation affects global
asset prices. Aubrey begins by detailing the devastation of the crisis on
pension funds. Not only did many funds lose money in the crisis, but the low interest
rate monetary policies intended to restore the economy have inflicted more
damage and will lead to many failing in the future. Aubrey doesn’t mention the
life insurance industry, but it and millions of retired people are suffering
for the same reasons.
