We Are All Austrians Now Shirt

In a 1965 issue of Time magazine, Milton Friedman was attributed with the phrase, “we are all Keynesians now.” The next year he clarified by writing, “In one sense, we are all Keynesians now; in another, nobody is any longer a Keynesian." When President Nixon took the United States off of the gold standard in 1971, he said, “"I am now a Keynesian in economics.” After a while, the two comments were linked. Fast forward to 2008. The World in financial crisis rages, caused in large part by the money-pumping of central banks unrestrained by a gold standard. It seems everyone but the Austrian School economists and strict adherents to free enterprise call for massive Keynesian fiscal and monetary pumping. By the second decade of the 21st Century, the folly of Keynesian economic measures begins to become more apparent. The Austrians are vindicated again.