Robert Higgs, senior fellow at the Independent Institute and author of Crisis and Leviathan, discusses the theory that Islamic terrorists and other “outsiders“ brought about the 2008 financial crisis, rather than loose monetary policy and securitization run amok; how to make a quick buck by pitching ridiculous reports to the Pentagon; the government’s post-9/11 spending binge that permeated throughout government, not just in the Pentagon; why wars are financed with deficits instead of direct taxation; the weak alternatives to the US dollar as world reserve currency; and an economic forecast of 1970s style stagflation.
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