Every depression is guaranteed to throw up monetary cranks and snake-oil merchants.
And invariably it is the old economic fallacy of cheap money that they peddle as a cure for the economic ailments of low growth and high unemployment. There was a time when economic nostrums were treated with contempt. Alas, those times are long gone. I speak, of course, of the fallacy of demand deficiency. A fallacy that the classical economists had demolished long ago and against which the Austrian school is still fighting a lonely and long drawn out battle of intellectual attrition.