What is *Meltdown* by Thomas E. Woods Jr. about?

*Meltdown* analyzes the 2008 financial crisis through a free-market lens, arguing that government intervention—not Wall Street greed—caused the collapse. Woods blames the Federal Reserve’s monetary policies, housing subsidies, and bailouts for distorting market cycles. The book advocates Austrian economics, urging readers to reject Keynesian stimulus in favor of natural market corrections. It includes historical parallels like tulip mania and critiques of Fannie Mae/Freddie Mac.

Who should read *Meltdown* by Thomas E. Woods Jr.?

This book suits libertarians, economics students, and critics of government bailouts. Readers interested in alternative explanations for financial crises or Austrian economics will find Woods’ arguments compelling. Policymakers and historians seeking a non-mainstream perspective on the 2008 crash will also gain insights.

Is *Meltdown* worth reading?

Yes, for its contrarian take on the 2008 crisis. Woods challenges mainstream narratives with accessible explanations of complex topics like fractional reserve banking and hyperinflation. However, readers should balance it with Keynesian viewpoints for a rounded understanding.

What is the main argument of *Meltdown*?

Woods argues that the Federal Reserve’s artificial credit expansion created a housing bubble, while government-backed entities like Fannie Mae encouraged risky loans. Bailouts prolonged the crisis by preventing market corrections. The solution? Let failing institutions collapse and allow deflation to reset prices.

How does *Meltdown* explain the role of the Federal Reserve?

The Fed’s low-interest rates and loose monetary policy incentivized reckless lending, fueling the housing bubble. Woods criticizes its dual role as regulator and enabler, citing how fractional reserve banking and lender-of-last-resort policies destabilized the economy.

What Austrian economic principles does *Meltdown* highlight?

The book emphasizes Ludwig von Mises’ “business cycle theory,” which ties booms/busts to central bank interference. Key concepts include: - **Natural deflation**: Allows markets to self-correct by liquidating bad investments. - **Sound money**: Advocates for gold-backed currency over fiat systems. - **Limited government**: Rejects bailouts and stimulus as distortions.

How does *Meltdown* critique government bailouts?

Woods calls bailouts “disastrous,” arguing they reward failure, misallocate resources, and create moral hazard. He contrasts 2008 with the 1920–1921 depression, where rapid market recovery followed non-intervention.

What historical examples does *Meltdown* use to support its claims?

- **Tulip mania (1637)**: Speculative bubble caused by irrational exuberance. - **The Great Depression**: Prolonged by Hoover/FDR’s interventions. - **The 1920–1921 recession**: Swift recovery due to laissez-faire policies.

メルトダウン――金融破綻へのカウントダウン

株式市場はなぜ暴落し、経済はなぜ悪化したのか、そしてなぜ政府の救済策が事態をさらに悪化させるのか――自由市場の視点から見る考察

トーマス・ウッズ

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『メルトダウン――金融破綻へのカウントダウン』の概要

『メルトダウン（崩壊）』は、2008年の金融危機を引き起こしたのは自由市場ではなく、政府の介入であったことを暴いています。ロン・ポールの序文を掲載したこのニューヨーク・タイムズ紙のベストセラーは、「もし救済措置が実際には事態を悪化させているとしたら？」という従来の常識に挑み、10週間にわたってベストセラーリストに名を連ねました。

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1冊の本。さまざまな聴き方。

メルトダウン――金融破綻へのカウントダウンの同じアイデアを、あなたに合う声・深さ・ペースで学べます。いつでも切り替えられます。

第1章

The Financial Crisis You Never Saw Coming

When the housing market collapsed in 2008, triggering the worst financial crisis since the Great Depression, politicians and mainstream economists rushed to blame the free market. "This is what happens when capitalism runs wild," they claimed. But what if they were pointing fingers in entirely the wrong direction? What if the true culprit was hiding in plain sight all along? Thomas E. Woods' "Meltdown" offers a compelling alternative narrative that has gained surprising traction across the political spectrum. Even as establishment economists dismissed his Austrian School perspective, Google searches for "Austrian economics" skyrocketed as Americans sought real answers. The book has become required reading among financial professionals and policy skeptics alike, with former presidential candidate Ron Paul calling it "the most important economic book of our time." Woods' central thesis-that government intervention, not free markets, caused our economic calamity-challenges everything you thought you knew about the crisis that wiped out trillions in wealth and continues to shape our economic landscape today.

第2章

The Elephant Breaking All the Furniture

Since the economic crisis erupted in 2008, Americans have been bombarded with a predictable refrain: the free-market economy has failed. This narrative, pushed by politicians, media commentators, and even some economists, has been accompanied by an equally predictable solution: more regulation, more government intervention, more spending, more money creation, and more debt. What's remarkable about this response is that the very architects of the policies that caused the mess now pose as our saviors. The Federal Reserve, whose fingerprints are all over our current crisis, is rarely mentioned except as our potential rescuer. The role of artificially low interest rates in setting economies on unsustainable paths is conveniently ignored in mainstream discussions. Meanwhile, the few voices who actually predicted the crisis and criticized Fed policy-investment experts like Jim Rogers and Peter Schiff, or financial commentators like James Grant-were mocked by mainstream media "experts" who now confidently advise how to reverse the crisis they never saw coming. The government's response to the economic crisis has been entirely predictable: misdiagnose the problem, exonerate themselves, and implement the same failed policies used during the Great Depression. Despite overwhelming public opposition-with some Congressional offices reporting 95-98% of constituents against the $700 billion bailout package-legislators eventually rammed it through with targeted enticements for reluctant representatives. By late 2008, Washington had committed Americans to approximately $7.7 trillion in bailout liabilities, with no end in sight. Barack Obama's economic team confirmed that "change" really meant more of the same-more bailouts, more intervention, more addressing symptoms rather than causes-along with huge deficits and massive government spending based on the superstition that this somehow restores economic health. While economist James K. Galbraith claimed only 10-12 of America's 15,000 economists saw the economic crisis coming, hundreds of economists from the Austrian School of economic thought predicted it years in advance. These free-market economists warned of the housing bubble before anyone else and identified the Federal Reserve as the primary culprit. Despite pretenses of independence, the Fed functions as an arm of the federal government-created by Congress, led by government appointees, and endowed with monopoly privileges. It represents central economic planning, the great discredited idea of the twentieth century, except instead of planning steel and concrete production, it plans money and interest rates, with consequences that reverberate throughout the economy. The Fed's artificially low interest rates encouraged excessive leverage and speculation, misdirected capital into unsustainable ventures, and created the boom-bust cycle that inevitably ends in crisis. As Henry Hazlitt noted decades ago, the real tragedy is that the public blames capitalism rather than the inflation that preceded the slump. The Fed remains the unnoticed elephant breaking all the furniture while the free market takes the blame.

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第3章

The Government's Fingerprints All Over the Housing Bubble

Everyone remembers the housing hype-houses as the best investment, never losing value, the "ownership society" rhetoric, and house-flipping as a path to riches. When the bubble burst, prices began falling in 2006, triggering widespread defaults as homeowners could no longer sell or refinance their way out of trouble. The impact extended far beyond mortgages into the financial system through mortgage-backed securities, which bundled loans from across the country. When nationwide foreclosures increased, these supposedly safe, diversified securities plummeted in value, taking down their corporate owners. Rather than simply blaming greedy lenders or foolish borrowers, we need to examine the institutional factors that created excessive mortgage lending in the first place. From 1998 to 2006, home prices rose dramatically, spurring more building until the resulting glut finally pushed prices down. This eliminated homeowners' ability to sell or refinance when facing payment difficulties. At the crisis's center were Fannie Mae and Freddie Mac, government-sponsored enterprises (GSEs) created by Congress. These corporations don't make mortgage loans directly but buy loans from banks on the secondary market, freeing those banks to make more loans. This artificial diversion of resources into mortgage lending inflated home prices. Originally created during the New Deal and privatized in 1968 (with Freddie following in 1970), these GSEs enjoyed special privileges including tax advantages, regulatory exemptions, and designation of their securities as "government securities." Most crucially, investors assumed any failures would trigger taxpayer bailouts-an assumption proven correct in 2008. By then, Fannie and Freddie were involved in about half of all U.S. mortgages and nearly three-quarters of new ones. Under Clinton administration pressure, Fannie began easing credit requirements to extend mortgages to individuals with poor credit, ostensibly to increase minority homeownership. Even the New York Times recognized the risk, noting Fannie might need a government rescue during an economic downturn. When Congressional Republicans called for greater oversight, Democrats like Barney Frank resisted, claiming in 2003 that the GSEs faced no financial crisis and that regulation would reduce affordable housing. The government also used racial discrimination claims to pressure banks into riskier lending. A flawed 1992 Federal Reserve Bank of Boston study claiming to find evidence of discrimination became a powerful political weapon, despite later being exposed as methodologically unsound. The Community Reinvestment Act opened banks to crushing discrimination lawsuits if they didn't meet minority lending quotas. Banks responded by loosening standards repeatedly "to the cheers of politicians, regulators, and GSEs." HUD Secretary Henry Cisneros admitted that "people came to homeownership who should not have been homeowners." His successor Andrew Cuomo openly acknowledged forcing institutions like AccuBanc to make higher-risk "affirmative action" loans. The housing crisis wasn't just about subprime loans. The decade-long assault on traditional underwriting standards spread beyond low-income borrowers to affect all lending. Foreclosure increases occurred simultaneously in both prime and subprime markets, with prime loans actually showing a higher percentage increase in foreclosures during 2006-2007. The real problem was adjustable-rate mortgages with teaser rates that attracted speculators-people who "flipped" houses or bought expecting quick appreciation. When housing prices fell just 1.4% in late 2006, foreclosures skyrocketed by 43%, suggesting many speculators simply walked away, especially those with no-money-down mortgages. The tax code further inflated the bubble by heavily incentivizing home buying through mortgage interest deductions, which renters and outright buyers don't receive. Government created hundreds of programs encouraging home ownership, from tax credits to capital gains exemptions. A couple selling a home for $500,000 profit pays no capital gains taxes, unlike other investments taxed at 15%. But the Federal Reserve bears primary responsibility for the housing bubble's scope. By pushing interest rates down to 1% for a full year after 9/11, the Fed created more dollars between 2000-2007 than in the rest of American history. This new money flooded into housing, making excessive purchases and speculation seem financially prudent. The artificially cheap credit drew unprepared investors into real estate speculation and encouraged banks to lower lending standards further. Financial institutions operated with confidence they wouldn't be allowed to fail, with taxpayers absorbing any losses. The "Greenspan put" created the expectation that the Fed would rescue markets when they unraveled, injecting "a destructive tendency toward excessively risky investment." The call for "more regulation" misses the point entirely-lenders were doing exactly what the government wanted. Both parties championed looser standards, with President Bush himself urging the FHA to eliminate down payments for 150,000 new homeowners. Meanwhile, Fed officials repeatedly assured everyone the system was sound. Bernanke claimed "lending standards are generally sound," while Greenspan encouraged adjustable-rate mortgages and dismissed bubble concerns.

第4章

When Government Tries to Fix What It Broke

Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke repeatedly assured Americans the economy and financial institutions were strong, even as the housing collapse began affecting the broader economy. Despite their failed assessments, these same officials demanded unprecedented powers when the crisis accelerated in September 2008. The government's intervention began with the nationalization of Fannie Mae and Freddie Mac, which held $5 trillion in mortgage liabilities. This was followed by the Fed orchestrating Bank of America's purchase of Merrill Lynch. While Lehman Brothers was allowed to fail, with Paulson briefly expressing concern about moral hazard, the next day brought an $85 billion bailout of insurance giant AIG-"the most radical intervention in private business in the central bank's history." The "too big to fail" argument claims large, interconnected firms can't be allowed to collapse without devastating ripple effects. However, there's an alternative perspective: these companies are actually "too big to be kept alive." Just as a single company benefits from discontinuing unprofitable activities, the broader economy benefits when wealth-destroying activities cease. Keeping failed firms on life support through bailouts only drains capital from sound companies that could put those resources to productive use, ultimately discouraging capital formation and economic recovery. When Lehman Brothers with its $639 billion in assets and 26,000 employees failed in September 2008, what was worth preserving found other homes while what wasn't disappeared. By September 2008, the Bush administration decided individual bailouts weren't sufficient and proposed a comprehensive rescue package. Treasury Secretary Paulson and Fed Chairman Bernanke warned of economic catastrophe without immediate action, allowing no time to read or debate the 442-page Emergency Economic Stabilization Act. The bill authorized Treasury to purchase $700 billion in troubled assets "at any one time"-meaning they could repeatedly buy, sell at a loss, and buy again. Despite the panic rhetoric justifying the bailout, the crisis was largely exaggerated. A Federal Reserve Bank of Minneapolis study revealed four major scare claims were false: bank lending hadn't declined sharply for most businesses and consumers; interbank lending remained "healthy"; non-financial businesses showed no sharp decline in securing short-term loans; and about 80 percent of business borrowing occurred outside the banking system anyway. The Treasury pivoted to direct capital injections into banks, with Paulson allocating $250 billion for ownership stakes-half to nine large institutions including Citibank, Bank of America, and Goldman Sachs. Even Venezuela's socialist president Hugo Chavez found this stunning, remarking "Bush is to the left of me now." The Treasury and Fed's erratic interventions created greater uncertainty rather than confidence, leaving market participants with the impression that authorities had no coherent strategy. These interventions actually slowed down necessary deleveraging, as financial institutions holding toxic assets delayed difficult decisions while hoping for government rescue. The government's bailout funds must come from somewhere-either through borrowing, printing money, or seizing it from taxpayers. The Fed's balance sheet exploded from $900 billion to over $2.2 trillion between September and December 2008, with projections reaching $3 trillion. This massive money creation will eventually trigger consumer price inflation once banks begin lending again, unless the Fed contracts the money supply and prolongs economic chaos.

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第5章

The Boom-Bust Cycle: A Government Creation

The economy's cycle of booms and busts is treated as an inevitable fact of economic life, like the waxing and waning of the moon. But what if these cycles aren't inevitable features of free markets but are caused by something outside the market itself? Why would numerous businesses suddenly make errors in the same direction at the same time? Individual business failures are normal and expected, but when many businesses simultaneously suffer losses, we should question why. The market typically weeds out poor performers through the profit-and-loss system, so these widespread "clusters of errors" demand explanation. Interest rates function as prices in a free market, coordinating production across time. When people save more, interest rates fall naturally, signaling businesses to invest in long-term projects. Lower consumer spending now indicates higher future consumption, making long-term investments rational. Conversely, when people prefer immediate consumption, higher interest rates discourage long-term projects and encourage immediate production. When the Federal Reserve artificially lowers interest rates, it disrupts this crucial coordination function. Businesses are misled into believing long-term investments are profitable when they aren't. The public hasn't actually increased savings or postponed consumption, creating a fundamental mismatch-the economy is stretched in two directions simultaneously as both investment and consumption increase. As projects progress, businesses discover necessary resources are scarcer and more expensive than anticipated. The pool of real savings is smaller than entrepreneurs expected, forcing interest rates back up as firms borrow more to cover rising costs. Like a home builder who mistakenly believes he has more bricks than he does, businesses initiate projects that cannot be completed with available resources. Keynes proposed a fantasy: keeping interest rates perpetually low to maintain a "quasi-boom" state. But this approach is doomed-the more the Fed inflates, the worse the eventual reckoning. Each wave of artificial credit further deforms the capital structure, making the inevitable bust more severe as more resources are misallocated. The Austrian business cycle theory explains that artificially low interest rates cause malinvestment in unsustainable projects. The housing boom exemplifies this theory-artificially low rates directed enormous resources into unsustainable construction. The sooner manipulation ends, the sooner misallocated resources can be redirected into sustainable lines. Even businessmen who understand Austrian theory may still borrow during artificial booms, hoping their projects will succeed before the bust hits. If they don't, competitors will gain market share. The Austrian theory explains the boom and bust, not the length of depressions, which are prolonged by government interventions that prevent necessary reallocation of resources. Keynesian "pump-priming" through government-funded public works is counterproductive, based on the fallacy that spending itself creates economic health. These projects harm recovery by depriving the private sector of resources through taxation, diverting resources to potentially failing enterprises, and artificially raising interest rates through government borrowing. The dot-com boom exemplifies Austrian business cycle theory in action. Beginning with Netscape's extraordinary 1995 IPO, the boom saw money supply grow 52% between 1995-2000 while real GDP grew only 22%. Companies discovered that necessary resources-programmers, Silicon Valley real estate, domain names-were unexpectedly scarce and rising in price. When the Fed tightened credit between 1999-2000, the boom collapsed. The Fed's response-eleven rate cuts in 2001 and a federal funds rate of just 1% from 2003-2004-prevented necessary corrections and instead fueled an even more dangerous housing bubble.

第6章

The Great Depression: History's Greatest Economic Misunderstanding

As politicians promise a "New New Deal" and revive discredited myths about the 1920s to malign free markets, we must examine the truth. Contrary to popular belief, Herbert Hoover was no laissez-faire advocate-his unprecedented interventions transformed the 1929 downturn into the Great Depression. FDR's New Deal, far from rescuing the economy, only prolonged the suffering. Pre-Federal Reserve boom-bust cycles followed the same pattern Austrian theory describes. The Panic of 1819 resulted from excessive paper money issuance by banks without corresponding gold reserves. When these unsound banks collapsed, severe economic disruption followed. The depression of 1920-1921 offers crucial lessons for today. Following substantial Federal Reserve inflation during and after World War I, the economy contracted severely when the Fed finally raised rates. Production fell 21 percent over twelve months-worse than the first year of the Great Depression-yet few Americans remember this downturn because it was so brief. Unlike the 1930s, when government intervened heavily, markets were allowed to make necessary corrections, and the economy quickly rebounded to record production levels. This confounds Keynesian economists like Robert Gordon, who admitted "government policy to moderate the depression and speed recovery was minimal" yet "recovery was not long delayed." The Great Depression's origins have never been more important to understand. Contrary to Ben Bernanke's view, it didn't occur because the Fed created too little money. The 1920s saw substantial Federal Reserve inflation despite stable consumer prices. With major production increases, prices should have fallen naturally. Instead, the money supply increased 55% between 1921-1929, primarily through business loans-exactly how Austrian theory predicts boom-bust cycles begin. The government's response to the 1929 crash precisely contradicted Austrian theory's recommendations, leading to fifteen years of economic stagnation rather than quick recovery. Between 1933-1940, unemployment averaged 18%. Yet mainstream media still clamors for another FDR-style New Deal, ignoring scholarly reassessments of those programs. Contrary to popular myth, Herbert Hoover was no laissez-faire president-he launched public works, raised taxes, extended emergency loans to failing firms, hobbled international trade, and attempted to prop up wages during deflation. Roosevelt's campaign actually criticized Hoover for "the greatest spending administration in peacetime history" and for centralizing control in Washington. FDR's New Deal largely expanded Hoover's interventionist policies. As his own adviser Rexford Tugwell later admitted, the New Deal merely extrapolated from Hoover's programs. Roosevelt institutionalized price and wage supports, mistakenly believing falling prices caused the Depression rather than recognizing them as consequences. The persistent myth that World War II spending finally ended the Depression is, as Woods calls it, "stupefying and bizarre." While unemployment did fall during the war, this happened because 29% of the prewar labor force was drafted into military service. Meanwhile, consumers endured rationing, declining product quality, inability to purchase homes and appliances, and longer work weeks.

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『メルトダウン――金融破綻へのカウントダウン』の一語一語が音声に合わせてリアルタイムでハイライトされ、自然に読み進められます。

第7章

Money: The Root of Economic Chaos

Money didn't originate with government but evolved naturally from the limitations of barter. When people grew frustrated with direct exchange (basketballs for hats, lectures for newspapers), they sought more widely desired goods as exchange intermediaries. These goods-whether berries, shells, or precious metals-became increasingly accepted precisely because others would accept them. Money thus emerged spontaneously as a useful market commodity, not by government decree. Woods emphasizes this couldn't have happened by fiat, as people wouldn't adopt an unfamiliar concept without experiencing its benefits first. Additionally, money needs pre-existing value relationships to function; if forced on people without established price relationships, it would be useless. Fiat paper money always parasitically evolves from previously established commodity money through a predictable pattern: society adopts a commodity money; paper notes redeemable for that commodity begin circulating as convenient substitutes; finally, government confiscates the backing commodity, leaving people with inconvertible fiat paper. This transition invariably involves government violation of property rights and threats of violence-never voluntary adoption. After 1933, when Americans were ordered to surrender their monetary gold, paper money continued circulating through habit and established price relationships. While various commodities have served as money throughout history, gold and silver have been most common due to their durability, divisibility, and high value-to-weight ratio. Governments oppose precious metal-based monetary systems because they impose restraints on politicians-gold cannot be infinitely reproduced like paper money. The Federal Reserve Act of 1913 was not the public-spirited legislation portrayed in civics textbooks, but special-interest legislation drafted by bankers themselves at a private meeting in Jekyll Island, Georgia in 1910. The Fed controls the American money supply through "open-market operations"-purchasing assets (typically government bonds) with money created out of thin air. Inflation is properly defined as an increase in the money supply itself, not just rising prices which are merely a consequence of inflation. When the government inflates the money supply, new money enters the economy at discrete points, benefiting early recipients like banks and government contractors who can spend it before prices rise. By the time average citizens receive this new money, prices have already increased, effectively looting their purchasing power. Rising prices stem directly from increases in the money supply, not from other economic factors as politicians often claim. Historically, governments have blamed innocent scapegoats like labor unions, businessmen, or "speculators" for inflation. Modern explanations like rising oil prices are equally flawed. The popular demand for the Fed to "inject credit" into the economy represents one of our great economic superstitions. Using Robinson Crusoe economics, we can understand why: when Crusoe wants to build a fishing net (a capital good), he must first catch extra fish to sustain himself during the construction process. This illustrates how all production requires a real pool of savings. Most critics of commodity money rely on endlessly repeated fallacies rather than serious study of the subject. When forced to address gold standards, they often dismiss them as merely "old" or "passe" rather than offering substantive arguments. The objections to gold and silver as money fail under even minimal scrutiny, revealing a fundamental misunderstanding of what money actually is and how it functions in an economy.

第8章

Rebuilding on Sound Principles

The United States need not suffer prolonged recession. The free market can transition us out of the current mess efficiently, though not without some unavoidable pain, as it did during the severe downturn of 1920-21. The market is properly adjusting asset prices downward and rationing credit during uncertainty. However, government intervention through bailouts, misguided tax policies, and massive "stimulus" spending threatens this natural recovery. Politicians' favorite recession-fighting strategy-urging Americans to spend more-fundamentally misunderstands economics. While consumer demand does guide production decisions, wealth isn't generated by spending alone. During recessions, Americans are urged to empty their wallets while saving is condemned as harmful to the economy-the fallacy behind stimulus packages. Consumption means using things up-no country becomes rich merely by consuming. Production must come first, giving people the means to consume. As John Stuart Mill noted, "What a country wants to make it richer is never consumption, but production." To restore economic health and build genuine prosperity rather than the phony kind from artificial credit expansion, several free-market reforms are essential. Bankruptcy shouldn't be unthinkable. When a firm declares bankruptcy, its assets don't disappear but pass from those who failed to employ them effectively to those more likely to succeed. The government should stop exposing itself to real estate market risks. Fannie and Freddie have drawn too much of the mortgage market away from truly free-market channels. These entities should be put into bankruptcy receivership with their assets auctioned to private mortgage guarantors. Government spending must be scaled back swiftly and radically as it siphons resources from real wealth generators. Problems caused by excessive spending and debt cannot be cured with more spending and debt. During the Great Depression, FDR's Treasury Secretary Henry Morgenthau admitted: "We have tried spending money... and it does not work." Money may be the most socialized sector in the American economy. The current fiat system began with property seizure when Americans surrendered their gold in 1933. The dollar is inflated by a central bank with monopoly privileges, while legal-tender laws force people to accept potentially devaluing currency. The Federal Reserve should be subject to debate despite its posturing as a stabilizing force. It actually creates economic instability while remaining politically untouchable, allowing its chaos to be blamed on "capitalism." The Fed has made moral hazard a permanent banking feature-banks can lend beyond reserves and take greater risks knowing the Fed's "lender of last resort" authority stands behind them. Central planning and monopoly privilege characterizing the Federal Reserve are the opposite of free markets. Even the Wall Street Journal noted this contradiction: "If capitalism depends on designating a person of godlike abilities to manage all forms of money and credit, we are as doomed as those wretched citizens who relied on central planning." The Austrian approach offers the most powerful explanation for our economic crisis. Conservative attempts to blame everything on the Community Reinvestment Act miss the point-this is a systemic monetary problem with bipartisan support. Free-market advocates face a critical choice: they cannot logically support both free markets and the Federal Reserve, which represents central planning of money itself. If you believe in free markets, you cannot support government price-fixing, including interest rates. The more important a sector, the more urgent it is to handle it through voluntary cooperation rather than government coercion. While various government programs directed credit to certain sectors, the bubble's hot air was generated by the Fed. Only the Austrian School emphasizes this crucial role in disrupting markets. The Austrians saw what mainstream economists missed in the 1920s, 1990s, and today. Their tradition deserves serious consideration. To avoid future bubbles, we must abandon our superstitions about Fed expertise and listen to those who predicted this crisis and offer coherent alternatives to spending and inflating our way to prosperity. We face a stark choice between repeating failed policies that prolonged the Great Depression and Japan's two-decade slump, or trying a different approach with a proven track record. Now that would be change we can believe in.

★★★★★

『メルトダウン――金融破綻へのカウントダウン』を最後まで読み終えました

100万人以上の学習者に愛用されています

“23日間、毎日使い続けています。今では日課の一部です。”

jayallen

『メルトダウン――金融破綻へのカウントダウン』の主要テーマ

austrian school economics
federal reserve criticism
housing bubble origins
government bailout consequences
boom bust cycles

『メルトダウン――金融破綻へのカウントダウン』の名言

The very architects of the policies that caused the mess now pose as our saviors.
Change really meant more of the same.
People came to homeownership who should not have been homeowners.
The housing crisis wasn't just about subprime loans.

『メルトダウン――金融破綻へのカウントダウン』の登場人物

Thomas E. WoodsAuthor and proponent of Austrian School economics
Ron PaulFormer presidential candidate and policy skeptic
Peter SchiffInvestment expert who predicted the crisis
Jim RogersInvestment expert and critic of Fed policy
James GrantFinancial commentator and critic of the Fed

著者について

トーマス・E・ウッズ・ジュニア（Thomas E. Woods Jr.）は、『Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse』（邦題：メルトダウン：なぜ株式市場は暴落し、経済は破綻し、政府の救済策が事態を悪化させるのか）の著者であり、ニューヨーク・タイムズ紙のベストセラー作家、そしてオーストリア学派経済学とリバタリアン思想の主要な論客です。

ハーバード大学で歴史学を学び、コロンビア大学で博士号（Ph.D.）を取得したウッズは、学術的な厳密さと分かりやすい分析を融合させ、2008年の金融危機を検証した『Meltdown』に示されるように、市場への政府介入を批判しています。

彼の専門知識は経済史、憲法理論、政治哲学に及び、その知見は『The Politically Incorrect Guide to American History』（アメリカ史の不都合な真実）や『Nullification: How to Resist Federal Tyranny in the 21st Century』（無効化：21世紀における連邦政府の暴政に抵抗する方法）といった他の影響力のある著作にも反映されています。ルートヴィヒ・フォン・ミーゼス研究所のシニア・フェローを務めるウッズは、CNBC、FOXニュース、NPRなどに出演し、複雑な経済概念を一般向けに解説しています。

『Meltdown』や『Who Killed the Constitution?』（誰が憲法を殺したのか？）を含む彼の著書は12以上の言語に翻訳されており、『The Politically Incorrect Guide to American History』はニューヨーク・タイムズ紙のベストセラーリストに6週間にわたってランクインしました。

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In an increasingly volatile world, traditional linear thinking often leads to catastrophic failure. This plan is essential for decision-makers, investors, and strategists who want to move beyond mere resilience and learn to profit from uncertainty.

5 h 30 m•4 セクション

学習プラン

The Management Shadow: Taleb/Kahneman/Greene

In an era of radical uncertainty, traditional management frameworks often fail because they ignore human irrationality and the impact of rare events. This plan is designed for leaders and strategists who want to master the hidden psychological and systemic forces that govern success and power.

4 h 43 m•4 セクション

学習プラン

Trade stocks based on global politics

In an increasingly volatile world, understanding the intersection of statecraft and finance is essential for modern investors. This plan is designed for traders and analysts who want to turn global instability into a strategic market advantage.

5 h 24 m•4 セクション

学習プラン

The Architecture of Modern Order

This plan offers a deep dive into the intellectual history and political shifts that shaped our current global landscape. It is ideal for students of political science, history, or philosophy seeking to understand the roots of modern governance and individual rights.

2 h 30 m•5 セクション

学習プラン

Wealth with Peace: Naval, Burkeman & Manson

This curriculum bridges the gap between financial independence and mental tranquility by blending modern entrepreneurship with timeless philosophy. It is designed for ambitious professionals who want to achieve high-level success without sacrificing their sanity or sense of purpose.

4 h 7 m•5 セクション

学習プラン

Read 7 Essential Stock Market Books

This curated plan distills the wisdom of legendary investors into actionable insights for anyone looking to build serious wealth. It is ideal for beginners and intermediate investors who want to move beyond speculation toward a disciplined, evidence-based approach to the markets.

4 h 49 m•4 セクション

学習プラン

The Life Cycle of Superpowers

This plan is essential for history buffs and political strategists looking to understand the cyclical nature of global hegemony. It provides a deep dive into how empires rise through innovation and eventually collapse under their own weight.

1 h 30 m•3 セクション

コロンビア大学卒業生がサンフランシスコで開発

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4.7

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1M+ learners

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

BeFreedがウェブ上でどのように話題になっているかをもっと見る

コロンビア大学卒業生がサンフランシスコで開発

LOVED BY

1,000,000+ curious minds.

4.7

avg rating

1M+ learners

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

BeFreedがウェブ上でどのように話題になっているかをもっと見る

今すぐ学習の旅を始めよう

第3章

メルトダウン――金融破綻へのカウントダウン

概要『メルトダウン――金融破綻へのカウントダウン』の概要

1冊の本。さまざまな聴き方。

The Financial Crisis You Never Saw Coming

The Elephant Breaking All the Furniture

聴きながら、すべての言葉を目で追えます

The Government's Fingerprints All Over the Housing Bubble

When Government Tries to Fix What It Broke

『メルトダウン――金融破綻へのカウントダウン』をもっと深く楽しむ

The Boom-Bust Cycle: A Government Creation

The Great Depression: History's Greatest Economic Misunderstanding

聴きながら、すべての言葉を目で追えます

Money: The Root of Economic Chaos

Rebuilding on Sound Principles

『メルトダウン――金融破綻へのカウントダウン』を最後まで読み終えました

『メルトダウン――金融破綻へのカウントダウン』の主要テーマ

『メルトダウン――金融破綻へのカウントダウン』の名言

『メルトダウン――金融破綻へのカウントダウン』の登場人物

著者について

メルトダウン――金融破綻へのカウントダウンの要約をダウンロード

他のユーザーのお気に入り

この本に関するよくある質問

What is Meltdown by Thomas E. Woods Jr. about?

Who should read Meltdown by Thomas E. Woods Jr.?

Is Meltdown worth reading?

What is the main argument of Meltdown?

もっと見る

1,000,000+ curious minds.

1,000,000+ curious minds.

1冊の本。さまざまな聴き方。

The Financial Crisis You Never Saw Coming

The Elephant Breaking All the Furniture

聴きながら、すべての言葉を目で追えます

The Government's Fingerprints All Over the Housing Bubble

When Government Tries to Fix What It Broke

『メルトダウン――金融破綻へのカウントダウン』をもっと深く楽しむ

The Boom-Bust Cycle: A Government Creation

The Great Depression: History's Greatest Economic Misunderstanding

聴きながら、すべての言葉を目で追えます

Money: The Root of Economic Chaos

Rebuilding on Sound Principles

『メルトダウン――金融破綻へのカウントダウン』を最後まで読み終えました

他のユーザーのお気に入り

もっと見る

『メルトダウン――金融破綻へのカウントダウン』の概要