Larry Reed talks about his journey to liberty. From The Sound of Music, to Czechoslovakia, to Young Americans for Freedom (YAF) in Pittsburgh as a 14-year-old. The message on joining YAF was: “If you want to be an anti-Communist, it’s not enough simply to oppose tanks in the streets; you have to know your philosophy, you have to know your economics.” Talks about what a great speaker Hans Sennholz was. Larry recalls how, with Murray Rothbard’s help, he questioned his university economics lecturer’s Keynesian business cycle theory, by asking these three questions that a theory of the business cycle has to explain:
- That an inflation of money and credit precedes the bust.
- Fluctuation in capital goods industries are much greater than in consumer goods industries.
- The cluster of entrepreneurial errors.