Written in 2005

But there is also a darker side to the current boom. It is to a high degree driven by the cheap-money policy of the Federal Reserve. And it is not just the American economy which rests on this shaky foundation. Most other economies in the world are also dependent upon the cheap money policies of the Fed. This is partly because the rest of the world has grown increasingly dependent upon the rising trade surplus with America created by the excess demand in America spawned by Fed policy and partly this is because the downward pressure on the dollar created by the low interest rates has made other central banks emulate the cheap money policy of the Fed in order to prevent their currencies from rising too rapidly in value against the dollar. Moreover, world economic growth is also dragged down by structural problems in Europe and Japan.

Austrian economics, anyone?

Why Do Intellectuals Oppose Capitalism?

Schooled in the lesson that they were most valuable, the most deserving of reward, the most entitled to reward, how could the intellectuals, by and large, fail to resent the capitalist society which deprived them of the just deserts to which their superiority "entitled" them?

I think this article is more or less accurate, and that the resentment of the word-smiths, the intellectual "elite", towards capitalism is mainly fueled by resentment of a system that does not reward them financially, as opposed to the school system that always gave them the highest grades and biggest rewards!