It’s the Austrians who want to get away from Central Banks. The Austrians love to rant about the 1800’s. These nuts want to go back to the 1800’s, that was their dream century in economic terms. A century that left much to be desired in terms of living standards and state role in the economy and that had 8 major depressions.
These deficit hawk nuts that want to reverse Keynesianism are in a sense going back to the old days too. Not the 1800’s. Instead they are going back to Hooverism. Recall also that FDR was a fiscal conservative when he came in. He very quickly realized that fiscal conservatism was not going to cut it. In 1936, the idiotic public got roused into deficit hysteria by the crazy right, and the result was mass austerity in that year in order to lower the deficit and get our fiscal house in order. The immediate result was another depression, and we didn’t come out of it until Pearl Harbor.