QE3 was announced last week. Like usual, most Austrians economists predicted this because they also predicted that the first two would not work. As predicted, the Federal Reserve is going to try it again. This one will not work either. Tom woods explains how Austrian Business Cycle theory works and how monetary stimulus is so damaging to the economy. If you need to know one thing about Austrian economics, this is it. I wish I could get Ben Bernanke would watch this.