Nick Sorrentino of The Liberty and Economics Review puts an Austrian spin on the current recession and its root cause:
If we want to mitigate the business cycle, and by extension the severity of recessions, we must allow money to seek its own value level. Instead of periodic deluges produced by economic kinetic energy pouring over and bursting through Federal Reserve created economic dams , a free flowing currency would instead rise and fall by smaller amounts and in more predictable ways.
Allowing the Fed to arbitrarily set the value of money (even though it is an illusion and always fails) is pure folly. Allowing interest rates to fluctuate freely makes much more sense.
The problem with a free market in currency is that it increases transparency and accountability. These may not be problems for you and me, but they are for people in power.