Quote Of The Day
“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
Ludwig Von Mises
After Great Depression I, a well-known economist was quoted* to say “We are all Keynesians now.”
Perhaps the refrain after Great Depression II will be “We are all Austrians now”?
Hat Tip: to herd or not to herd
* As that article points out, perhaps he was quoted out of context?