Thoughts, essays, and writings on Liberty. Written by the heirs of Patrick Henry.

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”     Adam Smith

December 12, 2008

Quote Of The Day

by Brad Warbiany

“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?

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