you’ll laugh, you’ll cry, it’ll change your life

THE ATBC

Sometimes I kind of wish it weren’t accurate:

For this, we have seen, is what the crisis and depression are: the restoration by consumers of an efficient economy, and the ending of the distortions of the boom. Clearly, the greater the credit expansion and the longer it lasts, the longer will the boom last. The boom will end when bank credit expansion finally stops. Evidently, the longer the boom goes on the more wasteful the errors committed, and the longer and more severe will be the necessary depression readjustment.

Murray Rothbard at Mises.org

update: more often I wish more people understood it.

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