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There is no means of avoiding a 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
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Monthly Archives: December 2012
Quote and chart of the day
Whoever said the advent of the Federal Reserve, or the end of “hard money” standard courtesy of Richard Nixon, made catastrophic or systematically shocking events less frequent, probably should have their head examined. Tyler Durden, of ZeroHedge. Accompanying this: You don’t … Continue reading
Posted in Uncategorized
Tagged debt, economics, Federal Reserve, fiscal cliff, GDP, US
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The Queen visits the Bank
Today the Queen visited the Bank of England, and asked why nobody saw the financial crisis coming – a question that many may also be pondering. Of course, a lot of people did see it coming, but it seems that Sujit … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, Ben Bernanke, econ, Financial crisis, Queen
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