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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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Tag Archives: Frédéric Bastiat
Quote of the Day
Upon observing an airplane fly, one doesn’t assume that apparently the law of gravity doesn’t apply to metal plane-shaped things. Rather, you intelligently realize instead that other forces must be in operation on the plane. Similarly, we should not assume … Continue reading
Posted in Uncategorized
Tagged economics, Frédéric Bastiat, Henry Hazlitt, minimum wage
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What If?
Ron Paul certainly asks the right questions: And it inspired the following French video – YouTube has subtitles using the CC button. H/T Tom Woods
Posted in Uncategorized
Tagged Austrian school, economics, Frédéric Bastiat, libertarianism, ron paul
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Quote of the day
Socialism, like the ancient ideas from which it springs, confuses the distinction between government and society. As a result of this, every time we object to a thing being done by government, the socialists conclude that we object to its … Continue reading
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Tagged Frédéric Bastiat, government, libertarianism, socialism, society
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Hazlitt’s Economics in One Lesson: The Broken Window
This is the first in a series based on Henry Hazlitt’s Economics in One Lesson, a book originally published in 1946 which beautifully explains so much of economics from one very simple idea: Therefore, the whole of economics can be reduced to … Continue reading