Hussman quotes Mises:
"The fact that each crisis, with its unpleasant consequences, is followed once more by a new ‘boom,’ which must eventually expend itself as another crisis, is due only to the circumstances that the ideology which dominates all influential groups - political economists, politicians, statesmen, the press and the business world - not only sanctions, but also demands, the expansion of circulation credit."
"... not only sanctions, but also demands, the expansion of circulation credit"
"the ideology which dominates all influential groups ... not only sanctions, but also demands, the expansion of circulation credit."
ReplyDeleteYeah, but it could be well-intentioned. If they think the expansion of credit is good for growth, and growth is good for us, their thinking may be incorrect but well-intentioned.
Does it matter? Yes: If they're trying to do something good for us, then they just need a little guidance to do the right thing. Otherwise, the news is all bad.