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"
1 comment:
"the ideology which dominates all influential groups ... not only sanctions, but also demands, the expansion of circulation credit."
Yeah, 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.
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