The Monetary or Circulation-Credit Theory of the Trade Cycle
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The British Currency School did not criticize the multifarious projects to lower or abolish interest by means of a banking reform. They tacitly ratified the naïve presumption of money’s neutrality, and many decades passed before the spell was broken, writes Ludwig von Mises (1881–1973).
This audio Mises Daily is narrated by Jeff Riggenbach.