Mises Daily
Author:
Thorsten Polleit
Online Publish Date:
The Cause of the Disaster Are governments doing enough to fight this financial and economic crisis? Is it a good thing that central banks have cut interest rates analyze the causes of the credit market debacle using sound — that is, Austrian — economics. The debacle is the outcome of the government-controlled fiat money system. at the role of private ownership of commercial banks in the current credit market turbulence. Commercial banks are the main producers of money, as they extend loans to