How A Central Bank Caused One of History's Biggest Cons

How A Central Bank Caused One of History’s Biggest Cons

Tags: World History

07/31/2018 George Pickering

Perhaps no lesson from history better illustrates the dangers of credit expansion-fuelled business cycles than the story of the imaginary country of Poyais. Original article: How A Central Bank Caused One of History's Biggest Cons.

The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.

Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.