On Tuesday, it was announced that over seventeen million new vehicles were sold in 2015, the highest it’s ever been in United States history.

While the media claims that this record has been reached because of drastic improvements to the US economy, they are once again failing to account for the central factor: credit expansion.

It always amazes me that official statistics change so much within a few months interval. I was reviewing the data of an article I wrote nine months ago for Mises Daily when I noticed that since April, Eurostat updated its statistics and that it is now even clearer that Krugman is wrong about France and the UK.