Mises Wire
Author:
Mark Thornton
Online Publish Date:
waste of the boom and the cost of the bust are brutal even using the best recovery policies available. Here I unveil the reason for the ongoing boom-bust cycle and how base money held by the issuer) such as unbacked currency. Mises showed that truly competitive free banking would prevent banks from issuing nontrivial amounts of all regulations, subsidies, and bailouts for banks and depositors; and allow competition—laissez-faire. But that solution requires the population to understand