Mises says that all expansion of bank credit must absolutely cease: "no more legal tender banknotes and no more credit expansion!"
In the same way that we need some junior historian to devote his career to exposing every nefarious plot of the New Deal, so we need an economist to refute the General Theory.
"Public estimation of eminence runs in reverse ratio to its genuineness," writes Mencken, anticipating Obama, "the sort of eminence that the mob esteems most highly is precisely the sort that has least grounding in solid worth and honest accomplishment."
Murray Rothbard was more aware than anyone of the ongoing evils perpetrated by government and he was never given the proper recognition in academia. But he was constantly happy and loved to laugh. Now I know Murray wasn't a joyous libertarian by himself; he had help from his smart, wickedly funny best friend Burt.
The amazing fact is that the great majority of British people are not yet consciously aware that they are living in a very severe economic crisis.
Recorded at the Mises Institute’s Brown Bag Seminar series on 6 November 1996.
Lucas's view — namely, that the 1929 downturn would have been a run-of-the-mill depression, but the Fed's timidity turned it into the Great one — was popularized by Milton Friedman.
