Booms and Busts

The word from Washington is that things are looking up. The citizens in Segovia used to hear the same thing from Rome.

Today, the main response to ill-effects of past interventions seems to be to create even greater ones.

We know what these measures do. They delay economic adjustment and recovery; they extend economic hardship, regardless of whether we call the hard times a depression or a "great recession."

That is why it is actually government "solutions" that increase the influence of greedy bastards in society. After all, "greedy bastard" is an excellent description of someone who demands power over others without cost or their willing consent; and falsely blames others to gain it.

Recorded at the Mises Circle in Greenville, South Carolina, 3 October 2009.

Recorded at the Mises Circle in Greenville, South Carolina, 3 October 2009. Sponsored by Ron Wilson, and Professional Planning of Easley, LLC.

Don't be among those who believe that the government has discovered the secret of prosperity in the offices of the Bureau of Engraving and Printing.

Mass unemployment proves in fact wholly to be the result of government preventing private enterprise from working freely and providing itself with a money that would secure stability.

Rothbard and a handful of Misesian economists were virtually alone in maintaining that Hoover's interventionist policies were mainly responsible for what we now know as the "Great Depression." 

That phony money creates a false boom is not an unknown fact in history.