Booms and Busts

Recorded at The Mises Circle in Manhattan, on May 22nd, 2010.

The Mises Circle in Manhattan; 22 May 2010, New York, New York. PPT

"It's hard to be a contrarian. With the bubble in full bloom, the last thing you want to tell the boys at the club is that you have your money in cash or gold."

"There is a definite sense in which the government plays by a different rulebook, because the central bank waits in the wings to monetize its debts."

The whole entrepreneurial class is in the position of a master builder whose task it is to erect a building out of a limited supply of building mat

It is likely that with the bailout of Greece we have already passed this point of no return.

"The only possible solution to the inflation problem is an open opposition to the unions and to the idea that higher money wages are the only means for improving the condition of the masses."

The drop in interest rates makes unrealizable projects appear profitable and realizable. Entrepreneurs embark upon the execution of such projects.

When the influx of silver and gold from the Spanish colonies in the New World dried up, little or nothing remained. But that was not all.

The average range of tuition inflation is normally 8% annually, and prices have not fallen or stabilized once since 1977, regardless of economic cl