Booms and Busts

"The true villains were clearly the bankers themselves."

Recorded at Jekyll Island, Georgia; 27 February 2010.

Recorded at Jekyll Island, Georgia; 26 February 2010.

Recorded at Jekyll Island, Georgia; 26 February 2010.

"The more these readjustments are delayed," Rothbard explained, "the longer the depression will have to last, and the longer complete recovery is postponed."

"Naïve trust in the power of words to command reality is found in all mass delusions."

"Market prices can get screwed up when the Fed tinkers with interest rates. Because of the distorted price signals, the actual real resources are invested improperly."

All that stimulatory policies can do is redistribute real savings from wealth-productive to nonproductive activities."

Maybe letting the market fix what government broke isn't an option they can bring themselves to embrace, even if it's the only way out.

But prosperity can't be printed. Government edicts won't magically make us better off. Their fatal conceit will only lead us to disaster.