Booms and Busts

"So it is quite likely that in a free-market economy the threat of bankruptcy will bring to a minimum the practice of fractional-reserve banking."

Every government intervention creates new problems in the course of vain attempts to solve the old.

Finally, the freedom of wage rates and prices to fall must be established through the repeal of pro-union and minimum-wage legislation, and more fundamentally, the education of the public concerning the errors of the Marxian exploitation theory and their replacement with actual knowledge of what determines wages and the general standard of living.

Stolyarov reviews Robert P. Murphy’s The Politically Incorrect Guide to the Great Depression and the New Deal (2009).

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E.

Recorded at the Mises Circle in Newport Beach, California, November 14th, 2009. Sponsored by Louis E. Carabini, Saturday.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.