Booms and Busts

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.

"Roosevelt and his staff were becoming habitual bullies, pitting Americans against one another."

The possibility of an insolvent central bank, however, bypasses the question of whether the central bank should be abolished and concludes that it will, in certain instances, abolish itself as insolvency renders it helpless.

The consequences of pumping out many trillions of marks (or even just the few trillions of dollars now being created by the Federal Reserve) are simply catastrophic. And such policies lead, as Professors Mises and Rothbard taught us, to collapse, war, destruction, starvation, and death.

Presented at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Presented by Robert P. Murphy at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Presented by Thomas DiLorenzo at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Presented by Walter Block at “Recovery or Stagnation?,” the Mises Circle in San Francisco; sponsored by Mark L.

Indeed, if this book, rather than Keynes's General Theory, had been the point of departure for subsequent study of macroeconomic fluctuations, the world almost certainly would have been a much, much happier place.