Mises Wire

Let's stop pretending default is unprecedented. The US defaulted on debts in 1934 and again in 1979. Today it engages in de facto default through financial repression and monetary inflation.

States with long-lasting lockdowns, covid restrictions, and even mounting vaccine “incentives” have still been hit harder than more laissez-faire states in many cases, even after the virus has had eighteen months to spread well beyond the borders of the initial hot spots.

Austrians do not question booms because they don’t like prosperity or because they have character defects. Rather, Austrians understand that booms involve lines of investment in areas of production that cannot be sustained.