"To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection -- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end."
Friedrich August von Hayek
(1899-1992), Nobel Laureate of Economic Sciences 1974
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Reader comments about this quote:
 -- David, Malaysia     
    The beatings will continue until morale improves - or - we'll keep digging the bottom out of this whole until we're out of the whole - or - we are going to keep borrowing until we are out of debt - or - . . .
     -- Mike, Norwalk     
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    The misdirection is that we're supposed to believe that these Bankster parasites are actually benevolent and "doing their best"...for us! Hardly. They are robbing us blind and working to control everything we do, everything we own, what we think and who we vote for. Kind of makes the War of Independence and every other war we fought against tyranny redundant and makes all of the blood spilled by our ancestors, friends and neighbors in those wars a complete waste of human life. We've been had and it continues now as they prepare to fire up the printing presses again....Say hello to hyper inflation folks...it's going to take everything you have.
     -- J Carlton, Calgary     
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    First rate, need more like this one.
     -- Joe Miller, Metropolis     
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    As L. Neal Smith said, "Government is a disease masquerading as it's own cure".
     -- jim k, Austin, Tx     
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    Great comments! For those that may not understand what 'credit expansion' means, think 'quantitative easing' which is simply creating money out of nothing and loaning it into circulation. QE1, 2 & now 3 is the fleecing of the people's property and labors. It is bad enough that someone has the power to create money out of nothing and 'loan' it at interest to member banks and governments, but what is this new money used for? Currently it is used to buy up foreclosed properties, then these properties are rented back to the poor blokes that have lost everything they have. It is permanent indentured servitude. After crashing our economy with 'elastic' currency, the bankers then buy up all our properties at bargain basement prices -- thus eventually owning everything. And We the Sheeple have this debt loaded upon us. And we are about to celebrate the 100th anniversary of the banksters take-over of our nation. The amount of power these guys wield over us is mind-boggling -- will we ever do something?
     -- E Archer, NYC     
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    Why we're screwed!
     -- J Bullat, Buckley WA     
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