"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final or total catastrophe of the currency system involved."
Ludwig von Mises
(1881-1973) Economist and social philosopher
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Reader comments about this quote:
 -- Mike, Norwalk      

When this balloon finally pops, Professor Mises will look like a prophet.

Trouble is: nobody in the Keynesian Camp listens to the wisdom of the ages.


 -- bruski, naples FL     
    This is an example of a truism. It merely states an opinion. A few more sentences of justification or example are necessary to make this an aphorism... a micro essay that would be useful.
     -- Walter Clark, Fullerton CA     
    Good heavens Walter, did you even read the quote ?
     -- jim k, austin tx     
    Credit based economies are never wise. Usury will always run blind.
     -- Ron w13, Or     
    An older friend says his economics prof said there are but three ways to attain wealth: win it, earn it or steal it. I've not spent a lot of time on analysis, but most of what I try to use to obviate the expression turns out to be a poor effort at best.
     -- Bob Leavitt, Charlotte, VT     
    Our Keynesian economy is simply 'regulated catastrophe.' Someone has to get stuck with the hot potato, and those at the helm always make sure it is not them ...
     -- E Archer, NYC     
    There is Old and ( Knew) money, never confused the two, Rule Number One ! They do operate with a different manor.
    They have the most confidence, education, and money can buy ! Every one else, are most tyrannical . The Kings and Queens are never up front, but just for show ! You lost the ground in 1865 !
     -- Ron w13, Or     
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