"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."
by:
Ludwig von Mises
(1881-1973) Economist and social philosopher
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Reader comments about this quote:
 -- Mike, Norwalk      
Yep!

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.

Cheers,

B
 -- bruski, naples FL     
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    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     
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    Good heavens Walter, did you even read the quote ?
     -- jim k, austin tx     
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    Credit based economies are never wise. Usury will always run blind.
     -- Ron w13, Or     
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    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     
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    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     
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    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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