Thursday, 20 December 2007

No way out


“There is no means of avoiding the final collapse of a boom brought on by credit expansion. The question is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”


Ludwig von Mises

4 comments:

Josh said...

Great quote.

Anonymous said...

Ah, don't start quoting Austrian School crap. It's a sure sign of impending lunacy.

Anonymous said...

yeah dont start spouting this rubbish..even if it is common sense

Markbaldy said...

To the 2 anonymous comments:_ I think it is valid entry in fact...
Ludwig was born in 1881 and the quote he makes is truly valid today.
It just goes to show that people still do not appreciate that history repeats itself.
"It may be different this time", but the end result will be a good old fashioned recession !