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JAN 21, 2013 - Zero Hedge

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Guest Post: Keynesians And Ponzians

Originally posted at Monty Pelerin's World blog, The economy cannot recover without a complete cleansing of the excesses that have built up over the last half century plus. This mantra has been repeated again and again on this website and elsewhere. It is not a unique idea. It is a foundational belief of Austrian economics and an integral part of Austrian Business Cycle theory. Ludwig von Mises provided this fundamental observation: Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump. There has likely ... Read More

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