As we collectively celebrate the wonders of money printing and the socialism of losses, TILB can't help but reflect back on this quote from Mises's great work Human Action. If it doesn't give you a warm fuzzy about Helicopter Ben, nothing will.
"There is no means of avoiding a 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 and total catastrophe of the currency system involved."From somewhere, far in the distance, beyond the rising fog and across the seas, the wind carried on its back a faintly whispered word, audible only to the ears of the awake: "gold".- Ludwig von Mises
[HT: TD]
