Friday, 23 January 2009

An economics lesson for our Prime Minister and Chancellor of the Exchequer

"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 the result of voluntary abandonment of further credit expansion, or later as final and total catastrophe of the currency system involved."

Ludwig von Mises from "Human Action" (1949)

Any comments Gordon Brown?

Thanks to Guido Fawkes for the spot.

No comments: