Thursday, November 12, 2009

Doug Casey found a great quote from yesteryear; most of our problems in one paragraph.

"The boom produces impoverishment. But still more disastrous are its moral ravages. It makes people despondent and dispirited. The more optimistic they were under the illusory prosperity of the boom, the greater is their despair and their feeling of frustration. The individual is always ready to ascribe his good luck to his own efficiency and to take it as a well-deserved reward for his talent, application, and probity. But reverses of fortune he always charges to other people, and most of all to the absurdity of social and political institutions. He does not blame the authorities for having fostered the boom. He reviles them for the inevitable collapse. In the opinion of the public, more inflation and more credit expansion are the only remedy against the evils which inflation and credit expansion have brought about."
-Ludwig von Mises, Human Action, 1949

Want to know what our nation (or most any other nation) is going to do next?  Read it again.

No comments:

Post a Comment