Wednesday, April 10, 2013
10 April 2013
This is truly a remarkable run. Kudos to the money printers. I never believed wealth could be created from nothing, but the past few years have proved otherwise.
"To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection or production, we want to create further misdirection- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end."
-- Fredrich Hayek, 1933
Is Hayek right? The only way I see the forced credit expansion stopping is once the US loses reserve currency status.
at 9:51 PM