sábado, 14 de março de 2009

Ignoring the Austrians

Ignoring the Austrians Got Us in This Mess. Por Randall Forsyth.

Austrian economists assert the current crisis is the inevitable result of the Fed's successive efforts to counter each previous bust. As the credit expansion pumped up asset values to unsustainable levels, the eventual collapse would result in a contraction of credit as losses decimate banks' balance sheets and render them unable to lend. That sounds like an accurate diagnosis of the current problems.

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