Pittsburg, Kansas | While I agree that excesses have to be washed out (Austrian economics has a term for it called "malinvestments"). the rest sounds like gobeldegook to me. The fractional reserve banking system and government deficit spending ARE THE CAUSE of the major portion of the "business" (actually credit) cycle excesses.
Sounds like that explanation is trying to tell us the cause of the problem is supposedly the solution. Until the real cause of the problem is recognized, there is no possible solution.
John |
John, another look at where we have come to
