Some say if you account for the governments fudged numbers we are already in a depression. If Mises is right when there is a boom brought about by excessive credit expansion the only way to rectify the malinvestments is only one of two ways. Either by voluntary stopping of the expansion (which brings about a recession/depression depending on how long and how bad the expansion was) or by eventual complete failure of the currency. It appears the central banks are bound and determined to find out what happens because they have no intention to quit the credit expansion. I'm afraid I might find out if Mises is right in my lifetime. I hope he is wrong. I fear he is right. John | 
Do we need a depression
