“There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”
– Ludwig von Mises
“No very deep knowledge of economics is usually needed for grasping the immediate effects of a measure; but the task of economics is to foretell the remoter effects, and so to allow us to avoid such acts as attempt to remedy a present ill by sowing the seeds of a much greater ill for the future.”
– Ludwig von Mises
“Central banks are at serious risk of exhausting the policy room for manoeuver over time.”
– Jaime Caruana, General Manager of the Bank for International Settlements
“The gap between the models in the world of monetary policymaking is now wider than at any time since the 1930s.”
– Benjamin Friedman, William Joseph Maier Professor of Political Economy, Harvard
