[Travis McGee]

"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 a 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

[milwguy]

My favorite economist! My son has been accepted to Hillsdale College where Von Mises left his entire collection and we will be visiting in two weeks. I am hoping my son goes there, instead of one of the other schools he is thinking about.

[milwguy]

My favorite economist! My son has been accepted to Hillsdale College where Von Mises left his entire collection and we will be visiting in two weeks. I am hoping my son goes there, instead of one of the other schools he is thinking about.

[milwguy]

My favorite economist! My son has been accepted to Hillsdale College where Von Mises left his entire collection and we will be visiting in two weeks. I am hoping my son goes there, instead of one of the other schools he is thinking about.

[Pelham]

You’ll enjoy reading this:

http://www.swans.com/library/art14/mdolin31.html

A Quick Look At The Credit Crisis

by Michael Doliner

“(Swans - March 10, 2008) By now most people know that the “subprime” crisis is no such thing. What has happened is the final result of the long decay of the rate of profit (1) in the American economy. As productive activity no longer paid, investors turned to interest on credit to provide sufficient rates of return....”

[Texas Songwriter]

"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 a 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

Von Mises was candid and brief and extraordinarily, brillient to the point.

The over-the-counter credit deritive market, said by BIS, to be in excess of $600 trillion lies in the ether like nuclear radiation. The 'unregulated' contractural obligations are not reportable, not regulated, not controlled, endorsed by the previous FED chair and the current one, are beginning to reveal themselves as they, like ghosts, at demand for performance, raise themselves from the cess pool to declare they cannot perform, killing themselves, their parasite, and the markets. Those markets hold yours and my retirement portfolios, yours and my savings, and the future of our children. It is happening now, but it does so from behind a veil of ignorance for most, and those who are informed are the first to prepart for destructions emminence.

What I am trying to say is the public is largely ignorant of what is happening to them as they put their kids to sleep tonight. Thinking they are fed, warm, dry, with a roof over their heads, they do not have an inkling of what stalks them and will take them prey.

Yes, von Mises is so correct in almost all of his musings, most especially this assertion.

Eat, drink, make merry....the Central Bankers are in charge now.