The boom squanders through malinvestment scarce factors of production and reduces the stock available through overconsumption; its alleged blessings are paid for by impoverishment.
Ludwig von MisesThe study of economics has been again and again led astray by the vain idea that economics must proceed according to the pattern of other sciences.
Ludwig von MisesOnce public opinion is convinced that the increase in the quantity of money will continue and never come to an end, and that consequently the prices of all commodities will not cease to rise, everybody becomes eager to buy as much as possible and restrict his cash holdings to minimum size... If the credit expansion is not stopped in time, the boom turns to crack-up boom: the flight into real values begins, and the whole monetary system founders.
Ludwig von MisesThe living is not perfect because it is liable to change; the dead is not perfect because it does not live.
Ludwig von Mises