Jesus Huerta De Soto’s book, “Money, Bank Credit and Economic Cycles” arrived today, all 875 pages of it. It is, apparently:

by far the most thorough treatment in print of Austrian ideas on banking and the business cycle 

It looks insightful already (from the preface to the second, 2001, edition):

While governments and central banks have reacted to the terrorist attack on New York’s World Trade Center by manipulating interest rates, reducing them to historically low levels … the massive expansion of fiduciary media injected into the system will not only prolong and hinder the necessary streamlining of the real productive structure, but may also lead to dangerous stagflation.

And so here we go. More to follow as I work towards his proposals for reform.

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