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The drive to resume credit expansion and recent growth in private employment

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Last night’s news coverage of the Bank of England’s prediction of no growth in 2012 was wearily predictable. There were calls for one last rate cut, more “monetary accommodation” and then turning to the Chancellor for more government spending. We can’t borrow and print our way to prosperity. That’s how we got into this mess: credit was too easy so we had a massive boom which created a poisonous illusion. The bust was inevitable. The great economist Ludwig von Mises […]

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