Tuesday, October 14, 2008

Only One Way Out

Minyanville is a new site that I heard about on Business Radio Houston and stumbled across a link in Yahoo. They offer this Mises widsom: "
Only One Way Out

'All attempts to emerge from the crisis by new interventionist measures are completely misguided. There is only one way out of the crisis: Forgo every attempt to prevent the impact of market prices on production.
- Ludwig von Mises, The Causes of the Economic Crisis

Mises certainly found out there is no popularity to be gained from being right about economic doom. Being 'right' is the quickest way to lose all of your friends and create more enemies than you can shake a stick at.

That is really the only way to explain why the very people in charge of driving the global economy over the cliff - global central banks - are now charged with rescuing it from the death dive."
Indeed.

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