The Undollar Digest

Have We Crossed the Point of No Return?

Mises Daily: Thursday, May 20, 2010 by Philipp Bagus
A specter is haunting the world, and especially Europe: the specter of a sovereign insolvency. The acute sovereign-debt crisis is largely the result of government interventions in response to the financial crisis.

As Austrian business-cycle theory explains, the credit expansion of the fractional-reserve-banking system had caused an unsustainable boom. [...]


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