Series IV · Card 14 of 21 · THE VIENNA SEMINAR
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner … or later as a final and total catastrophe …
LUDWIG VON MISES · HUMAN ACTION · 1949
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Source
“Human Action”, 1949, ch. XX, sec. 8 “The Monetary or Circulation Credit Theory of the Trade Cycle” (abridged)
About the author
Austrian-American economist (1881–1973) and leading figure of the Austrian School. His work on money, credit, and economic calculation deeply shaped the philosophical foundations later associated with Bitcoin.
The question on the back
Rather the small crisis now or the big one later?