The Economy - Who is to Credit? Who is to Blame?

The founder of the Austrian School of Economics, Ludwig von Mises, stated, "The individual is always ready to ascribe his good luck to his own efficiency and to take it as a well-deserved reward for his talent, application and probity. But reverses of fortune he always charges to other people, and most of all to the absurdity of social and political institutions.

"He does not blame the authorities for having fostered the boom. He reviles them for the inevitable collapse.

"In the opinion of the public, more inflation and more credit expansion are the only remedy against the evils which inflation and credit expansion have brought about."

(Ludwig von Mises Economist, Investment Rarities)