QUOTE OF THE DAY — CREDIT CYCLES & FINANCIAL CYCLES

For half a century, we monetary economists have focused overwhelmingly on the inflation/disinflation cycle.   If we said monetary policy was too easy at some point, we were thinking of the dangers of inflation.  If recessions resulted from monetary tightening, the motive was disinflation.    I believe the result of the global financial crisis will be a . . . → Read More: QUOTE OF THE DAY — CREDIT CYCLES & FINANCIAL CYCLES

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In some fields [science] has developed important theories which give us much insight into the general character of some phenomena, but will never produce predictions of particular events or a full explanation, simply because we can never know all of the particular facts which according to these theories we would have to know in order to arrive at such concrete conclusions. — F. A. Hayek

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