Why hasn't the crisis ended as yet? It should have been all over with and forgotten by the first of last February. If so, the whole troubled world would have already issued a huge sigh of relief.
Joseph Keckeissen
Joseph Keckeissen is a professor of economics at Francisco Marroquin University in Guatemala. Born in Brooklyn, New York, Professor Keckeissen received his doctorate in 1966 from NYU, where he was a member of the Mises Seminar.
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Mises is no longer with us to comment on our present debacle, we know which economic principles (truths) he relied on, and it is certainly apropos to raise the question, what would Mises say about the present crisis? His reply would be clear as day. The true cause of the economic instability is what he labeled inflationism. By this he meant the unlimited creation of new money on the part of governments — fiat money without any backing whatsoever.