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A Program to Stabilize the Economy—in Four Words

  • No further credit expansion!
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Tags Fiscal Theory

Paul Cantor, Clifton Waller Barrett Professor of English at the University of Virginia and Associated Scholar of the Mises Institute, attended Ludwig von Mises’s seminar at NYU as a young man. He recently surprised and delighted a few of us by revealing that the line that he remembers Mises speaking most frequently in the seminar was “No farzer credit expansion!”  As a native German speaker with an accent and less than complete familiarity with English usage, what Mises meant to say, of course, was “No further credit expansion!” Upon hearing this, it struck me that Mises pithily summed up in four words a program for “stabilizing” the economy, that is, abolishing booms, bubbles, and recessions. Why the entire program could—and should—be printed on a T-shirt.

Joseph Salerno is academic vice president of the Mises Institute, professor of economics at Pace University, and editor of the Quarterly Journal of Austrian Economics.

Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.
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