Mises declared in 1951: “No boom is possible without credit expansion... the boom which causes the following depression could not occur if the banks did not expand credit."
Ignoring time preference is the fundamental error behind monetary planning. It is why in a successful economy, monetary intervention by the state is kept to a bare minimum, or preferably banished altogether.
June 12 was the day the Virginia Declaration of Rights, penned by George Mason, was ratified by the Fifth Virginia Convention in 1776. And it has pride of place as the first of several declarations of rights in the era.
