Starting here, Mish has about six posts that are excellent examples of his best work. Mish is essentially an austrian economist, and in the big debate over hyperinflation, Mish contributed the deciding factor of the effect of credit dampening any hyperinflation.
I think the sloppy understanding of money vs credit is the heart of the error in thinking among some Austrians. There is money, and there is credit, and the two have nothing to do with each other. Banks lend credit, not money. But only bankers speak in terms of "lending credit" because the insiders understand the game.
Mish's series is most edifying roundup of where we are right now.
Feel free to forward this by email to three of your friends.
I think the sloppy understanding of money vs credit is the heart of the error in thinking among some Austrians. There is money, and there is credit, and the two have nothing to do with each other. Banks lend credit, not money. But only bankers speak in terms of "lending credit" because the insiders understand the game.
Mish's series is most edifying roundup of where we are right now.
Feel free to forward this by email to three of your friends.
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