A very interesting article by Sebastien Bastiat, written more than 150 years ago (in 1850). It should be part of every Economy 101 course:
That Which is Seen, and That Which is Not Seen
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"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved." |
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