Is the Crack-up Boom Here? | Mises Wire

Recent polls show Americans expect continued large price increases. This indicates we may be on the verge of what Ludwig von Mises called a crack-up boom. A crack-up boom occurs when the general population realizes that constant currency depreciation is a feature, not a bug, of central banking. This leads people to seek alternatives to government-issued currency and to factor rising prices into their plans. The crack-up boom will likely extend overseas as more countries reject the dollar s world reserve currency status. This rejection will be driven by a combination of concern over America s growing debt and resentment of America s hyper-interventionist foreign policy.

Crack-up booms have historically facilitated the growth of authoritarian political movements. However, this is not inevitable. If those of us who know the truth spread the ideas of liberty to enough people, we may be able to move through the crack-up boom to a rebirth of liberty, peace, and prosperity. Steps in this direction include convincing Congress to cut spending, legalize competing currencies, and end the Fed.

via mises.org

Ron Paul being his optimistic self.