"I think the Austrians have a fair point that overexpansion of credit during booms is a key cause of recessions." No, this is actually their greatest weakness.

"I think the Austrians have a fair point that overexpansion of credit during booms is a key cause of recessions." No, this is actually their greatest weakness. Mises biggest joke is: “Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.” It is a tautology. A joke. Idiotology. 1. Yes, every boom ends in a bust. I must, because you can't predict the end of a cycle and always have to pre-finance production. There is an analysis, the tallest skyscraper always get's build before the bust. Obviously. 2. Yes, every credit expansion creates a boom and every boom creates a credit expansion. They go hand in hand. Which boom did NOT GO with a credit expansion? It has to be.