I have posted it already but I will post it again (as a former Austrian). 1. Mises, who did not work one day in his whole live in a private free market enterpr

I have posted it already but I will post it again (as a former Austrian). 1. Mises, who did not work one day in his whole live in a private free market enterprise, has fundamentally not understood capitalism. He describes free market barter economies, e.g. in the middle ages, that have nothing to do with capitalism. At least he describes them very good, including, why interest exits etc. 2. He fundamentally does not understand the need to pre-finance industrial production. The pressure to recover the debt gives capitalism its impressive dynamic. But in the end it is basically a ponzi scheme that relies on a) ever increasing debt, because previous debt is settled with new debt. b) a growing economy that allows the creation of more debt. Mises got the idea, while thinking very hard on a desk in an academic environment, that companies "save money to make investments". This can not be observed in reality. Very few companies are able to do this (e.g. IT companies like google). Most companies take shitloads of loans to pre-finance new production in the expectation that this loans can be repaid,recoverd with future economic growth. e.g. selling more cars. Gail Trevberg touches some of this ideas (I got it from a German book from 1998) in this blog post: https://ourfiniteworld.com/2011/02/21/there-is-no-steady-state-economy-except-at-a-very-basic-level/ https://ourfiniteworld.com/2011/02/21/there-is-no-steady-sta... 3. Credit expansion can bring about a temporary boom. But such a fictitious prosperity must end in a general depression of trade, a slump.” — Ludwig von Mises This is his biggest joke since it is a tautology. Every boom goes with a credit expansion and every credit expansion goes with a boom. It is the principle of a debt based society. He is correct that a boom always ends in a bust. But this is a feature of capitalism, not a bug. This is how capitalism works: https://i.ibb.co/9nms8xK/Net-Worth.jpg https://i.ibb.co/9nms8xK/Net-Worth.jpg