Prophetic observations from Lew Rockwell from a speech at Auburn in 1998.
“The line you read again and again in the pages of the “Wall Street Journal” is that the business cycle has been abolished, and that we have entered into a new paradigm of permanent prosperity. This kind of talk worries me. It is precisely what we heard about Asia for the last several years. And it is what was said in 1920s America.
“The bottom line is that there ain’t no such [thing] as a New Era. So long as we live on this earth, there are certain fixed cause and effect relationships at work that cannot be repealed. Among them is that an economy pumped up by artificial credit will eventually enter recession. When it happens and what the effects will be is an open question. But that it will happen cannot be in dispute.”
11:34 pm on July 16, 2003
