I thought this was a failure of the fractional banking system and OTC derivatives and government sanctioned markets for their well connected friends. I kind of thought government was the perpetrator. And how is it that governments that did not see this crisis coming now have all the answers?
Does not von Mises have the explanation here: "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 a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."
I think Rudd's missive is dishonest, unscientific, self-serving.
