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Though governments’ fiscal and monetary policies have on many Q 3 ™, Hi
occasions been erratic and counterproductive, in the end, enormous = <

growth in public deficits has brought on a sovereign public debt NY O ;

crisis in international markets. This crisis has been so severe that one

by one, the different governments have been forced to take es ©)

measures, even if timid ones, in the right direction, measures to ® oe 5 3

reduce public spending, interventionism, and regulation of the O ~""T

economy, and to liberalize factor markets and make them more i ow HR 3

flexible, especially the labor market.

For the first time, European politicians have had no choice but to
finally tell citizens the truth about the seriousness of the situation,
and to undertake reforms which until now seemed utterly impos-
sible politically.

—From the “Preface to the Third English Editon”

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“It is indeed a remarkably stimulating and thought provoking summa.”

—Jean-Claude Trichet,

former President, European Central Bank

Jesiis Huerta de Soto is professor of political economy
at King Juan Carlos University in Madrid, Spain.

HUERTA DE SOT
Ludwig von Mises Institute, Auburn, Alabama | Mises.org

| 78. 1.61016.254-8 Money, Bank Credit,
Qu7

and Economic Cycles
Jesus Huerta de Soto

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