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The policy of artificial credit expansion central banks have permitted and
orchestrated over the last fifteen years could not have ended in any other way.
The expansionary cycle which has now come to a close began gathering
momentum when the American economy emerged from its last recession in
2001 and the Federal Reserve reembarked on the major artificial expansion of
credit and investment initiated in 1992. The artificial expansion of credit and
money is never more than a short-term solution, and that at best.

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— L Ty ¥ LE an -
It is tragic that we have arrived at the current situation and even more tragic 1 : Wig a
that there exists a widespread lack of understanding regarding the causes of the v 3 a Fo 2
phenomena that plague us, especially among experts, analysts, and most %

institutional redesign of the entire monetary and financial system of current

economic theorists. I hope this new edition contributes to the sorely needed eit 4
market economies. ]

—From the “Preface to the Second English Editon” |

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

—Jean-Claude Trichet, former President, European Central Bank

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Jesus Huerta de Soto is professor
of political economy at King

Juan Carlos University in

Madvrid, Spain. HUERTA DE SOTO

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Money, Bank Credit,

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