The View From The Bridge

Reflections on 2012 – December 19th 2012

As ever the “View” cannot see into the future with any clarity, so here are some quotes gleaned during 2012; some contemporary, some timeless. Enjoy your Christmas festivities and may 2013 bring everything you wish for.  Firstly two messages for our central bankers “There is no means of avoiding a 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.” Ludwig von Mises and “Our analysis leads us to believe that recovery is sound only if it does come of itself. For any revival which is merely due to artificial stimulus leaves part of the work of the depressions undone and adds – to an undigested remnant of maladjustments – new maladjustments of its own.” Joseph Schumpeter  There is however hope “We are continually faced with a series of great opportunities brilliantly disguised as insoluble problems.” John W. Gardner Or not as the case may be… “If all else fails, immortality can always be assured by spectacular error.” John Kenneth Galbraith  Followed by a rare, truthful observation from one of Europe’s finest “We all know what to do, we just don’t know…

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