Early Boom-and-Bust Theory?

April 24, 2009

by Gene Callahan

“As little as steam engines can be quelled, so little is this possible in the behavioural realm: the lively pace of trade, the rapid rush of paper-money, the inflated increase of debt made in order to pay off other debts, these are the monstrous elements to which a young man is now exposed.”
— Johann Wolfgang von Goethe, Wilhelm Meister’s Journeyman Years

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