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Pastimes : Book Nook
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To: Ilaine who wrote (21)3/22/2001 1:58:31 AM
From: JF Quinnelly  Read Replies (1) of 443
 
In Austrian theory booms and busts are caused by credit expansion. The bigger the credit expansion, the bigger the following collapse. "Government intervention", as used by Austrians, is the action of a central bank in keeping short term interest rates artificially low, allowing more credit to be extended than would be the case if interest rates rose as demand increased.
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