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To: Mike M2 who wrote (214700)	1/15/2003 2:26:55 PM
From: Tommaso	Read Replies (3) \| Respond to of 436258

I guess when I read accounts such as that one, I feel that the outlook is so despairing that the implication is similar to that of Andrew Mellon--that there is nothing to do but to liquidate and start over from there. To believe that massive debt liquidation is inevitable is to imply that such liquidation is now the only alternative--somewhat in the same way that the Marxist belief in social revolution has led Marxists to try to bring that "inevitable" revolution about. The answer to the question, "Well, if you are correct, what shall we do?" seems to be "It's too late; you can't do anything now." It's true that from my point of view, the only thing I can do is to try to protect myself from the consequences of irresonsible credit expansion and possibly even profit personally from it. But Austrian economics seems completely useless now as a basis for economic policy, since it argues that no policy is going to work.