Is Financial Crime A Systemic Risk?

“Famed Austrian economist Ludwig von Mises wrote in his seminal work, Human Action (originally published by the Yale University Press in 1949), that “There is no means of avoiding the final collapse of a boom brought about by credit expansion.  The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”  The collapse of a historic credit bubble occurred in 2008.  However, despite years of further credit expansion, “a final and total catastrophe” of the U.S. dollar system has yet to occur.”

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