In my
Critique of Mathematically Perfected Economyprivately controlled!Critique of Austrian Economicssustainable combinations of investment and consumption, but says nothing about what is so unsustainable about a credit expansion. Since he defines consumption on the PPF (which is real) to be the same as consumption on the Hayekian triangle (which is nominal), the unsustainability
cannot Critique of Mathematically Perfected EconomyThe Debt Virus Theory is not worth a Continental!wascan be done. Contra Rothbard, hyperinflation is
notCatch 22wantedpossibilityalleverything with an AAA rating is worthless crap. They still have lots of T-Bills and there is a market for at least
someexactly I cannot tell you.
Source:
Axiomatic Economics by Victor Aguilar: Gold Does Not Have Intrinsic Value
References
Garrison, Roger. 2001.
Time and Money: The Macroeconomics of Capital Structure. New York, NY: Routledge
Rothbard, Murray N. [1962] 1970.
Man, Economy and State. Los Angeles, CA: Nash Publishing