Jim Rogers : Finance has failed several times in history

Jim Rogers : when i went to Wall Street in the sixties mostly it was backward nobody went to Wall Street , in the fifties sixties and seventies Wall Street was not important then we had a long bull market for thirty years it became extremely important , everybody got an MBA and everybody wanted top go to finance but that happens anytime in history for the first years of the twentieth century finance they were kings then we had the collapse of the thirties it became disastrous again until the eighties but it always worked this way , finance has failed several times in history , many times in history but everything has failed , everything goes to excess and collapses has a long period of bad period then it starts over , like agriculture ......

The Austrian Theory of the Trade Cycle

Compiled by Richard M. Ebeling
The Austrian Theory of the Trade Cycle
Ludwig von Mises source : mises.org

Nowadays it is usual in economics to talk about the Austrian theory of the trade cycle. This description is extremely flattering for us Austrian economists, and we greatly appreciate the honor thereby given us. Like all other scientific contributions, however, the modern theory of economic crises is not the work of one nation. As with the other elements of our present economic knowledge, this approach is the result of the mutual collaboration of the economists of all countries.

The monetary explanation of the trade cycle is not entirely new. The English "Currency School" has already tried to explain the boom by the extension of credit resulting from the issue of bank notes without metallic backing. Nevertheless, this school did not see that bank accounts which could be drawn upon at any time by means of checks, that is to say, current accounts, play exactly the same role in the extension of credit as bank notes. Consequently the expansion of credit can result not only from the excessive issue of bank notes but also from the opening of excessive current accounts.