Money, Bank Credit, and Economic Cycles - The Ludwig von Mises ...

xxxviiiMoney, Bank Credit, and Economic Cyclesverified hundreds of quotations in English and other languagesagainst their original sources. A significant number ofsmall misprints had been detected and have now been rectified,and thus her efforts have helped to make this third editioneven more polished. I am deeply grateful to her, as wellas to Dr. Gabriel Calzada, Associate Professor at the UniversidadRey Juan Carlos, for his assistance in reviewing and correctingcertain bibliographic references.In the interval since the publication of the previous edition,economic trends have been marked by the high fiduciaryinflation and the sharp increase in public deficits necessary tofinance the war in Iraq and to meet the rising costs which the“welfare state,” plagued by severe and insoluble problems,generates in most western countries. The money supply andthe interest rate have been subject to further manipulation. Infact, the United States Federal Reserve lowered the rate to ahistorical minimum of 1 percent, thus preventing the necessarycorrection of the investment errors committed prior to the2001 recession. The above circumstances have triggered a newspeculative bubble in real estate markets, along with a dramaticrise in the price of the energy products and raw materialswhich are the object of almost unlimited demand on aworldwide scale, due to new investment projects undertakenmainly in the Asiatic basin, and particularly in China. Thus,we seem to be approaching the typical turning-point phase ofand that he falls short of providing sufficient justification for his analysisfrom the juridical-institutional standpoint. Nonetheless, I thought itadvisable to promote the book’s translation into Spanish by a team ofprofessors and disciples from my department at the Universidad ReyJuan Carlos. Dr. Miguel Ángel Alonso Neira led the team, and the translationhas already been published in Spain under the title Tiempo ydinero: la macroeconomía en la estructura del capital (Madrid: Unión Editorial,2005). Finally, we should recommend also the encyclopedic work ofLudwig van den Hauwe, Foundations of Business Cycle Research (Saarbrücken,Germany: VDM Verlag Dr. Müller, 2009).2 The English edition was beautifully published in 2006 as Money, BankCredit, and Economic Cycles under the auspices of the Ludwig von MisesInstitute in Auburn, Alabama, thanks to the support of the Institute’spresident, Llewellyn H. Rockwell.