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

Preface to the Third Spanish Editionxxxixthe cycle, the phase which precedes every economic recession.Moreover, the very recent 180-degree turn in the monetarypolicy of the Federal Reserve, which has jacked up interestrates to 4 percent in only a few months, confirms the trendeven further.It is my hope that this new edition will help readers andscholars to better understand the economic phenomena of theworld that surrounds them. May it also serve to convince specialistsand framers of current economic policy that we mustabandon social engineering in the monetary and financialsphere as soon as possible. The attainment of these goals willmean the complete fulfilment of one of my primary objectives.Jesús Huerta de SotoFormentorAugust 28, 2005