If natural interest rates prevailed and the state could not create money out of thin air, we wouldn’t have to go through these cycles. There is a saying in the investment world, “Don’t confuse a bubble with brains.” Every goofy business or social experiment seems to work during a boom time. Everyone is a genius. Let’s see, I will get a lot of tattoos, put decorative metal in my face, chug booze, and crash a motorcycle into a wall. I will film myself doing these things and become an internet sensation. The babes and paychecks will flow in like crazy. It may work like that for a while; until the dam breaks and reality re-imposes itself.
~ David Hathaway, “Cultural Erosion and Violence,” LewRockwell.com, October 9, 2017