Sean Corrigan on business cycles and the futility of engineering a soft landing

As Austrians, we firmly believe that the credit cycle IS the business cycle and that - to draw upon Hayek - crises start out as monetary ones and later morph into real ones.  We frequently tell anyone who will listed that there are NO soft landings - sometimes adding Mises' pragmatical advice that to try to remedy any sizeable inflation through a deliberate act of contraction (rather than by simply desisting from making matters worse and allowing the system to repair itself) is to 'reverse the car back over the pedestrian one has just knocked down.'

~ Sean Corrigan, "Ring out the old, bring in the new," January 2019