Booms and Busts

Selgin thinks fractional reserve banking critics are akin to "flat-earthers", but he gets some important points wrong. 

With this book, I am hopeful fewer Americans will be duped the next time there is a crash, and the mainstream experts assure us that more government  intervention will solve the problem.

"Higher order" industries like manufacturing and mining are particularly sensitive to changes in interest rates. And it doesn't look like anything's different this time around.

As investments — previously thought to be profitable — turn out to be flops, firms will start liquidating unfinished projects and layoffs will begin.