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** FRIDAY, JANUARY 16, 2026
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Why do booms, historically, continue for several years? What delays the reversion process? The answer is that as the boom begins to peter out from an injection of credit expansion, the banks inject a further dose. In short, the only way to avert the onset of the depression-adjustment process is to continue inflating money and credit. For only continual doses of new money on the credit market will keep the boom going and the new stages profitable. Furthermore, only ever increasing doses can step up the boom, can lower interest rates further, and expand the production structure, for as the prices rise, more and more money will be needed to perform the same amount of work. Once the credit expansion stops, the market ratios are reestablished, and the seemingly glorious new investments turn out to be malinvestments, built on a foundation of sand. [It] is clear that prolonging the boom by ever larger doses of credit expansion will have only one result: to make the inevitably ensuing depression
longer and more grueling.... The way to prevent a depression, then, is simple: avoid starting a boom.
– Murray Rothbard, Man, Economy, and State ([link removed]) [1962]
** HORNBERGER'S BLOG
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January 16, 2026 The U.S. Government Co-Killed the Iranian Protestors ([link removed])
While U.S. officials and their right-wing and interventionist supporters are condemning and castigating the Iranian government for killing thousands of Iranian protestors, they conveniently block out of their minds an important point: The U.S. government is a co-killer of those protestors. Ever since the 1979 Iranian revolution, which succeeded in ousting from power the CIA-installed brutal dictator of Iran, the Shah of Iran, ...
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