Some Additional Reflections on the Economic Crisis and the Theory of the Cycle - Jesus Huerta de Soto - Mises Daily

Some Additional Reflections on the Economic Crisis and the Theory of the Cycle - Jesus Huerta de Soto - Mises Daily: 'the best way to preserve the environment is to extend entrepreneurial creativity and the principles of the free market to all natural resources, which requires their complete privatization and the efficient definition and defense of the property rights that pertain to them. In the absence of these rights, economic calculation becomes impossible, the appropriate allocation of resources to the most highly valued uses is prevented, and all sorts of irresponsible behaviors are encouraged, as is the unjustified consumption and destruction of many natural resources.'

'the credit expansion that central banks orchestrate and cyclically inject into the economic process through the private banking system' ... 'ends up placing an unwarranted strain on the real economy by making many unprofitable projects appear profitable (Huerta de Soto 2009). The result is unnecessary pressure on the entire natural environment: trees that should not be cut down are cut down; the atmosphere is polluted; rivers are contaminated; mountains are drilled; cement is produced; and minerals, gas, oil, etc., are extracted in an attempt to complete overly ambitious projects that in reality consumers are not willing to demand, etc.'