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The Correlations Are Failing; entered at 2011-07-18 13:16:23

Custodialmoney
Posts: 395
Registered: 2009-09-19 The 'invisible hand' is in your pocket.

the collapse of Creditanstalt plays a promenant role in the live of VonMises. He refused a position there because he knew a big crash was coming and did not wish to be blamed for it.

http://blog.mises.org/8068/bernanke-shou....

Quote:

One day von Mises was offered a position at Creditanstalt, a bank in Vienna. He said no.

“When I asked him the reason for his refusal, he told me a great crash would be coming,” Margit wrote.

In October 1929, the stock market crashed. A year and a half later, Creditanstalt went bankrupt. Von Mises had been right.

2011-07-18 13:16:23


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