"
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in this, the third edition of Dinero, Crédito Bancario y Ciclos
Económicos, an attempt has been made to preserve as far as
possible the contents, structure, and page numbering of
the two previous editions. However, changes have been nec-
essary in certain cases, as I have taken this new opportunity to
raise some additional arguments and points, both in the main
text and in several footnotes. Also, the bibliography has been
updated with the new editions and Spanish translations
which have appeared in the four years since the previous edi-
tion, and with a few new books and articles which have a par-
ticular bearing on the topics covered in the book.1Finally, the
editor of the English version, Money, Bank Credit, and Economic
Cycles,2Judith Thommesen, very patiently and painstakingly
xxxiii
1One such book is Roger W. Garrison’s Time and Money: The Macroeco-
nomics of Capital Structure, published by Routledge in London and New
York in 2001, three years after the appearance of the first Spanish edition
of Money, Bank Credit, and Economic Cycles. Garrison’s text can be viewed
as complementary to this one. His book is especially noteworthy, because
in it he develops the Austrian analysis of capital and economic cycles in
the context of the different paradigms of modern macroeconomics, and
the approach and language he uses to do so are fully consistent with
those used by the mainstream in our discipline. Hence, Garrison’s book
will undoubtedly help build awareness among economists in general of
the need to consider the Austrian perspective and its comparative
advantages. I do feel that Garrison’s explanations are too mechanistic
Económicos, an attempt has been made to preserve as far as
possible the contents, structure, and page numbering of
the two previous editions. However, changes have been nec-
essary in certain cases, as I have taken this new opportunity to
raise some additional arguments and points, both in the main
text and in several footnotes. Also, the bibliography has been
updated with the new editions and Spanish translations
which have appeared in the four years since the previous edi-
tion, and with a few new books and articles which have a par-
ticular bearing on the topics covered in the book.1Finally, the
editor of the English version, Money, Bank Credit, and Economic
Cycles,2Judith Thommesen, very patiently and painstakingly
xxxiii
1One such book is Roger W. Garrison’s Time and Money: The Macroeco-
nomics of Capital Structure, published by Routledge in London and New
York in 2001, three years after the appearance of the first Spanish edition
of Money, Bank Credit, and Economic Cycles. Garrison’s text can be viewed
as complementary to this one. His book is especially noteworthy, because
in it he develops the Austrian analysis of capital and economic cycles in
the context of the different paradigms of modern macroeconomics, and
the approach and language he uses to do so are fully consistent with
those used by the mainstream in our discipline. Hence, Garrison’s book
will undoubtedly help build awareness among economists in general of
the need to consider the Austrian perspective and its comparative
advantages. I do feel that Garrison’s explanations are too mechanistic
verified hundreds of quotations in English and other lan-
guages against their original sources. A significant number of
small misprints had been detected and have now been recti-
fied, and thus her efforts have helped to make this third edi-
tion even more polished. I am deeply grateful to her, as well
as to Dr. Gabriel Calzada, Associate Professor at the Universi-
dad Rey Juan Carlos, for his assistance in reviewing and cor-
recting certain bibliographic references.
In the interval since the publication of the previous edi-
tion, economic trends have been marked by the high fiduciary
inflation and the sharp increase in public deficits necessary to
finance the war in Iraq and to meet the rising costs which the
“welfare state,” plagued by severe and insoluble problems,
generates in most western countries. The money supply and
the interest rate have been subject to further manipulation. In
fact, the United States Federal Reserve lowered the rate to a
historical minimum of 1 percent, thus preventing the neces-
sary correction of the investment errors committed prior to the
2001 recession. The above circumstances have triggered a new
speculative bubble in real estate markets, along with a dra-
matic rise in the price of the energy products and raw materi-
als which are the object of almost unlimited demand on a
worldwide scale, due to new investment projects undertaken
mainly in the Asiatic basin, and particularly in China. Thus,
we seem to be approaching the typical turning-point phase of
xxxiv
Money, Bank Credit, and Economic Cycles
and that he falls short of providing sufficient justification for his analysis
from the juridical-institutional standpoint. Nonetheless, I thought it
advisable to promote the book’s translation into Spanish by a team of
professors and disciples from my department at the Universidad Rey
Juan Carlos. Dr. Miguel Ángel Alonso Neira led the team, and the trans-
lation has already been published in Spain under the title Tiempo y
dinero: la macroeconomía en la estructura del capital (Madrid: Unión Edito-
rial, 2005).
2The English edition was beautifully published in 2006 as Money, Bank
Credit, and Economic Cycles under the auspices of the Ludwig von Mises
Institute in Auburn, Alabama, thanks to the support of the Institute’s
president, Llewellyn H. Rockwell.
guages against their original sources. A significant number of
small misprints had been detected and have now been recti-
fied, and thus her efforts have helped to make this third edi-
tion even more polished. I am deeply grateful to her, as well
as to Dr. Gabriel Calzada, Associate Professor at the Universi-
dad Rey Juan Carlos, for his assistance in reviewing and cor-
recting certain bibliographic references.
In the interval since the publication of the previous edi-
tion, economic trends have been marked by the high fiduciary
inflation and the sharp increase in public deficits necessary to
finance the war in Iraq and to meet the rising costs which the
“welfare state,” plagued by severe and insoluble problems,
generates in most western countries. The money supply and
the interest rate have been subject to further manipulation. In
fact, the United States Federal Reserve lowered the rate to a
historical minimum of 1 percent, thus preventing the neces-
sary correction of the investment errors committed prior to the
2001 recession. The above circumstances have triggered a new
speculative bubble in real estate markets, along with a dra-
matic rise in the price of the energy products and raw materi-
als which are the object of almost unlimited demand on a
worldwide scale, due to new investment projects undertaken
mainly in the Asiatic basin, and particularly in China. Thus,
we seem to be approaching the typical turning-point phase of
xxxiv
Money, Bank Credit, and Economic Cycles
and that he falls short of providing sufficient justification for his analysis
from the juridical-institutional standpoint. Nonetheless, I thought it
advisable to promote the book’s translation into Spanish by a team of
professors and disciples from my department at the Universidad Rey
Juan Carlos. Dr. Miguel Ángel Alonso Neira led the team, and the trans-
lation has already been published in Spain under the title Tiempo y
dinero: la macroeconomía en la estructura del capital (Madrid: Unión Edito-
rial, 2005).
2The English edition was beautifully published in 2006 as Money, Bank
Credit, and Economic Cycles under the auspices of the Ludwig von Mises
Institute in Auburn, Alabama, thanks to the support of the Institute’s
president, Llewellyn H. Rockwell.
the cycle, the phase which precedes every economic recession.
Moreover, the very recent 180-degree turn in the monetary
policy of the Federal Reserve, which has jacked up interest
rates to 4 percent in only a few months, confirms the trend
even further.
It is my hope that this new edition will help readers and
scholars to better understand the economic phenomena of the
world that surrounds them. May it also serve to convince spe-
cialists and framers of current economic policy that we must
abandon social engineering in the monetary and financial
sphere as soon as possible. The attainment of these goals will
mean the complete fulfilment of one of my primary objectives.
Jesús Huerta de Soto
Formentor
August 28, 2005
Moreover, the very recent 180-degree turn in the monetary
policy of the Federal Reserve, which has jacked up interest
rates to 4 percent in only a few months, confirms the trend
even further.
It is my hope that this new edition will help readers and
scholars to better understand the economic phenomena of the
world that surrounds them. May it also serve to convince spe-
cialists and framers of current economic policy that we must
abandon social engineering in the monetary and financial
sphere as soon as possible. The attainment of these goals will
mean the complete fulfilment of one of my primary objectives.
Jesús Huerta de Soto
Formentor
August 28, 2005
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