There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
The final paragraphs are the key, the central banks most important message is they try to convince us they did nothing wrong as they make the same mistakes over and over again
Well written summary, thanks!
The final paragraphs are the key, the central banks most important message is they try to convince us they did nothing wrong as they make the same mistakes over and over again