When you read old -- and I mean old, like nineteenth century old -- American writers on money and banking, something jumps out at you: they understood things with a surprising clarity, and had a proto-Austrian conception of why the economy experienced boom-bust cycles. Suddenly it feels less lonely to believe that artificial credit creation leads to a boom that has to end in a bust. In this episode, therefore, I share some unknown American intellectual history. Show notes for Ep. 1344