There is no means of avoiding the final collapse of a boom
brought on by credit expansion
The question is only whether the crisis should come sooner
as a result of abandonment of credit expansion
or later as a final and total catastrophe of the currency system involved
Ludwig von Mises
The state rejected all bids submitted by banks to buy bonds
…in the auction which was intended to attract 600 million lei…
"Public Finance Ministry rejects all bids submitted
considering them an unacceptable level of offer price,
according to a release of the NBR,
which acts as manager of primary market of government securities.
This is the second consecutive auction after the unrolled end of May,
when Treasury fails to fall to deal…
Via Tyler
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