"This country, and with it most of the Western world, is presently going through a period of inflation and credit expansion. As the quantity of money in circulation and deposits subject to check increases, there prevails a general tendency for the prices of commodities and services to rise. Business is booming. Yet such a boom, artificially engineered by monetary and credit expansion, cannot last forever. It must come to an end sooner or later. For paper money and bank deposits are not a proper substitute for nonexisting capital goods. Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis. It has happened again and again in the past, and it will happen in the future, too."

What he failed to understand, that in capitalism -basically give or take after 1750 in the western world - complex production has to be pre-financed and EVERY boom leads to a credit expansion. The bigger the boom, the bigger the expansion. It is tragic, that he had deep insights into market economy mechanism, but not into capitalism. He was still dreaming of a treasure box full of gold in the cellar of a company that the company uses to build things. The biggest driving force of capitalism is...debt. Debt that has to be serviced with new debt. More debt.