Two economists. Two different conclusions.

In the late 1920s, Irving Fisher believed that monetary stabilization could stabilize the dollar and help overcome the business cycle.

Ludwig von Mises did not agree with that approach. In 1928, he challenged Fisher’s monetary views, arguing that artificially low interest rates and credit expansion could fuel an economic boom that would eventually end in crisis.

Fisher remained confident in the stock market even in October 1929. Then came the crash and the Great Depression.