Alasdair Macleod: What drives credit cycles and why the next credit crisis may be imminent

In this speech, given in Brussels to the Ludwig von Mises Institute Europe on 18 November, Alasdair Macleod, Goldmoneys Head of Research, explains how the expansion of bank credit evolved following the 1844 Bank Charter Act in English law. Alasdair explains why bank credit expansion always leads to a crisis, and why the cycle of boom and bust has been repeated ever since. Special emphasis is given to the combination of bank credit expansion between 192229, when the Smoot Hawley Tariff Act was then passe