Watch the whole 1:06 minute presentation at http://www.goldmoney.com/huerta-de-soto-presentation. In this eighth video, Jesús Huerta de Soto, Professor of Political Economy at Rey Juan Carlos University, Madrid, (http://www.urjc.es/) explains why recessions are a necessary corrective to the excesses of the boom period. Huerta de Soto argues that in his native Spain, job losses in the construction and housing sector are necessary owing to over-investment in housing during the boom. He also criticises “stupid” politicians who thought that they had abolished boom-and-bust.
