Yesterday, responding to a question about the libertarian interpretation of the 2008 crisis, I used the question more as an opportunity to talk about my own topic. This left some commenters bewildered, especially given that the corresponding disclaimer did not fit within the limits of the Telegram post and is only found in the full version of the post on the website.

Fortunately, in the Facebook comments, Valery Kizilov provided a link to his own article from 2008, written in the immediate aftermath of that crisis, where he explains the Austrian theory of the business cycle very clearly and concisely. He also recommends a book for a more extensive study of the topic, where everything is explained in much more detail: Jeffrey Friedman, Vladimir Kraus. Man-Made Financial Crisis: Systemic Risk and the Failure of Regulation. M., IRISEN, 2012.