Ludwig von Mises Had Predicted the Depression during the Heyday of the Great Boom of the 1920s

Ludwig von Mises had predicted the depression during the heyday of the
great boom of the 1920s—a time, just like today, when economists and politicians, armed with a “new economics” of perpetual inflation, and with new “tools” provided by the Federal Reserve System, proclaimed a perpetual “New Era” of permanent prosperity guaranteed by our wise economic doctors in Washington. Ludwig von Mises, alone armed with a correct theory of the business cycle, was one of the very few economists to predict the Great Depression, and hence the economic world was forced to listen to him with respect.

--Murray N. Rothbard, Economic Depressions: Their Cause and Cure (Auburn, AL: Ludwig von Mises Institute, 2009), 42-43.