The boom and the bust

[T]he boom begins to peter out from an injection of credit expansion, the banks inject a further dose. In short, the only way to avert the onset of the depression-adjustment process is to continue inflating money and credit. For only continual doses of new money on the credit market will keep the boom going and the new stages profit­able. Furthermore, only ever increasing doses can step up the boom, can lower interest rates further, and expand the produc­tion structure, for as the prices rise, more and more money will be needed to perform the same amount of work. Once the credit expansion stops, the market ratios are re-established, and the seem­ingly glorious new investments turn out to be malinvestments, built on a foundation of sand.

... says Rothbard in Man, Economy and State (chapter 12). Here, the key phrase is "ever increasing" doses of credit expansion. We see this in the USA today, with two doses of the so-called "quantitative easing" already out there, with perhaps the third on the way.