For Hayek in the early 1930’s, and for Hayek’s followers today, the “crisis” results from over-investment relative to the supply of savings, made possible by excessive credit expansion. Banks lend at lower interest rates than genuine savers would have demanded, making all kinds of investment projects temporarily profitable.
对于1930年代初期的哈耶克以及他当今的信徒来说，“危机”来自于与储蓄供应相关的过度投资，同时会在过度信贷扩张下爆发。银行贷款利率低于那些储户所要求的存款利率，使得所有贷款投资项目在短期看来都有利可图。