Busted

I must've dreamed a thousand dreams
Been haunted by a million screams
But I can hear the marching feet
They're moving into the street
--Genesis

Mises observes that boom/bust cycles are not endogenous to capitalistic systems. Instead, business cycles are a consequence of government interference primarily geared toward lowering the rate of interest below free market levels.

When consumers are permitted to choose freely, it is the subsequent democratic process of the market that then produces the business cycle. When credit expansion comes to an end, consumers' choices reveal misallocations of capital driven by cheap credit, and those projects that should never have seen the light of day are wiped off the books during the bust phase.

One argument for centrally planned systems is that there is less boom/bust. But as Mises notes, if buyers are not permitted to vote with their wallets, then the capital misallocations made by the planners are less apparent in terms of changing business conditions. Instead, people live in a constant state of squalor. A permanent bust, if you will.