Not so bad

The Austrian School economist Ludwig von Mises said it best in his book Human Action:

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.

What is a total catastrophe of the currency system?  1972 was not a total catastrophe, 1932 maybe led  WW2, but not directly caused.

By total catastrophe, Hayek must have meant non-adiabatic requantization. So what? It is still not total, generally it is a partial default, generally followed by some reforms.

What the Australians really mean is that we have to reset time/space now and then so the X axis works. Just do it less then and more now.