Dow up again yesterday. Gold still below $1,300 an ounce. Is the US stock market headed for what Austrian School economist Ludwig von Mises called a “crack-up boom?” Maybe. A crack-up boom is exciting. Stocks head for the moon. But it’s a flawed moonshot. The rocket ship blows up because there are no real earnings or revenue growth to justify the high prices. Eventually, investors flee into tangible goods – what von Mises called Flucht in die Sachwerte… What do you do in a crack-up boom? You hold onto your hat! And hard assets.