"On the second, more narrowly economic point, from Ricardo to Mises and his followers it has been demonstrated that an increase in the money supply can only dilute the effectiveness of each existing money unit, and therefore must be “inflationary” in the sense of raising prices beyond what they would have been otherwise. In addition, we know from Mises’s theory of the business cycle that such inflationary bank credit can only lead to a destructive boom-bust business cycle. And it is not true, on Misesian theory, that central banking is necessary in order to generate this cyclical process. Any bank credit expansion in commercial loans is sufficient to generate the business cycle, whether a central bank exists or not. In the Misesian view, however, there will tend to be far more room for bank credit expansion whenever a central bank, with its privileging by government and its role as a lender of last resort, is active in the economy." (Italics and bold mine)
Rothbard, Murray N. (1992) "Aurophobia: Or, Free Banking on What Standard?" Journal: The Review of Austrian Economics. Vol. 6, No. 1, 97–108. See Rothbard, Murray N. [Ludwig von Mises Institute Ed.] (2011) Economic Controversies. Auburn, Alabama: Ludwig von Mises Institute. 880-81.