This article originally appeared as “Keynesian Thinking” in Newsweek, August 11, 1954. Reprinted from Mises.org Arthur F. Burns, now chairman of the Council of Economic Advisers, is one of the country’s outstanding statisticians. Yet there is in his implied economic
This article is excerpted from Human Action (1949), chapter 31, “Currency and Credit Manipulation.” In the boom period that ended in 1929, labor unions had succeeded in almost all countries in enforcing wage rates higher than those which the market,
Reprinted from Cobden Center We know that today’s macroeconomists are very confused about inflation, if only because despite all experience they think they can print money and increase bank credit with a view to generating price inflation at a controlled
Reprinted from Zero Hedge Debt by Canadian households is a special phenomenon. Statistics Canada reported today that in the fourth quarter, household debt set another breath-taking record. Earlier this month, even Equifax Canada, which is in the business of facilitating
Reprinted from The Freeman For more than a century, skeptics of government power have rightly focused on the damage caused by interventions in money. As the market’s classic commodity moneys have been displaced by unbacked State-issued paper, libertarians — particularly
Reprinted from the Freeman American consumers begin the new year with a beautiful gift: low gas prices. These days, you pay twice or three times as much for fancy bottled water from the convenience store as you pay for gasoline,
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In November 2014, China’s central bank declared it will lower the interest by 0.4%. The modification is not large enough to imply a change of policy direction, however; it is still an effort to sour on the financial market and
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There is growing anticipation that the European Central Bank will pull the QE (quantitative easing) trigger at its upcoming meeting on January 22nd. Never mind that such an action explicitly violates article 104 of the Maastricht treaty (article 123 of
Reprinted from Mises.org Recently, the Financial Times published an article containing charts displaying the correlation between government spending and real GDP growth.1 Based on these correlations, the author of the article, Matthew Klein, comments: “It’s no secret that spending cuts
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Excerpted from The Case Against The Fed. Reprinted from Mises.org By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA
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The current Japanese monetary printing orgy and European Central Bank threats of massive QE are both aimed at primarily boosting exports to kick start their moribund economies. The yen has dropped nearly 12% against the dollar since the Japanese announcement
Reprinted from Casey Research While we’re taught in school and reminded by many that central banks are in the inflation-fighting business, history proves the opposite. Economist Murray Rothbard compared central bankers who talked about suppressing inflation to arsonists who would
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Reprinted from The Freeman The most surprising monetary innovation of our time is bitcoin, a privately produced digital currency and payment system. It is a global system that provides a dramatic alternative to central banking and monetary nationalism as we
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Krugman famously admitted he doesn’t read conservative economics bloggers. Maybe he should, though, so he can stop making a fool of himself when he tries to rewrite history. Today’s example is Krugman’s recent post arguing that right-wing economists have created a myth
The process through which lax credit conditions cause malinvestments (the nub of the Austrian Business Cycle Theory) is commonly passed over without much ado. In sections 22.2.1 to 22.2.3 of my recent book, Finance Behind the Veil of Money, I
As we approach the end of the calendar year, it is useful to look back at recent events to give us a sense of what the year ahead may hold. Looking back at the past couple of months, two events
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We currently face a monumental dilemma. How do we extract ourselves from all this excessive debt without crashing the world economy? There is a solution which is totally counterintuitive: print even more money. In other words, to get out of
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Attending the “Managing the Economy: Main Street, Wall Street and the Federal Reserve” on 9th December 2014, I was able to hear Dr Paul Krugman speak on issues of monetary policy and fiscal policy. Fiscal policy was deemed irrelevant early
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(Original Italian publication: Movimento Libertario, L’Indipendenza) The modern (or totalitarian) State is founded on two frauds: the fraud of law and the fraud of money. The wielders of political power have replaced the law and money with things they called
This article is excerpted from chapter 3 of Politically Impossible? Suppose an economist is convinced that the most appropriate international monetary system in a civilized age is one in which the measuring rod of money in every country has a
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