Governments Are Faking It, and Copying Each Other

– August 20, 2020

“A mystery for months is how it is that so many governments in so many different places on earth could have adopted the same or very similar preposterous policies, no matter the threat level of the virus, and without firm evidence that interventions had any hope of being effective.” ~ Jeffrey Tucker

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stormy fed

Can the Fed Reduce Inequality?

– August 18, 2020

“If the Fed aims to reduce inequality, it should use policies that are known to be effective. There is little scope for affecting inequality with monetary policy. Reducing banks’ regulatory burden reduces inequality by improving the lives of Americans with the lowest incomes.” ~ Thomas L. Hogan

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ecb

ECB: On the Credit Wave towards Zombification

– August 17, 2020

“As in the planned economies, negative productivity gains and painful prosperity losses will be unavoidable. Because productivity gains are the basis for real wage increases, the benign long-term credit conditions of the ECB increasingly become a burden for the young people in Europe.” ~ Gunther Schnabl & Nils Sonnerberg

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trump

More Stimulus Checks: An Expensive Political Stunt

– August 15, 2020

“Adding $400 a week to unemployment benefits would clearly be more than enough. When it comes to Economic Impact Payments the economically optimal amount is zero.” ~ Alan Reynolds

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money printer

What Did the “Stimulus Plan” Stimulate?

– August 10, 2020

“The only conceivable rationale for repeating the latest of many failed experiments with fiscal stimulus (borrowing from Peter to pay Paul) might be to ‘stimulate demand.’ But we just tried that. It didn’t work. It never works.” ~ Alan Reynolds

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steve mnuchin

Government Can’t Police Itself

– August 8, 2020

“I will always support more transparency and more oversight, if only because doing so is part of my job and makes that job easier– one of which I’m proud. But intoning ‘more transparency’ is no silver bullet for shrinking the size of government and for getting rid of bad programs. The only ‘substantive’ result of such proclamations is that they provide Congress a rationale for holding ever-more pointless hearings.” ~ Veronique de Rugy

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money burning

Modern Monetary Theory is Playing With Fire

– August 8, 2020

“Stephanie Kelton’s book is well-written and serves as an accessible insight into the world of Modern Monetary Theory. There are parts of the book that are essential pieces of economic knowledge that define the modern state, some that are questionable premises, and some that are blatant political talking points.” ~ Ethan Yang

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gold money

Judy Shelton is Right About the Gold Standard

– August 7, 2020

“When it comes to the gold standard, the experts have spent too much time reading their textbooks and not enough time studying actual history. Empirical questions require empirical answers, and no amount of armchair theorizing can settle how gold stacks up to fiat money. On this, Dr. Shelton is right and the commentariat wrong.” ~ Alexander W. Salter

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frankfurt

The Fiscal Centralization of Europe Will Not End Well

– August 5, 2020

“Europe may be experiencing a ‘Hamiltonian moment,’ but the path towards a federal Europe will remain both long and tortuous. Political opposition to the European experiment has been growing as the perceived costs of membership of the EU begins to eclipse the benefits for some members of the Union.” ~ Colin Lloyd

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Jerome Powell

Powell Must Choose: Fiscal Restraint or Runaway Inflation

– August 5, 2020

“Jerome Powell and those steering fiscal policy choose from two paths: fiscal responsibility or monetary debasement. If he is unable to maintain stable expectations of low inflation, the latter path awaits.” ~ James L. Caton

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federal reserve in the fall

The Fiscal Fed

– August 4, 2020

“Allowing the Fed to become a catch-all institution undermines its independence and ability to conduct monetary policy. If every job is the Fed’s job, it won’t do any of them well.” ~ Nicolás Cachanosky

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Paul Krugman’s Ad Hominem Defense of Central Banking

– August 3, 2020

“Paul Krugman may hide behind rude and crude ad hominem attacks on those who do not share his views, but that does not prove his case. It only serves to harm his own reputation and legitimacy in the arena of public policy debate.” ~ Richard M. Ebeling

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