Business-Cycle Conditions

Monday, November 8th, 2010
"The Fed could have sat tight to see whether the slowdown in growth in the second and third quarters of 2010 was temporary. Most of the economic news since the idea of more QE was first floated in August has been better than expected, if not exactly earth-shattering.
Monday, November 8th, 2010
"Vol. 8 of The Collected Works. Democracy in Deficit is one of the early comprehensive attempts to apply the basic principles of public-choice analysis to macroeconomic theory and policy.
Tuesday, October 19th, 2010
"Whether in Republican or Democratic administrations, the Washington policy consensus for a decade has been "print and spend." When that doesn't work, the Washington prescription is to double the dose—more monetary easing and dollar devaluation, and always more government spending.
Tuesday, October 12th, 2010
"Too much money leads first to a boom and then a terrible bust. Re-stimulation continues the process and makes economic imbalances worse over time until finally the whole system begins to collapse and something else emerges. We are in a collapse phase currently.
Monday, August 30th, 2010
"To these free-market economists, government intrusion ultimately sows the seeds of the next crisis. It hampers what one famous Austrian, Joseph Schumpeter, called the process of "creative destruction."
Wednesday, August 25th, 2010
"YES, there is a government bond bubble. And it's huge. Uncle Sam and his counterparts in the EU and Japan are broke and are, almost surely, going to print vast quantities of money to cover their enormous spending obligations.
Friday, August 13th, 2010
"Typically, the Fed can lower interest rates to encourage Americans to borrow money and spend it, invigorating the economy. But the benchmark interest rate controlled by the Fed has been almost zero for more than a year now.
Friday, August 13th, 2010
"In a sharply worded dissent to the Federal Reserve’s decision to help ease the supply of credit to the economy, a member of the Fed committee that sets interest rates said Friday that the central bank’s monetary strategy could backfire and touch off a new boom-and-bust cycle. The member, Thomas M.