“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“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
READ MORE“Considering the evidence, it appears to be Mr. Rattner, rather than Ms. Shelton, who holds “long-discredited positions on the monetary system.” Historical bank failures and crises, particularly during the Great Depression, are generally attributable to interference by regulators and central bankers, not to the gold standard.” ~ Thomas L. Hogan
READ MORE“At the behest of Congress, the Fed has opened new facilities far afield of its traditional mandate. There is still some risk that the Fed will lose control and inflation will get out of hand. But there is a much bigger risk that the Fed will misallocate credit, reducing long run economic growth in the process.” ~ James L. Caton
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