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“Where did this thing called the Fed come from? Murray Rothbard has the answer here — in phenomenal detail that will make your head spin. In one extended essay, one that reads like a detective story, he has put together the most comprehensive and fasc …
READ MORE“For much of monetary history, inflation targeting was unnecessary. There was no need to worry about constraining the central bank’s inflationary proclivities because no central bank existed. The quantity of basic money was constrained by the mints’ co …
READ MORE“The rescue package requested by Greece will, if endorsed, buy the eurozone six months, perhaps a year at most. By then, the Greek government will have exhausted the aid and be forced to ask for more or to borrow at astronomical rates. This assumes tha …
READ MORE“Lawmakers ended the three-day standoff holding up action on the financial-overhaul bill, setting up a Senate debate in which both sides will be maneuvering for advantage. The breakthrough came in a bipartisan agreement on a single contentious element …
READ MOREThe recent financial crisis has called into question several basic tenets of mainstream macroeconomics. In the words of William White, former chief economist of the Bank for International Settlements (BIS), “the prevailing paradigm of macroeconomics al …
READ MORE“All too often in the midst of an economic and financial crisis, policymakers either engage in denial or else take flights into fantasy. Sadly, the present Greek crisis is proving to be no exception. Rather than recognising the Greek crisis for the sol …
READ MORE“History has shown that monetary stability—money growth consistent with a stable and predictable value of money—is an important determinant of economic stability. Safeguarding the long-run purchasing power of money is also essential for the future of p …
READ MORE“Recently, the Federal Reserve has significantly altered the procedures and goals that it had followed for decades. It has more than doubled its balance sheet, paid interest to banks on reserves held as deposits with the Fed, made decisions about which …
READ MOREMartin Wolf (Financial Times) and Paul Krugman (New York Times) discuss Austrian economics.
READ MOREReining in China’s investment boom will be hard. The Chinese authorities are damned if they do and damned if they don’t.
READ MORE“Free market economists are not necessarily defenders of business. Crony capitalism has a long history. Mercantilism was a form of crony capitalism, and was the main target of Adam Smith’s critical abilities. And while modern Smithians understand how i …
READ MOREEconomic reform requires political reform. China’s leaders must loosen control if they want harmony.
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