Op-ed: Global monetary turmoil is hurting economic growth
For the first time in recent memory, politicians and candidates alike are talking about the importance of rules-based monetary reform and the public is shifting its attention (and ire) from the bankers on Wall Street to the central bankers at the Feder …
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Austrian business cycle theory and rational expectations
Although Austrian business cycle theory (ABCT) is a powerful price-theoretic explanation for monetary-induced booms and busts, it is not without critics. Indeed, many find ABCT implausible for two reasons. The first is that it seems to rely on indivi …
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13 Things Bernanke Believes (That I Don’t)
Ben Bernanke is obviously a very intelligent guy. And I am inclined to believe he is a good person (i.e., honest, well-intentioned, etc.). So it is a bit unsettling to find that we seem to disagree on so many fundamental issues.
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Nicolas Cachanosky interviewed at Reinvent.Money
This week, Sound Money Project fellow Nicolas Cachanosky appeared in an episode of Reinvent.Money and discusses free banking vs. central banking, competing currencies, property rights and his involvement with the Sound Money Project. Watch the intervie …
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Expectations under growth and level targeting regimes
Under a level target, one can reasonably predict the level of nominal income at any point in the future. The same cannot be said for a nominal income growth target.
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Steve Forbes speaks out on the Presidential race, Fed recklessness, and gold
The following is an exclusive interview with Mike Gleason, Director of Money Metals Exchange and originally appeared on the Money Metals Exchange page. To listen to the interview, click here. Mike Gleason, Director, Money Meta …
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Austrian business cycle theory and monetary equilibrium
As Steve Horwitz has shown, the insights of Austrian macroeconomics and monetary disequilibrium theory can be combined to yield a powerful paradigm for understanding how monetary policy affects the economy. Crucial to this synthesis is the neutrality …
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Central banks and foreign exchange markets
In addition to turmoil in common stock markets around the world, the early weeks of the new year have been characterized by changes in—and much hand wringing about—exchange rates between currencies. Prospects for changes in currency exchange rates were …
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Economic headwinds: Big players, regime uncertainty and the Misery Index
Before we delve into the economic prospects for 2016, let’s take a look at the economies in the Americas, Asia, Europe and the Middle East/Africa to see how they fared in the 2014-15 period. A clear metric for doing this is the misery index. For any co …
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Sound money isn’t what you think it is
Many people define sound money as being when a currency’s purchasing power is not declining, but stable. This isn’t quite right, so let’s drill down. Consider two relentless processes occurring in the economy. They are both happening at all times, but …
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What Austrian business cycle theory does not predict
Many economists who have broadly free market views on money are sympathetic to the Austrian theory of the business cycle (ABCT). As developed in the early part of the 20th century by Ludwig von Mises and Friedrich Hayek, and further refined in recent …
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Juan C. Cachanosky (1953 – 2015): See you on our next morning walk
These are likely the most difficult lines that I have had to write in a very long time, if not ever. Juan Carlos Cachanosky, my dad, passed prematurely on December 31st, 2015, at the young age of 62. Frank Sinatra was probably his favorite singer, and …
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