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“According to mainstream thinking, the stronger the monetary pumping is, the stronger the pace of spending — and consequently the stronger the monetary income and the so-called real economy is going to be. In short, in this framework more money means m …
READ MOREThe emergence (note I don’t say “invention”) of money stands out as one of the great boons to human economic development. Life before money was frustrating. For a mutually beneficial trade to take place, there must be a “double coincidence of wants”: U …
READ MORE“The first fact that needs to be noted in answering such questions is that inflation is detrimental to all creditors. The higher prices rise, the lower will fall the purchasing power of the principal and interest payments due. The dollar which was loan …
READ MORE“Just before the First World War in 1913, the German mark, the British Shilling, the French franc, and the Italian lira were all worth about the same, and four or five of any were worth about a dollar. At the end of 1923, it would have been possible to …
READ MORELast Friday morning on CNBC’s Squawk Box the honorable former Fed Chairman Alan Greenspan was interviewed. He was asked about the role that gold is playing in financial markets. He stated that what we have are “two faulty fiat currencies”, referring to …
READ MORE“The Obama administration nominated Diamond as an ally to Federal Reserve Board Chairman Ben S. Bernanke and other members who have sought to provide an additional jolt of stimulus to the economy by buying long-term Treasuries. Such purchases lower lon …
READ MOREThere are two main reasons usually mentioned to prefer fiat money over gold standard. One is that fiat money offers more flexibility to do fine tuning on the economy and also central banks will have their hand free if they need to go into a monetary st …
READ MORE“The greenback, in other words, is not just America’s currency. It’s the world’s. But as astonishing as that is, what may be even more astonishing is this: The dollar’s reign is coming to an end. I believe that over the next 10 years, we’re going to se …
READ MORE“Long-time Fed basher Rep. Ron Paul (R., Texas), who wrote a book titled “End The Fed,” squared off Wednesday with Fed Chairman Ben Bernanke at a hearing on Capitol Hill and wasted little time going after the central bank. “The real cause of price infl …
READ MORE““I just see a continuation of rising prices for the average family,” at a time where the Fed is constructing policies to ward off what it sees as the threat of deflation, Sen. Bob Menendez, a New Jersey Democrat told Bernanke. When told by Bernanke th …
READ MORE“Nothing seems to arouse passions—pro and con—quite like suggestions that gold should once again play a role in our money. “Only gold is money,” says one side. “It’s a barbarous relic,” says the other. Let’s turn down the heat a bit and look into some …
READ MORE“Friedman, as with the other papers that day, found inflation to be a massive problem. In fact, next to the threat of a third world war, inflation is what he finds to be the most serious threat to the preservation of a free society. Friedman believed t …
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