Saturday, 18 November 2017

Monthly Archives December 2009

Meltdown

Posted by admin
December 16, 2009
in Blog

“President Obama rammed through his new stimulus bill, warning of an irreversible recession if Congress failed to act. But bestselling author Thomas E. Woods Jr. warns that Obama’s “stimulus package” will do far more damage to our economy than even the Republicans in Congress realize. In his New York Times bestseller, Meltdown, Woods shows how […]

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“No More Central Banks”

Posted by admin
December 16, 2009
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“Currency crises have become more and more frequent in part because speculators can mobilize more and more money. A generation ago, central banks, like the U.S. Federal Reserve System, had more money than anyone else and weren’t afraid to use it to punish speculators. Today, big currency speculators like Mr. Soros can borrow more money […]

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Without Sound Money, Markets Fail

Posted by admin
December 16, 2009
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“Nobel Economics Laureate F.A. Hayek summed up the enigma of money succinctly: “Money, the very “coin” of ordinary interaction, is [hence] of all things the least understood and—perhaps with sex—the object of greatest unreasoning fantasy; and like sex it simultaneously fascinates, puzzles and repels.” John Maynard Keynes was right about money before he was wrong […]

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“Gold Standard Policy and Limited Government”

Posted by admin
December 16, 2009
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Are monetary and banking problems due to a few misguided policies or incompetent managers? Or are there fundamental flaws in monetary and financial institutions, principally central banks and the legal and monetary frameworks that accompany them? “Gold Standard Policy and Limited Government” Richard H. Timberlake, Jr. Found in: Money and the Nation State ed. Kevin […]

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“A Match Can Cause a Forest Fire: A Response to Brad DeLong”

Posted by admin
December 16, 2009
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“My essay on causes of the financial mess focused on trying to identify the initial “impulses” that set the boom-bust cycle in motion because (as this symposium shows) economists have a variety of views about the impulses, and because identifying them correctly is our best hope for avoiding policy mistakes going forward.  Nonetheless I agree […]

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“What Really Happened”

Posted by admin
December 16, 2009
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“Our ongoing financial turmoil began in the mortgage market. Real-estate loans at commercial banks grew at a remarkable 12.26 percent compound annual rate over the four-year period from the midpoint of 2003 to the midpoint of 2007.[1] The expanded volume of mortgages—notably including an unusually large share of mortgages with “nonprime” ratings—fueled a run-up in […]

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“The Monetary Theory”

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December 16, 2009
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“The Monetary Theory” Chapter 3 of: Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek Gerald P. O’Driscoll, Jr. Kansas City: Sheed Andrews and MkMeel Inc., 1977.

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“Rational Expectations, Politics and Stagflation”

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December 16, 2009
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“Rational Expectations, Politics and Stagflation” Gerald P. O’Driscoll, Jr. Chapter 7 of: Time, Uncertainty and Disequilibrium: Exploration of Austrian Themes ed. Mario Rizzo Lexington, MA: Lexington Books, 1979.

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“Do We Really Need a Central Bank?” – A Talk by Steve Horwitz

Posted by admin
December 16, 2009
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Economic Liberty Lecture Series: Steve Horwitz from The Future of Freedom Foundation on Vimeo. Professor Steve Horwitz, Charles A. Dana Professor of Economics at St. Lawrence University, gave a talk entitled, “Do We Really Need a Central Bank?,” during a student lecture series sponsored by the GMU Economics Society, the Future Freedom Foundation, and the […]

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“Subprime Monetary Policy”

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December 16, 2009
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“Supbrime Monetary Policy” Gerald P. O’Driscoll, Jr. The Freeman: Ideas on Liberty, November 2007 Via the Cato Institute

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“Money and Monetary Policy for the Twenty-first Century”

Posted by admin
December 9, 2009
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This essay challenges the conventional wisdom about money and monetary policy. The role of money in fostering prosperity is a function of the quality, as well as the quantity, of money. Inflation always harms the performance of an economy. Deflations caused by productivity and innovation can be virtuous. A definition of a non-inflationary environment is […]

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Two Philosophies of Money

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December 9, 2009
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Two Philosophies of Money: The Conflict of Trust and Authority S. Herbert Frankel New York: St. Martin’s Press/Basil Blackwell, 1977.

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The Rationale of Central Banking and the Free Banking Alternative

Posted by Tom Duncan
December 9, 2009
in Blog

“In the present century centralised banking systems have come to be regarded as the usual concomitant, if not one of the conditions of the attainment of an advanced stage of economic development. The belief in the desirability of central bank organisation is universal. Recently also there have been attempts to widen the unit of control […]

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The Social Imperative of Sound Money

Posted by admin
December 9, 2009
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“We don’t use the word nationalize any more. We can try an experiment and read the new term “conservatorship” back into history. In fact, we might say that Stalin and Lenin put Russia’s industries under a kind of conservatorship. Or we might say that Mao pushed a kind of land conservatorship, or that Hitler’s policy […]

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A History of American Currency

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December 9, 2009
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A History of American Currency William Graham Sumner New York: Henry Holt and Company, 1884. Via Liberty Fund

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Money, Bank Credit and Economic Cycles

Posted by admin
December 9, 2009
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“The economic analysis of juridical institutions has come to the fore in recent years and promises to become one of the most fruitful spheres of economics. Much of the work completed thus far has been strongly influenced by traditional neoclassical assumptions, namely by the concept of strict maximization in contexts of equilibrium. Still, economic analyses […]

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What You Should Know About Inflation

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December 9, 2009
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What You Should Know About Inflation Henry Hazlitt Excerpt provided by the Ludwig von Mises Institute Complete text found here.

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Fiat Money Inflation in France

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December 9, 2009
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Fiat Money Inflation in France: How it came, what brought it and how it ended Andrew Dickinson White New York: D. Appelton & Co., 1896. Via Liberty Fund

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Where’s that Inflation

Posted by admin
December 9, 2009
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Inflation is the result of more dollars chasing the same number of (or fewer) goods. As the Nobel laureate Milton Friedman put it, in one of his main contributions to “monetarist” economics, inflation is always and everywhere a monetary phenomenon—that is, it’s caused by an expansion in the supply of money or credit. So why haven’t we seen inflation in 2009? Are we looking in the wrong places, or is it time to update monetarist theory?

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“A Treatise on Money”

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December 9, 2009
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“A Treatise on Money” Juan de Mariana via The Acton Institute Journal of Markets & Morality, Vol. 5, No. 2, Fall 2002.

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1920-21 and the Great Depression

Posted by admin
December 9, 2009
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Put differently: the 1920-21 episode was, in fact, a severe, though not particularly long, recession. Allowing the money supply to fall isn’t painless. Allowing the money supply to fall in an environment of severe downward wage rigidity is VERY “not painless.” The 1920-21 episode doesn’t demonstrate that deflation is harmless. It DOES demonstrate that if you have deflation, it will be less bad if you have nominal wages that are flexible downward. That recession is the best example of why Hoover’s wage policies were such a mistake.

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The Gold Standard as a “Good Housekeeping Seal of Approval

Posted by admin
December 5, 2009
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In this article we argue that during the period from 1870 to 1914 adherence to the gold standard was a signal of financial rectitude, a “good housekeeping seal of approval,” that facilitated access by peripheral countries to capital from the core countries of western Europe. Examination of data from nine widely different capital-importing countries, using […]

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Sound Money Essay Contest

Posted by admin
December 2, 2009
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Sound Money Essay Contest * The Deadline for The Essay Contest has been extended! Submit your essays to [email protected] on or before January 15th, 2010. A Monetary System for the Free Society The Atlas Economic Research Foundation is proud to sponsor an essay contest for students, young faculty, and policy writers, who are concerned about […]

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“To Prevent Bubbles, Restrain the Fed”

Posted by admin
December 2, 2009
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“The U.S. cannot afford to have another lost decade. Or to see the dreams of another generation of Americans who had been told to take responsibility for their financial health by investing in the stock market dashed by failed monetary and fiscal polices. Today, the most urgent task facing President-elect Barack Obama is stabilizing financial […]

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“Why Private Banks and Not Central Banks Should Issue Currency, Especially in Less Developed Countries”

Posted by admin
December 2, 2009
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“Nationalization of currency is largely taken for granted today, but it shouldn’t be. Adam Smith praised private currency for the benefits it had brought to his native Scotland. Most economists would agree that a legally enforced government monopoly is generally an inefficient way to produce private goods and services. The post office is a prime […]

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“Money: How it works and why”

Posted by admin
December 2, 2009
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“Money: How it works and why” Steven Horwitz part of the “Key Concepts in Free Markets” series, Fraser Forum, Vancouver, BC: Fraser Institute, April 2009, pp. 16-17. http://www.fraseramerica.org/commerce.web/product_files/KeyConcepts_Money_US.pdf

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