Thursday, 21 September 2017

Monthly Archives April 2010

“A Three-Point Plan to Save the Euro”

Posted by Tom Duncan
April 30, 2010
in Blog

“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 that, before then, Greece does not precipitate into an even deeper […]

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“Senate Ends Financial-Bill Standoff”

Posted by Tom Duncan
April 29, 2010
in Blog

“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 of the overhaul proposal: the creation of new government authority to wind down failing financial firms. Democrats, […]

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What Austrian Economics Can Tell Us about the Crisis

April 28, 2010
in Blog

The 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 allows no room for crises of the sort we are experiencing.” White and his BIS colleagues were among the few […]

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“Greece’s Threat to the Euro”

Posted by Tom Duncan
April 28, 2010
in Blog

“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 solvency issue that it is, European policymakers seem to be convincing themselves that […]

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“The Limits of Monetary Policy”

Posted by Tom Duncan
April 28, 2010
in Blog

“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 private property and a free society. In the United States, persistent inflation has eroded the value of money and […]

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“The Case for Auditing the Fed is Obvious”

Posted by Tom Duncan
April 28, 2010
in Blog

“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 institutions to prop up and which should be allowed to fail, invested in assets […]

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“The Early Word: Financial Fights”

Posted by Tom Duncan
April 28, 2010
in Blog

“Senate Democrats will try for the third consecutive day to bring a financial overhaul to the floor for debate, after Republicans twice blocked such attempts. Like clockwork, Republicans are expected to block the bill once more. It’s probably not the way most of us would play charades, but The Times’s Edward Wyatt and David Herszenhorn […]

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“The Free-Coinage Scheme is Impracticable at Every Point”

Posted by Tom Duncan
April 27, 2010
in Blog

“The amount of circulating cash of all kinds in the hands of the people at the present time is about nine hundred millions. If the dollar was reduced to half its present value, and if allowance was made for reserves, two thousand million silver dollars would be the specie requirement of the country. We already […]

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Lessons from the History of Financial Regulation

April 27, 2010
in Blog

Charles W. Calomiris, who is Professor of Financial Institutions at Columbia Business School and a visiting scholar at the American Enterprise Institute, has recently published a paper on the lessons that can be drawn from the history of financial regulation. “The Political Lessons of Depression-Era Banking Reform” looks more specifically at the regulatory response the […]

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Overdose – Documentary on the Financial Crisis

April 26, 2010
in Blog

On May 17, the Cato Institute will host a premiere of a new documentary on the financial crisis–Overdose. The trailer can be seen here. The documentary is based upon Swedish writer Johan Norberg’s book Financial Fiasco. Cato describes Overdose as follows: “This 46-minute documentary is a fast-paced look at how we got into the financial […]

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“Inflation May Not Be Kind to the Stock Market”

Posted by Tom Duncan
April 26, 2010
in Blog

“Investors seem to see inflation as no big deal, or maybe even a good thing. But they forget how inflation killed the stock market in the 1970s… and just how easily those conditions could return. Federal Reserve Chairman Ben S. Bernanke is now seen as the stock market’s best friend. He is the second coming […]

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“Greece Formally Requests EU/IMF Aid”

Posted by Tom Duncan
April 23, 2010
in Blog

“Prime Minister George Papandreou said Friday that ‘the time has come’ for Greece to request aid under a joint European-International Monetary Fund bailout mechanism following months of turmoil in Greek financial markets. ‘The time has come,’ Papandreou said in televised comments from the island of Kastellorizo. ‘It is a necessity. It is a national and […]

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In a Culture of Excess, the Fat Cats will Rule

Posted by Tom Duncan
April 23, 2010
in Blog

“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 important a vibrant financial market is to the advancement of generalized prosperity, the crony capitalism of Wall […]

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China on a Tightrope

Posted by James Dorn
April 22, 2010
in Blog

Economic reform requires political reform. China’s leaders must loosen control if they want harmony.

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“Academia’s War Against Free Market Money”

Posted by Tom Duncan
April 22, 2010
in Blog

“In a confrontational and much-needed LewRockwell.com article, Prof. William Anderson launched a counter-attack against mainstream academic economists’ refusal to consider seriously the Austrian School’s theory of money. Despite the fact that Ludwig von Mises’ 1912 theory of money explains booms and busts better than rival theories, and despite the fact that Austrian School disciples predicted […]

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“Free Market Money – Instead of Political Manipulation”

Posted by Tom Duncan
April 21, 2010
in Blog

“Money is the most important commodity in an economic system Indeed, money ‘makes the world go ’round.’ This is because money is the general medium of exchange. We sell our products and services for money, and then use it to buy the products and services of others. Money also permits us to comparison shop. Since […]

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“Euro Under Pressure As Greek Bonds Slump”

Posted by Tom Duncan
April 21, 2010
in Blog

“The euro is slumping against the dollar Wednesday morning as Greek bond prices tumble and their yields surge higher against their German counterparts. The dollar is split against other major currencies, with little change against the yen, a retreat against the Canadian dollar and a partial rebound against the U.K. pound. As talks between Greece, […]

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“BOE Unanimously Kept Bond Plan at 200 Billion Pounds”

Posted by Tom Duncan
April 21, 2010
in Blog

“Bank of England policy makers unanimously kept their bond-purchase plan at 200 billion pounds ($307 billion) in April as some officials showed mounting concern at the prospect of a prolonged bout of faster inflation. The nine-member Monetary Policy Committee, led by Governor Mervyn King, voted 9-0 to maintain the program because data in the previous […]

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Lawrence H. White – The Clash of Economic Ideas

April 20, 2010
in Blog

George Mason University economist Lawrence H. White is writing a book on The Clash of Economic Ideas. Last summer he gave a lecture, published as a video by New Media, in which he briefly presents the outline of the book, before going more in-depth through one of the chapters, analyzing the differing views among economists […]

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An Economy of Liars

April 20, 2010
in Blog

Free markets depend on truth telling. Prices must reflect the valuations of consumers; interest rates must be reliable guides to entrepreneurs allocating capital across time; and a firm’s accounts must reflect the true value of the business. Rather than truth telling, we are becoming an economy of liars. The cause is straightforward: crony capitalism. Thomas […]

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“Fed Kohn Paper: Crisis Early Warning Requires Better Data”

Posted by Tom Duncan
April 20, 2010
in Blog

“While, in hindsight, some of the data available to the Federal Reserve and other authorities gave notice of the financial crisis, more data and a different approach to analyzing them are needed if a reliable ‘early warning system’ for future crises is to be developed, according to research by Federal Reserve Vice Chairman Donald Kohn […]

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“The Financial Crisis Grinch”

Posted by Tom Duncan
April 19, 2010
in Blog

Our friends at the Cato Institute have offered this podcast on the financial crisis. “The Financial Crisis Grinch” Featuring Gerald P. O’Driscoll, Jr. Novermber 24, 2008.

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A Week of Travels

Posted by Tom Duncan
April 16, 2010
in Blog

The past week has been a busy one for Atlas and the Sound Money project. Since last Thursday, we have traveled from D.C. to Philadelphia to Las Vegas. It has been a hectic, but rewarding journey. The Sound Money project has been gaining support at each of its stops. We would like to thank all […]

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Larry White to Lecture at GMU!

Posted by Tom Duncan
April 15, 2010
in Blog

Date:   Monday, April 19, 2010 Time:  5:00pm – 6:30pm Location:  George Mason University — SUB II, Room 7 Address:  4400 University Drive    Fairfax, VA   The GMU Economics Society & the Atlas Sound Money Project invite you to attend a lecture with GMU Prof. Lawrence H. White on “What is Sound Money and How […]

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Ferguson and Rogoff on the financial crisis

April 13, 2010
in Blog

In this video panel on Bloomberg.com, economic historian and author The Ascent of Money, Niall Ferguson, discusses the financial crisis and global recession with economist and author of This Time Is Different, Kenneth Rogoff. They both warn that the global crisis is not yet over, and that a fiscal crisis may very well impact the […]

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Florin Aftalion – The French Revolution: An Economic Interpretation

April 12, 2010
in Blog

In this monograph, French economist Florin Aftalion sets out to rectify a great omission in most historical accounts of the French Revolution, namely to look at how economic, and especially monetary forces helped shape the dynamics of the revolution. Book description: “The economic history of revolutionary France is still a neglected area in studies of […]

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The Swinging Pendulum

Posted by Tom Duncan
April 9, 2010
in Blog

On Monday, April 5, the Future of Freedom Foundation and the George Mason University Econ Society hosted a lecture1 by Dr. Richard Ebeling, professor of economics at Northwood University and former president of the Foundation for Economic Education. Dr. Ebeling is an excellent speaker, eloquent and motivated, and this lecture did not disappoint. According to […]

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John Munro – The Monetary Origins of the ‘Price Revolution’

April 8, 2010
in Blog

In this paper, John Munro of the Department of Economics, University of Toronto revisits the historical debate on the origins of the price revolution of the 16th century. Though some historians and economists have claimed that this event was caused by population growth, Munro clearly demonstrates that the origins were monetary and not demographic. He […]

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Hyperinflation

Posted by Tom Duncan
April 8, 2010
in Blog

“Inflation is a sustained increase in the aggregate price level. Hyperinflation is very high inflation. Although the threshold is arbitrary, economists generally reserve the term ‘hyperinflation’ to describe episodes when the monthly inflation rate is greater than 50 percent. At a monthly rate of 50 percent, an item that cost $1 on January 1 would […]

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“Why Default on U.S. Treasuries is Likely”

Posted by Tom Duncan
April 7, 2010
in Blog

“Almost everyone is aware that federal government spending in the United States is scheduled to skyrocket, primarily because of Social Security, Medicare, and Medicaid. Recent “stimulus” packages have accelerated the process. Only the naively optimistic actually believe that politicians will fully resolve this looming fiscal crisis with some judicious combination of tax hikes and program […]

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“Misrepresenting ‘How We Arrived at This Moment'”

Posted by Tom Duncan
April 6, 2010
in Blog

“What must be done to recover from this financial crisis? Barack Obama rightly stresses that we first must understand how today’s problems emerged. It is ‘only by understanding how we arrived at this moment that we’ll be able to lift ourselves out of this predicament.’ Unfortunately, Obama (along with most of the Washington establishment) has […]

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“Stop Blaming Capitalism for Government Failures”

Posted by Tom Duncan
April 5, 2010
in Blog

“But while capitalism may be a convenient scapegoat, it did not cause any of these problems. Indeed, whatever one wishes to call the unruly mixture of freedom and government controls that made up our economic and political system during the last three decades, one cannot call it capitalism. Take a step back. In the lead […]

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“Garrett Demands Further Answers from Geithner”

Posted by Tom Duncan
April 2, 2010
in Blog

“Rep. Scott Garrett (R-NJ) is calling on Treasury Secretary Timothy Geithner to clarify the uncertainty surrounding the status of the GSE debt; specifically, whether the corporate debt issued by Fannie and Freddie is considered sovereign debt.” Read more. “Garrett Demands Further Answers from Geithner Regarding GSE Debt” Press Release, March 23, 2010. Via Congressman Scott […]

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Dr. Richard Ebeling to talk at GMU!

Posted by Tom Duncan
April 2, 2010
in Blog

Our friends at the GMU Economics Society & the Future of Freedom Foundation invite you to the last installment of the Economic Liberty Lecture Series of this year with Dr. Richard Ebeling. Dr. Ebeling will be speaking on “America’s New Road to Serfdom — and the Continuing Relevance of Austrian Economics” Economic Liberty Lecture Series — […]

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“Irresponsible lending prohibited by OTF”

Posted by Tom Duncan
April 1, 2010
in Blog

“The new requirements form part of new guidance from the Office of Fair Trading (OFT) to counteract irresponsible lending. ‘[We] expect all consumer credit businesses to fully comply with both the word and spirit of this guidance,’ the OFT said. The regulator can ultimately suspend a lender’s consumer credit licence.” Read more.   “Irresponsible lending […]

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