Monday, 11 December 2017

Monthly Archives October 2011

The Incredible Morphing Fed

Posted by Tyler Watts
October 30, 2011
in Blog

Student blogger Andrew Mack points out that the Fed was a creature of the “progressive” ethos of the early 20th century—i.e. the idea that powerful centralized institutions could “manage” the economy better than free, competitive individuals. But it is nonetheless interesting to note that when the Fed was founded, it was very different, and much […]

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Two Masterpieces by Mises

Posted by Gonzalo Schwarz
October 30, 2011
in Blog

In symposiums written “in honor of” some distinguished writer, the individual contributors too often go off on tangents of their own, and develop points of view that may be irrelevant or even alien to the writer they are supposed to honor. In order to pay homage to the great contribution of Ludwig von Mises in […]

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The Forgotten Cause of Sound Money

Posted by admin
October 30, 2011
in Blog

The Henry Hazlitt Memorial Lecture, presented by David Stockman at the Austrian Scholars Conference. Recorded on 12 March 2011 at the Ludwig von Mises Institute in Auburn, Alabama.

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FEDERAL RESERVE ESSAY CONTEST

Posted by Gonzalo Schwarz
October 30, 2011
in Blog

The Foundation for Economic Education is proud to announce the 2011 Eugene S. Thorpe Writing Competition. Writers of all ages are invited to address the following: “Should the Federal Reserve be abolished? What monetary system should replace it?” Deadline: Midnight, Dec. 31, 2011 Length: 2,000 words. No footnotes or endnotes. Email Word file to: [email protected] (One entry […]

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The Gold Standard Mentality and the Great Depression

October 29, 2011
in Blog

It is a common argument that the gold standard was one of the reasons of the Great Depression. The Federal Reserve, it is argued, was unable to follow an optimal monetary policy, with its hands tied with the gold standard regime. However, as Timberlake (2008, p. 304) argues, the gold standard “ended forever at the […]

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America’s Love/Hate Relationship with Sound Money

Posted by Tyler Watts
October 28, 2011
in Blog

Having been doing research for a paper on credit expansion and inflation in the U.S. in the 1790’s, I’ve been looking at mortgage documents from that era. Almost all of them feature what we might call a “sound money clause” i.e. they are explicitly payable in “gold or silver coin.” One particular mortgage note from […]

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Is Central Banking Central Planning? Hayek vs. …Hayek?

Posted by admin
October 24, 2011
in Blog

Is money a form of “natural monopoly” that will always be centralized for efficiency reasons, or are our current central banks in business due only to government protection?  Is government involvement with money incompatible with 19th-centrury Liberalism?  Is it “central planning” if it isn’t comprehensive, or is money so important to a free economy that […]

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The Political Constituencies for Gold

Posted by Gonzalo Schwarz
October 24, 2011
in Blog

A speech by Leonard P. Liggio. Presented at the Mises Institute’s first conference, November 16-17, 1983: The Gold Standard, An Austrian Perspective.   Dr. Liggio was in attendance at the CMRE Annual Fall Dinner Meeting in NYC this past week.  His thoughts: Committee for Monetary Research and Education “Among those present were: Sean Fieler, Jim […]

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The Austrian Business Cycle Theory, Foreign Exchange and Business Cycles

October 21, 2011
in Blog

The Financial Crisis of 2008 brought attention, once more, to the problem of business cycles. There are different approaches to study the phenomenon of business cycles. Some of them rest on shocks to the real economy (i.e. productivity of government spending); this is the area of Real Business Cycle Theory (RBC). Other theories rely on […]

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Nuts to Higher Inflation

Posted by Tyler Watts
October 21, 2011
in Blog

The chorus of voices calling for higher inflation is growing. Joining “respectable” mainstream economists like Harvard’s Greg Mankiw and Ken Rogoff is Rex Nutting at Marketwatch. To his credit, Nutting identifies the big problem in the US economy pretty well: US debt levels are too high—367% of GDP as of 2009, compared to just 150% […]

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Government vs. The Economy

Posted by Tyler Watts
October 16, 2011
in Blog

Score Update: Government beating economy 21-3 late in 4th quarter… I hate to use sports metaphors when talking about the economy because, while the two realms share some basic themes (like competition), their outcomes are radically different. For instance, sporting events are inherently win-lose, or “zero-sum games.” When the Colts play the Steelers, only one […]

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(Poison) Ivy League Economists Dis the Gold Standard

Posted by Tyler Watts
October 16, 2011
in Blog

As the Wall Street Journal reports, 6 Yale economists convened last week in New Haven to discuss “The State of the U.S. Economy: How Do We Create More Jobs?” Not surprisingly, their answers were straight out of the Keynesian playbook: more stimulus, infrastructure spending, and higher taxes on the wealthy. Also not surprising was the […]

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Dr. Richard Ebeling on Competition in Currency

Posted by Gonzalo Schwarz
October 16, 2011
in Blog

“There could be no more effective check against the abuse of money by the government than if people were free to refuse any money they distrusted and to prefer money in which they had confidence. Nor could there be a stronger inducement to governments to ensure the stability of their money than the knowledge that, […]

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CMRE a think tank that never lost sight of the importance of sound money, is organizing another superb conference October 20, 2011

Posted by Alex Chafuen
October 16, 2011
in Blog

COMMITTEE FOR MONETARY RESEARCH & EDUCATION, INC. Annual Fall Meeting Thursday, October 20, 2011 The Union League Club 38 E. 37th Street, New York City Uncle Sam: Desperately Seeking Money A powerful program with speakers covering conditions in the China, Europe, Great Britain, the United States, with a conclusion on what the US must do. […]

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Notes on the Euro Crisis; or, Crisis of the Euro Notes

Posted by Gonzalo Schwarz
October 13, 2011
in Blog

The Euro is Dead. Long Live the Euro To ensure the European sovereign debt crisis doesn’t go to waste, the markets have kept policy makers and bankers on their toes. The naysayers of a European turnaround have become so overwhelming that it is stunning Europe hasn’t submerged into the Atlantic Ocean yet. It appears that […]

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Gold Standard on the Way?

Posted by Gonzalo Schwarz
October 12, 2011
in Blog

From Politico: Is gold the answer? With the nation smothered in debt, crippled by unemployment and financed by dollar bills backed by nothing more than the faith of the public, some conservatives are calling for a return to the gold standard. At The Heritage Foundation’s Conference on a Stable Dollar last week, former Bush economic […]

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Money, Sound and Unsound

Posted by Gonzalo Schwarz
October 11, 2011
in Blog

“…Salerno’s yardstick concerns the soundness of money. He is speaking of a subject too rarely raised: the quality of the money itself. Money originated as a commodity out of market exchange. The further the government and central bank drive money from its original soundness, toward a paper money and finally toward digits that government can […]

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War vs. Sound Money

Posted by Gonzalo Schwarz
October 10, 2011
in Blog

Here is an article by Richard Mills of aheadoftheherd.com where he discusses the how unsound money is the friend of unnecessary warfare.  Although we here at the Sound Money Project would quibble slightly with some of his definitions, as we note, we agree with the overall thrust of the article.  Sound money is the only […]

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Frédéric Bastiat: Campaigner for Free Trade, Political Economist, and Politician in a Time of Revolution

Posted by Gonzalo Schwarz
October 10, 2011
in Blog

UPDATE: See the talk! Frédéric Bastiat was a pivotal figure in French classical liberalism in the mid-19th century. He suddenly emerged from the southwest province of Les Landes to assume leadership of the fledgling French free trade movement in 1844, which he modelled on that of Richard Cobden’s Anti-Corn Law League in England. Bastiat then […]

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David Hart on Bastiat at FEE

Posted by Gonzalo Schwarz
October 10, 2011
in Blog

David Hart of The Liberty Fund spoke at an Evening At FEE about Frederic Bastiat, author of The Law. Read Bastiat’s ‘The Law’ in PDF for FREE! Compliments of the Foundation for Economic Education. http://www.fee.org/pdf/books/The_Law.pdf

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More on the Fed’s Assault on the Economy – Operation Twist

Posted by Gonzalo Schwarz
October 3, 2011
in Blog

Twist Paves the Way for QE III by Peter Schiff – Europac “[O]ur zombie economy does not need to be perpetuated by more QE. It must be allowed to die so that a living, breathing, self-sustaining economy can replace it. By feeding our addiction now the Fed is impeding the recovery. QE may goose the […]

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From the Utah Money Summit

Posted by admin
October 3, 2011
in Blog

by Nathan Lewis – New World Economics Happily, I was invited to a conference just last week in Utah, celebrating the passage of a law to permit the introduction of an alternative, gold/silver based currency. This is actually a big deal, and if we see some follow through from other states (I think eleven others […]

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