Wednesday, 18 October 2017

Monthly Archives November 2011

Literature and Monetary Thinking

Posted by Alex Chafuen
November 29, 2011
in Blog

Marjorie Grice-Hutchinson, studying Spanish literature, stumbled into the monetary writings of the authors of the School of Salamanca; she shared those writings with F.A. Hayek, who realized how relevant they were.   Murray Rothbard was also exposed to the Salamanca tradition by Hutchinson, and I count myself in that tradition (Calzada, Moreira, Huerta de Soto, […]

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Financial Crisis in Europe and Regime Uncertainty

November 28, 2011
in Blog

In recent days, Europe has seen two governments fall: the Prime Ministers from Greece and Italy. New governments where formed. Besides these important changes, the financial markets did not calm down; volatility and uncertainty did not go away as former governments did. This points to the fact that the problems in Europe are not political, […]

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The Fed’s “Other” Mystery

Posted by Gonzalo Schwarz
November 26, 2011
in Blog

Why Did The Fed Inject Banks With A Record Amount Of “Other” Cash In The Past Week? Submitted by Tyler Durden on 11/25/2011 20:19 -0500 Update: as some claim, the “other” reserve move may have been sourced to satisfy GSE demands. That would be ideal and would indicate that FR banks are transferring excess reserves to fund GSEs […]

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The Lenders of Hazard

November 25, 2011
in Blog

The following passage in a note at The Economist points out to the well-known problem of moral hazard with lenders of last resort. But the moral hazard problem affects more than just the financial institutions: The European Central Bank (ECB) rejects the idea of acting as a lender of last resort to embattled, but solvent, […]

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Dr. Vieira Delivers Lecture on the Basic Principles of Money

Posted by Gonzalo Schwarz
November 23, 2011
in Blog

Rep. Ron Paul sponsored this Congressional lecture on “What is Constitutional Money?”, part two of a three part series on the basic principles of money for Congressional staff. As a continuing educational tool this lecture was filmed and is provided to the public. The lecture was delivered by Edwin Vieira, Jr., J.D., Ph.D, the author […]

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Uncertainty and the Fed’s Job: More Hard Times Ahead

November 23, 2011
in Blog

In an exclusive interview with Reuters, Richard Fisher (President of Dallas’ Fed) said that the Fed has done its job: Fisher said, as he has repeatedly, that the Fed has done its job, keeping rates near zero for nearly three years and buying more than $2 trillion in long-term securities to send borrowing costs down still […]

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Gold-bashing for Dummies

Posted by Gonzalo Schwarz
November 22, 2011
in Blog

Dr. George Selgin has a hilarious post over with our friends at FreeBanking.org where he eviscerates a NYT editorialist.  A sample of the fun: “For his opening salvo Mr. Porter turns to R.A. Radford’s famous article on the employment of cigarettes as money in German P.O.W. camps, noting how, according to Radford, the prices of other goods […]

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Drastic Spending Cuts Threaten Existence of U.S. Government

Posted by admin
November 22, 2011
in Blog

A study put out by Veronique de Rugy of the Mercatus Center of George Mason University lays out in graphic detail the collapse of government spending set to occur with and without the “sequester cuts” now looming ominously on the horizon. We here at the SMP are duly chastened and now realize that Sound Money […]

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Life, Liberty, and Property by Fiat

Posted by Gonzalo Schwarz
November 22, 2011
in Blog

Because money is one side of every transaction, when a government usurps the market and turns lawful, sound money into fiat money and declares it to be legal tender, it has effectively gained control of all aspects of life that can be traded by use of money.  In a modern economy this essentially includes everything […]

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Recognizing Leonard Liggio (Updated 11/22)

Posted by Gonzalo Schwarz
November 21, 2011
in Blog

From our friends over at Coordination Problem: Leonard Liggio was honored this past Sunday by the Society for the Development of Austrian Economics (SDAE).  Leonard Liggio in his various roles at the Volker Fund, Institute for Humane Studies, Cato Institute, Liberty Fund and Atlas has been throughout his career a champion for Austrian economics and […]

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Judy Shelton and Larry White at the Heritage Stable Money Conference

Posted by Gonzalo Schwarz
November 21, 2011
in Blog

 UPDATED 11/21/11: Judy Shelton and Larry White spoke, along with Jeff Bell sitting in for John Mueller and moderated by James Grant, at the Heritage Foundation’s Conference on a Stable Dollar this past Thursday in Arlington, Virginia.  The event was filmed, so video will be released soon, but until then here is the audio: Dr. […]

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Europe and the Euro: Attacking the Problem or Dealing with the Symptoms?

November 20, 2011
in Blog

The recent political events in Europe, especially the situation in Greece and in Italy, brought new concerns about the situation in Europe and the future of the Euro. If countries do not honor their debts, how hard will their economy be hit? What happens if any country decides to leave the Euro; will it be […]

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Stepping Stones

Posted by Gonzalo Schwarz
November 20, 2011
in Blog

Cato’s 29th annual monetary conference gathered public policy scholars and academics to debate monetary reforms in the US and around the world. They proposed solutions and ways out of the current recession and crises by fixing the monetary policy system. One of the academics present was professor George Selgin from the University of Georgia. Although […]

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Will the “save Euro at all cost” effort lead to anti-German violence?

Posted by Alex Chafuen
November 17, 2011
in Blog

So argues James Neilson, one of the most talented observers/analysts in the Americas, in the outstanding Buenos Aires Herald:  “It would therefore not be surprising if before too long we saw German embassies being put to the torch by irate mobs yearning to believe that all their countries’ problems are due to a wicked Teutonic […]

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It is that easy to cook up new money?

November 16, 2011
in Blog

The financial, and fiscal, crisis in Europe has brought doubt to the future of the Euro. Can it persist, or are we witnessing the end of the Euro? But, if the Euro is to be abandoned, how will the transition play out? In this respect, a latest post in the The Economist’s blog Free Exchange […]

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The “Inflation Moralist” View

Posted by Tyler Watts
November 15, 2011
in Blog

I’m trying to wrap my brain around the recent wave of ‘respectable’ economists coming out in favor of higher inflation. Some of the more prominent names include Ken Rogoff, Christina Romer, and the blogging sensation Scott Sumner. Although it’s often dressed up in fancy sounding jargon like “Nominal GDP targeting,” the inflationists’ arguments are pretty […]

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Online reprint of an outstanding book about Juan de Mariana, champion of sound money

Posted by Alex Chafuen
November 15, 2011
in Blog

Atlas had the privilege of providing the funds for the first ever translation of Father Juan de Mariana’s treatise on money.  Originally published in 1609, and written by the author in Latin and Spanish, the book was translated to English not long ago by the Acton Institute.   To get acquainted with Mariana, and to […]

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CobraBucks: How Ben Bernanke Jumped the Shark

Posted by Gonzalo Schwarz
November 14, 2011
in Blog

BREAKING NEWS from ZeroHedge!!!!! “Cobra has found it necessary to restructure your nation’s economy. We have begun by eliminating the worthless green paper which your government has deceived you into believing is valuable…” Read More… Photo by megadem

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Dr. Leonard Liggio on TEA Parties

Posted by Gonzalo Schwarz
November 14, 2011
in Blog

Our own Dr. Leonard Liggio spoke recently on the TEA Party phenomenon: He was also honored at last week’s Atlas Freedom Dinner with the SDAE Lifetime Achievement Award (Society for the Development of Austrian Economics).  Here are some words of praise for Leonard and his work:

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The Bastiat Collection: Pocket Edition

Posted by Gonzalo Schwarz
November 14, 2011
in Blog

Claude Frédéric Bastiat was an economist and publicist of breathtaking intellectual energy and massive historical influence. He was born in Bayonne, France on June 29th, 1801. After the middle-class Revolution of 1830, Bastiat became politically active and was elected Justice of the Peace in 1831 and to the Council General (county-level assembly) in 1832. He […]

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The US Economy is Fedlocked

Posted by Tyler Watts
November 14, 2011
in Blog

By all accounts in the news, the FOMC basically threw up its hands at its meeting this week, deciding it can’t do anything constructive to improve economic conditions. The official statement included such downers as: “continuing weakness in overall labor market conditions,” “significant downside risks to the economic outlook” and “unemployment will decline only gradually.” […]

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Cato Institute 29th Annual Monetary Conference: Monetary Reform in the Wake of Crisis

Posted by Gonzalo Schwarz
November 12, 2011
in Blog

CATO’S 29th ANNUAL MONETARY CONFERENCE — MONETARY REFORM IN THE WAKE OF CRISIS — will address the fundamental issue of how to prevent another global financial crisis — not by tinkering with the present government discretionary fiat money regime but by fundamental reform. The first step is to rethink the role of government and central […]

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Business Cycles, Open Economies and Wandering Bubbles

November 7, 2011
in Blog

In a previous post we commented on some aspects that are relevant for business cycles in the context of open economies. We also showed that in not a few cases the Mises-Hayek theory of business cycles is offered as an explanation of what went wrong. Even though business cycles have multiple causes and issues going […]

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The Vampire Squid

Posted by Gonzalo Schwarz
November 7, 2011
in Blog

AKA Goldman Sachs: First they suck out all the blood, then they shoot ink in your face to make their escape. Duncan Black Professor of Economics at George Mason University, Dr. Charles Rowley,  maintains a daily blog, and has recently suggested banning anyone with any affiliation, past or present, from holding a position in the […]

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Dr. Salerno Delivers Inaugural Ron Paul Lecture on Money

Posted by Gonzalo Schwarz
November 7, 2011
in Blog

Dr. Joe Salerno, Academic Vice President of the Mises Institute, delivered the inaugural Ron Paul Lecture on Money on October 21st, 2011.  This was the first of a three-part “afternoon tea” series of lectures on the basic principles of money, sponsored by Congressman Ron Paul.     image courtesy of mises.org

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FREE BANKING: Theory, history, and a Laissez-Faire Model

Posted by Gonzalo Schwarz
November 7, 2011
in Blog

Free Banking: Theory, History and a Laissez-Faire Model by Larry Sechrest is a magnificent work, now rescued from undeserved obscurity with this new edition. Published in 1993, it is a formalization and extension of literature in the free banking area, with important correctives and clarifications. He argues that the debate over central banking and free […]

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“Gold is NOT money!.. But, can we have yours to pay our bills?”

Posted by Gonzalo Schwarz
November 6, 2011
in Blog

“NEIN!  But take all zee paper you wish…” (Reuters) – Germany on Saturday rejected media reports that Bundesbank reserves would be used to fund the euro zone’s rescue facility after German newspapers said Group of 20 leaders had discussed the idea of tapping central banks. The Frankfurter Allgemeine Sonntagszeitung (FAS) reported that Bundesbank reserves — including foreign […]

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Speech given to the Committee for Monetary Research and Education

Posted by Gonzalo Schwarz
November 5, 2011
in Blog

by Alasdair Macleod  At the Fall Meeting, 20th October 2011.Before addressing the consequences of today’s macro-economic policies I want to tell you my philosophy. I support sound money for two very good reasons:  1.      Firstly, it is a basic human right to choose to save, without our savings being debased by the tax of monetary inflation. […]

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Why We Can’t Escape the Eurocrisis

Posted by Gonzalo Schwarz
November 2, 2011
in Blog

EU and U.S. debt are interlinked through the banking system. By GERALD P. O’DRISCOLL JR. When is a bailout not a bailout? When the bailor is short of funds. The recently announced debt plan in the European Union comes up short in almost all respects. The debt crisis is not just an EU problem, but a […]

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The Fed as Witchdoctor

Posted by Tyler Watts
November 1, 2011
in Blog

Although very few in the mainstream media are paying much attention, there’s growing chatter in sound-money circles about the ongoing phenomenon of negative real interest rates. By pumping in nearly $2 trillion in extra bank reserves and committing to keep the benchmark inter-bank lending rate at basically zero for 2 more years, the Fed has […]

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