Monday, 11 December 2017

Monthly Archives April 2012

Robert Wenzel’s ‘David’ Speech Crushes Federal Reserve’s ‘Goliath’ Dream

Posted by Gonzalo Schwarz
April 27, 2012
in Blog

Submitted by Tyler Durden In perhaps the most courageous (and likely must-read for future economists) speech ever given inside the New York Fed’s shallowed hallowed walls, Economic Policy Journal’s Robert Wenzeldelivered the truth, the whole truth, and nothing but the truth to the monetary priesthood. Gracious from the start, Wenzel takes the Keynesian clap-trappers to task on almost every […]

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The US Dollar Vs. Gold

Posted by Gonzalo Schwarz
April 27, 2012
in Blog

by Jim Willie CB – Hat Trick Letter   The so-called Global Financial Crisis is a term so widely used that it has earned its own acronym of GFC. When first seen, it seemed like girl friend club or some such, since many friends use GF loosely to refer to sweethearts. The GFC is falsely named, since it is more accurately […]

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Is There No Escape from the Euro?

Posted by Gonzalo Schwarz
April 27, 2012
in Blog

by Philipp Bagus As I discussed recently, the costs and risks of maintaining the eurozone system are already immense and rising. So is an exit possible? Intuitively, the exit from the euro should be as easy as the entrance. Joining and leaving the club should be equally simple. Leaving is just undoing what was done before. Indeed, many popular […]

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Congratulations Video Contest Winners!

Posted by Gonzalo Schwarz
April 25, 2012
in Blog

The Sound Money Project is excited to announce the 2012 winners of the Sound Money video contest. Please join us in congratulating the winners, and don’t forget to watch all the videos!  1st place: “Dear Inflation, Please Go Away” By Micah Fitzkee   2nd place: “Money – What is it?” By Chesterton Cobb Honorable Mentions:   “Atlas Sound […]

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A Gold-based Currency Board, Please

Posted by Gonzalo Schwarz
April 25, 2012
in Blog

by Steve H. Hanke   This article appeared in the May 2012 issue of Globe Asia. Until early in the 20th century, gold played a central role in the world of money. Gold had an incredible run — almost three thousand years. And why not? After all, Professor Roy Jastram convincingly documents in The Golden Constant just how […]

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Think The US Student Loan Bubble Is Bad? You Ain’t Seen Nothing Yet

Posted by Gonzalo Schwarz
April 24, 2012
in Blog

Note to the Federal Government: Champagne bubbles are good. The bubbles you’ve been giving us? Not so much. Submitted by Tyler Durden By now virtually everyone has seen some combination of the two charts, showing the  magnitude of the student loan bubble, a topic which even Goldman Sachs decided to take on last week: The amount of student […]

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Sound Money Interview Series: Dr. George Selgin

Posted by Gonzalo Schwarz
April 23, 2012
in Blog

Should a monetary system be centrally planned? Don’t make Dr. Selgin laugh. We sat down with Dr. George Selgin of the University of Georgia and discussed the history of central banking, the performance of the Federal Reserve, and alternatives to a government run money monopoly. First, what it all means in 3 minutes… Then, the […]

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The Global Pyramid Scheme

Posted by Gonzalo Schwarz
April 23, 2012
in Blog

The Exter Inverted Pyramid – A Refresher This morning, a vastly expansive essay by Lew Spellman of the University of Texas in Austin titled “Warren Buffett and the New Calculus of Gold” is making the rounds, and while the narrative is largely defensive of gold, and its role as the only true safe collateral in […]

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A Prisoner’s Dilemma in Free Banking?

April 20, 2012
in Blog

Everything looks monopolistic if you leave out competition. There are several criticisms to the system of free banking. One of them relies on the conclusion that such system will converge to the presence of a central bank. This is, for instance, the position of Charles Goodhart and Huerta de Soto. From the Austrian school point […]

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Did Bernanke Prevent Another Great Depression?

Posted by Gonzalo Schwarz
April 20, 2012
in Blog

Did Al Gore invent the Internet? In a lecture given at George Washington University on March 27, 2012, the chairman of the Fed said that the US central bank’s aggressive response to the 2007–2009 financial crisis and recession helped prevent a worldwide catastrophe. Various economic indicators were showing ominous signs at the time. After closing […]

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Penny Lame

Posted by Gonzalo Schwarz
April 20, 2012
in Blog

The government wants every last cent you’ve got. by George Selgin As Congress prepares once again to decide the fate of the penny, with deliberations to take place next week concerning whether to revive the WWII-era practice of striking pennies of steel, so as to at least avoid wasting more than a penny’s worth of […]

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Sound Money for Our Troubles

Posted by Gonzalo Schwarz
April 19, 2012
in Blog

  by Kevin Rollins, Publisher, Free Liberal Fixing the Dollar Now: Why US Money Lost Its Authority and How We can Restore It, Judy Shelton’s new monograph, recently released by Atlas Network, argues a strategy for getting the US back to a reliable currency and away from the doom of debasement. For those not quite ready to […]

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The Eternal Sunshine of the Spotless Conscience…

Posted by Gonzalo Schwarz
April 17, 2012
in Blog

If you’re at a table full of politicians and you can’t find the scapegoat, it’s you. by Monty Pelerin Sometimes a seminal event passes unnoticed.  Subsequent developments and hindsight eventually place it in proper perspective. Just such an event may have happened or be in the process of playing out regarding Ben Bernanke, Chairman of […]

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Contra Bernanke

Posted by Gonzalo Schwarz
April 16, 2012
in Blog

Another takedown of the Fed Chairman’s “lesson” at GWU. by Frank Shostak In his lecture at George Washington University on March 20, 2012, Federal Reserve chairman Ben Bernanke said that under a gold standard the authorities’ ability to address economic conditions is significantly curtailed. The Fed chairman holds that the gold standard prevents the central […]

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Obama’s Promised “No More TBTF” is a SNAFU

Posted by Gonzalo Schwarz
April 16, 2012
in Blog

When a politician says they’re going to protect you from the banks, hide your wallet. From ZeroHedge: The extent of Obama’s duplicity continues to grow apace. And yes — it’s duplicity. If you can’t or won’t fulfil a promise, don’t make it. From Bloomberg: Two years after President Barack Obama vowed to eliminate the danger of […]

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Where Dong Is Weak, Gold Rules – In Vietnam They Will Pay You To Store Your Gold

Posted by Gonzalo Schwarz
April 13, 2012
in Blog

Submitted by Simon Black of Sovereign Man They Will Actually Pay You To Store Your Gold Here’s something you don’t see every day: Banks in Vietnam will actually pay YOU to store your gold in one of their safe deposit boxes. I was pretty surprised to find this out for myself; neither Simon nor I have seen it anywhere […]

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Congratulations Dr. Watts!

Posted by Gonzalo Schwarz
April 10, 2012
in Blog

Our own, Dr. Tyler Watts of Ball State University, has been honored with the Beth A. Hoffman Memorial Prize for Economic Writing. From the theFreemanonline: The second annual Beth A. Hoffman Memorial Prize for Economic Writing has been awarded to Tyler Watts, assistant professor of economics at Ball State University, the Foundation for Economic Education […]

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Can the U.S. Government Do Six Impossible Things Before Breakfast?

Posted by Gonzalo Schwarz
April 10, 2012
in Blog

There will never be a failed US Treasury auction… until there is “The antidote to hubris, to overweening pride, is irony, that capacity to discover and systematize ideas.  Or, as Emerson insisted, the development of consciousness, consciousness, consciousness.”  -Ralph Ellison “Men, it has been well said, think in herds; it will be seen that they […]

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Sound Money Interview Series: Dr. Edwin Vieira, Jr.

Posted by Gonzalo Schwarz
April 9, 2012
in Blog

When life gives you lemons, plant an orange tree.  We need an alternative to the Fed’s lemons. We sat down with Dr. Edwin Vieira, Jr., Constitutional Attorney and Author, and discussed money, history, his plan for a Constitutional alternative gold and silver currency, run at the state level, to bring sound money to America. First, […]

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Robust Convertibility

Posted by Gonzalo Schwarz
April 8, 2012
in Blog

Not as exciting as Robot Convertibles, but much more important. by George Selgin What determines the extent to which a bank can be trusted to honor its fixed-rate redemption commitments? The answer that’s at least implicit on most writings is that what matters is the nature of the assets backing a bank’s IOUs, and especially the […]

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Labor Unrest in Spain

April 6, 2012
in Blog

Well, they do still have to honor siesta… The recent manifestations in Spain against a labor reform are just another symptom of the precarious situation in Europe. Even though Spain is not in the same situation as Greece (yet?), it does have a higher unemployment rate. Manifestations took place in 57 cities in Spain. But […]

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Let’s Give the Fed Some Competition

Posted by Gonzalo Schwarz
April 6, 2012
in Blog

The Federal Reserve prints so much money that since it opened its doors in 1914, the dollar has lost more than 90 percent of its value. by John Stossel Pssst. Want to buy some Stossels? They’re my own currency with my face on them. Why should you trust them? Because I promise to redeem them for […]

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There’s No Painless Way Out

Posted by Gonzalo Schwarz
April 5, 2012
in Blog

From ZeroHedge: Uncle Sam’s bills of almost $4tn per year relative to his income of just over $2tn means that he does what most American’s do – he borrows money – and it is this simple fact that underpins the reasoning that there is no painless way out of the mountain of debt that we have amassed […]

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There Are Two Ways to Fix Monetary Policy: the Fast Way, and the Right Way

April 4, 2012
in Blog

…and the government way. The expectations of modest growth in January by the Fed deflated to moderate growth in mid-March. The monetary policy that the Fed and the Treasury have followed have failed to have the desired effects. But that doesn’t stop policy makers from trying the same medicine – even if the name for […]

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Problems Facing Every Monetary System

Posted by Gonzalo Schwarz
April 4, 2012
in Blog

by Kurt Schuler Readers of George Selgin’s post just below should be aware that there is a an extensive comment section about it, including a few of his own remarks, over at Marginal Revolution. Now, on to what I promised to discuss in my last post, some time ago. Every monetary system faces a number […]

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The Monetary Writings of Carl Menger

Posted by Gonzalo Schwarz
April 4, 2012
in Blog

The marginal benefit of this talk is off the charts. A speech by Hans F. Sennholz. Presented at the Mises Institute’s first conference, November 16-17, 1983: The Gold Standard, An Austrian Perspective. image: mises.org

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Dr. Judy Shelton at The Hayek Institut

Posted by Gonzalo Schwarz
April 3, 2012
in Blog

The Hayek Institut and LGT Bank (Österreich) AG cordially invite you to the lecture Sound Money in America: Prospects and Problems Dr. Judy Shelton, author of “A Guide to Sound Money” With the U.S. Presidential elections approaching it is time for the U.S. to move in favor of more fiscal discipline. The worsening budget situation in […]

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Addition by Subtraction

Posted by admin
April 3, 2012
in Blog

It is getting harder and harder justify not getting rid of the Fed. by Julie Borowski This week marks the conclusion of Federal Reserve Chairman Ben Bernanke’s four-part lecture series on how the central bank “saved the economy” to undergraduate students at the George Washington University School of Business. At this point, you almost have […]

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Why Was the Federal Reserve System Created?

Posted by Gonzalo Schwarz
April 2, 2012
in Blog

Rep. Ron Paul sponsored this Congressional lecture on “Why Was the Federal Reserve Created?”, the introductory lecture in a three part series on the Federal Reserve System for Congressional staff. As a continuing educational tool this lecture was filmed and is provided to the public. The lecture was delivered by Dr. George Selgin, Professor of […]

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The Fed, War, and Recession

Posted by admin
April 2, 2012
in Blog

by Nathan Lewis This week we will look at a funny and little-known episode in the history of the U.S. dollar and Federal Reserve, notably the wartime years of WWI and the Recession of 1920 that immediately followed. The Federal Reserve was, of course, signed into law in 1913, just in time for WWI. There […]

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