Wednesday, 18 October 2017

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The monetary ripples of Brexit

Posted by admin
July 20, 2016
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June 23 will most likely be remembered as a turning point in Britain’s fate, as 17.4 million Britons expressed their desire to sever ties with the European Union (EU) in a historic referendum. The British, and global, economy is facing an imminent cloud of uncertainty. From the moment that the markets opened, and crashed, last […]

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Addition by Subtraction

Posted by admin
April 3, 2012
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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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The Fed, War, and Recession

Posted by admin
April 2, 2012
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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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Problems Facing Every Monetary System

Posted by admin
March 30, 2012
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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 of major […]

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Bernanke Lecture IV Decrypted: Inflation = 20, Stability = 17, Progress = 1

Posted by admin
March 30, 2012
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…Sound Money = 0 Submitted by Tyler Durden The lecture series is complete and Ben can creep back behind the green curtain once again. Today’s lecture focused on the aftermath of the crisis and a quick summary of just where Bernanke believes the recovery lies – Fed 95: Government 11. Unfortunately the word ‘Progress’ only appears once. […]

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Anti-Bernanke

Posted by admin
March 23, 2012
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by George Selgin Despite the bright light streaming into my office window, reminding me of the beautiful spring weather here in Athens, I managed to spend most of yesterday afternoon listening to the first installment of Ben Bernanke’s 4-part lecture series on “The Federal Reserve and the Financial Crisis.” The lecture took place on Tuesday evening at […]

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Ron Paul and the Martian Atmosphere Machine

Posted by admin
March 22, 2012
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“Bernanke, give these people air!” by John DeFeo Ron Paul has staked his presidential hopes on a few key issues, among the most prominent being monetary policy. The feisty Texas congressman has had his share of ideological head-butting with Federal ReserveChairman Ben Bernanke, but if these encounters have generated a few amusing sound bites, they have failed […]

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Do Government’s Love Debt Even More Than War?

Posted by admin
March 21, 2012
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Right now it’s a race, and though it’s hard to tell who’s winning, it’s obvious who’s losing. Submitted by Tyler Durden from ZeroHedge In a succinct and chart-laden presentation, Professor Antony Davies, of Duquesne, offers a simple perspective on just how bad things are for the US (in terms of debt or obligations). Putting the interest […]

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The Federal Reserve & Twitter Go Together Like Peanut Butter & Jelly.

Posted by admin
March 16, 2012
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I’m not sure it’s possible that this will ever get old. by Tyler Durden from ZeroHedge If the Fed thought it could boldly go where hundreds of millions have gone before (in a vain attempt to be cool, hip and relevant – Twitter of course – with the @FederalReserve handle naturally), all in a quest […]

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Dear Alan, …

Posted by admin
February 3, 2012
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Integrity called. It wants its gold back. Memo To: Rep. Ron Paul [R TX] From: Jude Wanniski Re: Greenspan and Gold Dear Ron…I didn’t watch all of Greenspan’s testimony before the House Financial Affairs Committee last Wednesday, but I was lucky enough to catch the one question they gave you time to ask. Indeed, you […]

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Like Bugs Looking For Windshields

Posted by admin
January 30, 2012
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Largest Central Banks Now Hold Over 15 Trillion in Fictitious Capital By Russ Winter01/27/2012 I could not help noticing that China’s imports from Japan fell 16.2pc in December. Imports from Taiwan fell 6.2pc. The strong yen strikes again: Honda decides to build a high-performance hybrid Acura in Ohio – instead of its home nation of […]

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Water Is Wet, and Other Breaking News

Posted by admin
January 30, 2012
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Central bank policy is obscuring market values, Warsh tells Stanford audience. By: Chris Powell, Secretary/Treasurer, GATA Dear Friend of GATA and Gold: Central banks are now so heavily influencing asset prices that investors are unable to ascertain market values, former Federal Reserve Board of Governors member Kevin M. Warsh told the Stanford University Institute for […]

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The Prospects for Sound Money

Posted by admin
January 11, 2012
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by Tim Kelly A silver lining of the global economic crisis is that millions of people have been awakened to the importance of sound money to a modern economy. The housing bubble and subsequent bust, excessive leveraging, reckless speculation, and the sovereign-debt crisis afflicting Europe and the United States would all have been averted had […]

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China to Remonetize Gold?

Posted by admin
January 4, 2012
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China’s banks use gold as legal currency A prominent economist says that China’s economic importance is growing strong and steady that the ailing US and EU economies will exchange their gold reserves for Beijing’s financial bailouts. G-20 leaders are facing growing pressure at home over the economic woes of their countries, where protests are being […]

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What Really Caused the Eurozone Crisis?

Posted by admin
December 29, 2011
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World leaders probably spent more time worrying about the eurozone crisis than anything else in 2011. And that was in the year that featured the Arab Spring, the Japanese tsunami and the death of Osama Bin Laden. What’s more, 2012 looks set to be not much different. But as eurozone governments hammer out new rules […]

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Fixing the Dollar Now!

Posted by admin
December 1, 2011
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  From Jefferson’s early warnings to Roosevelt’s Bretton Woods and Nixon’s Camp David ‘Shock,’ Shelton’s Fixing the Dollar Now is rooted in the “need-to-know” historical foundations of today’s dollar crisis. Drawing on the hard-learned lessons of the late-18th century, she first makes clear, “There can be no question that our nation’s Founders deliberately sought to ensure that […]

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Drastic Spending Cuts Threaten Existence of U.S. Government

Posted by admin
November 22, 2011
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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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The Forgotten Cause of Sound Money

Posted by admin
October 30, 2011
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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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Is Central Banking Central Planning? Hayek vs. …Hayek?

Posted by admin
October 24, 2011
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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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From the Utah Money Summit

Posted by admin
October 3, 2011
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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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Gold Standard 2012?

Posted by admin
June 16, 2011
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“A veteran conservative movement figure said today his group is launching a television ad and retail campaign in Iowa aimed at drumming up grassroots interest in a return to the gold standard… Arguments over the gold standard date back more than a century, and their ideological charge is linked in part to the fact that […]

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“Capitalism Needs a Sound-Money Foundation”

Posted by admin
January 13, 2010
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“Let’s go back to the gold standard. If the very idea seems at odds with what is currently happening in our country — with Congress preparing to pass a massive economic stimulus bill that will push the fiscal deficit to triple the size of last year’s record budget gap — it’s because a gold standard […]

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“Murray N. Rothbard and Jacksonian Banking”

Posted by admin
January 12, 2010
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An article by Leonard P. Liggio of the Atlas Economic Research Foundation.   Murray N. Rothbard was the consummate scholar in several fields. From my first meeting with Murray Rothbard, attending Ludwig von Mises seminar at New  York University, more than forty years before the sadness of his death, I knew him longest as an economic historian. […]

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“The Fed and the Crisis: A Reply to Ben Bernanke”

Posted by admin
January 11, 2010
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“Federal Reserve Board Chairman Ben Bernanke spent most of his speech to the American Economic Association on Jan. 3 responding to the critique that easy monetary policy during 2002-2005 contributed to the housing boom, to excessive risk taking, and thereby to the financial crisis. Many have expressed the view that monetary policy was too easy […]

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“The Roaring Twenties and the Bullish Eighties”

Posted by admin
January 8, 2010
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“There are significant parallels between the Roaring 1920s and the Bullish 1980s. Both decades were characterized by a policy-induced artificial boom that ended with an inevitable bust. The Federal Reserve had a hand in both episodes, keeping the interest rate artificially low in the first one and keeping Treasury bills artificially risk-free in the second. […]

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How the Gold Standard Worked, 1880-1913

Posted by admin
January 6, 2010
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“This essay reinterprets the gold standard by applying the monetary theory of the balance of payments to the experience of the two most important countries on it, America and Britain. Before explaining, testing and using the theory in detail, it will be useful to indicate a few of the ways in which accepting it will […]

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“Sound Money the Safeguard of Labor”

Posted by admin
January 6, 2010
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“This government is now on a gold basis; that is to say, the nation stands pledged to redeem all its debts or obligations in gold. This is not the result of arbitrary legislation on our part, but a necessity imposed by the demands of trade and commerce. Foreign purchasers of American products pay in gold, […]

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“Capital Theory, Inflation, and Deflation: The Austrians and Monetary Disequilibrium Theory Compared”

Posted by admin
January 6, 2010
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“It can be argued that two apparently divergent macroeconomic schools of thought that have persisted in the history of economics are both part of a larger theoretical view which is capable of meeting most of these criteria. The Austrian theory of the trade cycle as described by Ludwig von Mises (1912, 1966) and F. A. […]

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“Another Perspective on the Effects of Inflation Uncertainty”

Posted by admin
January 6, 2010
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This paper examines the effects of inflation uncertainty on real economic activityb y utilizing a flexible, dynamic,m ultivariatef rameworkt hata ccom-modates possible interaction between the conditional means and variances. The empirical model is based on a familiar identified vector autoregressive framework, modified to accommodate multivanate generalized autoregressive conditional heteroskedasticity Our empirical model is preferred to […]

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“The Cost of Inflation Revisited”

Posted by admin
January 6, 2010
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“Neoclassical treatments of inflation understate the costs associated with inflation, even at very low levels. A comparative institutions perspective that recognizes the epistemological properties of prices and the institutional process by which inflation takes place, reveals the costs of inflation to be both larger and more widespread than standard treatments suggest. This paper makes use […]

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“Stock Returns, Real Activity, Inflation and Money”

Posted by admin
January 6, 2010
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“There is much evidence that common stock returns and inflation have been negatively related during the post-1953 period. Zvi Body, Jeffrey Jaffe and Gershon Mandelker, Charles Nelson, and my article with G. William Schwert document negative relations between between stock returns and both the expected and unexpected components of inflation. These results are puzzling given […]

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Meltdown

Posted by admin
December 16, 2009
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“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”

Posted by admin
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”

Posted by admin
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

Posted by admin
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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