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Is Funding About Money?
IS FUNDING ABOUT MONEY? A key factor that constrains people’s ability to generate goods and services is the scarcity of funding. Contrary to popular thinking, funding is not about money as such but about real savings. Note that various tools and machinery or the infrastructure that people have created is for only one purpose and […]
What Hayek Tells Us About the Link Between Ultra-Loose Monetary Policy and Political Instability
WHAT HAYEK TELLS US ABOUT THE LINK BETWEEN ULTRA-LOOSE MONETARY POLICY AND POLITICAL INSTABILITY The European Central Bank will increase the overall volume of its bond purchase program to 2.550.000.000.000 euros by September 2018. The main refinancing rate will remain at zero. Mario Draghi has stressed that this policy shall continue until inflation picks up […]
For God’s Sake, Stop!
FOR GOD’S SAKE, STOP! “Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July 2001 to Joseph Stiglitz, Kenneth Rogoff identified this problem. ‘One of my favourite stories from that era is a lunch with you and our former colleague, Carl […]
If Political Candidates Advocated Liberty
IF POLITICAL CANDIDATES ADVOCATED LIBERTY In modern democracies, political cycles never end. As soon as one election is over, those in government office or aspiring to such an office are already running for the next election. Having recently attended a public forum of state-level candidates looking to the 2018 election, I wondered what a real […]
Low Interest Rates Subsidize Wealthy Households
LOW INTEREST RATES SUBSIDIZE WEALTHY HOUSEHOLDS When the economy begins to sink into recession, politicians, mainstream economists, policy wonks, and the Federal Reserve begin beating the economic stimulus drum. Politicians, however, disagree over the type of stimulus to implement. The center-left party proposes greater expenditures on public assistance programs. The center-right party supports permanent tax […]
Necessity is the Mother of Invention–Retirees Desperate Reach for Yield
NECESSITY IS THE MOTHER OF INVENTION – RETIREES DESPERATE REACH FOR YIELD Ben Bernanke’s creativity inspired a generation of economists and central bankers. QE, ZIRP and NIRP established a new class of economics that is mathematically sound but practically disastrous. Billions of dollars were transferred from savers to investors to boost the economy, but the […]
Neo-Liberalism: From Laissez-Faire to the Interventionist State
NEO-LIBERALISM: FROM LAISSEZ-FAIRE TO THE INTERVENTIONIST STATE One of the most accusatory and negative words currently in use in various politically “progressive” circles is that of “Neo-Liberalism.” To be called a “Neo-Liberal” is to stand condemned of being against “the poor,” an apologist for the “the rich” and a proponent of economic policies leading to […]
What Should Be the Criteria for Model Selection?
WHAT SHOULD BE THE CRITERIA FOR MODEL SELECTION? In order to make the data “talk,” economists utilize a range of statistical methods that vary from highly complex models to a simple display of historical data. It is generally held that by means of statistical correlations one can organize historical data into a useful body of […]
Fed Confused About What Drives Inflation
FED CONFUSED ABOUT WHAT DRIVES INFLATION On October 4 2017, the former governor of the Federal Reserve Daniel Tarullo in a speech at the Brookings think-tank in Washington said Fed policy makers do not have a reliable theory of what drives inflation. According to Tarullo, central bankers should pay less attention to theoretical models and […]
The Upcoming Increase in Interest Rates
THE UPCOMING INCREASE IN INTEREST RATES Last week, both Janet Yellen of the Fed and Mark Carney of the Bank of England prepared financial markets for interest rate increases. The working assumption should be that this was coordinated, and that both the ECB and the Bank of Japan must be considering similar moves. Central banks […]
The Political and Economic Mystiques of State Power
THE POLITICAL AND ECONOMIC MYSTIQUES OF STATE POWER One of the great political mysteries has been the success of governments in ruling over societies with little opposition and resistance from the vast majority of the population, even when those governments have been brutal tyrannies and openly dictatorial in their control. This has been true, no […]
Social Destruction by the Abuse of Money
SOCIAL DESTRUCTION BY THE ABUSE OF MONEY In Britain, the top 1% of earners pay over a quarter of all income tax collected, and while super-rich British residents perhaps don’t have the tax breaks the Macklowes enjoy, the bulk of the burden falls on lawyers, bankers, company executives and owners of successful private enterprises. And […]
Why US Price Inflation Remains Relatively Subdued?
WHY US PRICE INFLATION REMAINS RELATIVELY SUBDUED? The yearly growth rate of the US consumer price index stood at 1.9% in August against 1.7% in July, while the growth rate of the price index less food and energy stood at 1.7% in August against a similar figure in July and 2.3% in August last year. […]
The Forthcoming Global Crisis
THE FORTHCOMING GLOBAL CRISIS The global economy is now in an expansionary phase, with bank credit being increasingly available for non-financial borrowers. This is always the prelude to the crisis phase of the credit cycle. Most national economies are directly boosted by China, the important exception being America. This is confirmed by dollar weakness, which […]
Ludwig Von Miss on Collectivist Fallacies and Interventionist Follies
LUDWIG VON MISES ON COLLECTIVIST FALLACIES AND INTERVENTIONIST FOLLIES For more than a century the world has been caught in the grip of social engineers and political paternalists determined to either radically remake society from top to bottom in collectivist directions, or to use various government regulatory and redistributive policies to try to modify existing […]
