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Moneyweek: Hands Off Our Cash Petition
Moneyweek: Hands Off Our Cash Petition Andy Haldane recently floated the idea of abolishing cash so that radical monetary policy like negative interest rates can be implemented. You can sign the Moneyweek petition against this here: http://moneyweek.com/wp/hands-off-our-cash-petition Whereas the Bank of England’s Chief Economist Andrew Haldane announced on 18th September 2015 his intention to abolish use of cash in […]
Liam Fox on Sound Money
Liam Fox on Sound Money Liam Fox has written a piece in The Times on sound money: http://www.thesundaytimes.co.uk/sto/comment/regulars/guestcolumn/article1620451.ece Dr Fox also spoke at the IEA this morning about sound money and how it can be achieved: http://www.iea.org.uk/events/keynote-speech-the-rt-hon-dr-liam-fox-mp The title of the speech will be: “The Road to Honest Money” In his speech, Dr Fox will highlight […]
No More ‘Free Trade’ Treaties: It’s Time For Genuine Free Trade
No More ‘Free Trade’ Treaties: It’s Time For Genuine Free Trade This article, by Ferghane Azihari and Louis Rouanet, originated here: https://mises.org/library/no-more-free-trade-treaties-its-time-genuine-free-trade It is erroneous to believe that free traders have been historically in favor of free trade agreements between governments. Paradoxically, the opposite is true. Curiously, many laissez-faire advocates fall into the government-made trap by supporting […]
Resisting Socialism in early 20th Century Britain
Resisting Socialism in early 20th Century Britain “The foundations of economic freedom are weakening around the world, according to the 2013 Index of Economic Freedom published by the Heritage Foundation and The Wall Street Journal. Particularly concerning are the rise of populist ‘democratic’ movements that use the coercive power of government to redistribute income and […]
The Reality Behind the Numbers in China’s Boom-Bust Economy
The Reality Behind the Numbers in China’s Boom-Bust Economy Last year, the world was stunned by an IMF report which found the Chinese economy larger and more productive than that of the United States, both in terms of raw GDP and purchasing power parity (PPP). The Chinese people created more goods and had more purchasing power with […]
Chapter 5: Economists and the Banking System, Part 2: Adam Smith, Some Early Americans, and Friedrich List
Chapter 5: Economists and the Banking System, Part 2: Adam Smith, Some Early Americans, and Friedrich List This chapter is about economics in transition. Economics means literally ‘housekeeping’ and most early writers on economics (roughly speaking before Adam Smith, 1723-90) treated it that way. They worried about a nation’s solvency, whether fairness generally prevailed in […]
Crony Capitalism: The Cause of Society’s Problems
Crony Capitalism: The Cause of Society’s Problems Since the economic downturn of 2008, the critics of capitalism have redoubled their efforts to persuade the American people and many others around the world that the system of individual freedom and free enterprise has failed. These critics have insisted that it is unbridled capitalism, set lose on […]
Dammit, Janet
Dammit, Janet According to Einstein, time is affected by gravity. Clocks far from strong gravitational fields run more quickly; those close by run more slowly. We can only assume, then, that Janet Yellen has the density of a neutron star. Under her leadership of the US Federal Reserve, time seems to have stopped altogether. It […]
From ZIRP to NIRP
From ZIRP to NIRP The sudden end of the Fed’s ambition to raise interest rates above the zero bound, coupled with the FOMC’s minutes, which expressed concerns about emerging market economies, has got financial scribblers writing about negative interest rate policies (NIRP). Coincidentally, Andrew Haldane, the chief economist at the Bank of England, published a […]
Equity Markets and Credit Contraction
Equity Markets and Credit Contraction There is one class of money that is constantly being created and destroyed, and that is bank credit. Bank credit is created when a bank lends money to a customer; it becomes money because the customer draws down this credit to deposit in other bank accounts and to pay creditors. […]
Low Interest Rates Cannot Save a House of Cards
Low Interest Rates Cannot Save a House of Cards When is the price of some marketable good or service at or near zero? When either the supply of it is so plentiful that virtually any demand, no matter how great, can be satisfied. Or when no matter how large or small the supply of it […]
Austrian Economics, Monetary Freedom, and America’s Economic Roller Coaster
Austrian Economics, Monetary Freedom, and America’s Economic Roller Coaster For over a decade, now, the American economy has been on an economic rollercoaster, of an economic boom between 2003 and 2008, followed by a severe economic downturn, and with a historically slow and weak recovery starting in 2009 up to the present. Before the dramatic […]
The Essence of Interest Rate Determination
The Essence of Interest Rate Determination According to mainstream thinking the Central Bank is the key factor in determining interest rates. By setting short-term interest rates the Central Bank, it is argued through expectations about the future course of its interest rate policy influences the entire interest rate structure. (According to the expectations theory (ET) […]
Rolling Boulders Uphill
Rolling Boulders Uphill As symbols of futility go, that of Sisyphus takes some beating. In Greek mythology, Sisyphus was captured by the gods after having freed humanity from Death. They punished him, of course: he would spend the rest of his days pushing a boulder up to the top of a mountain. Just when he […]
An ‘Austrian’ Economist’s Advice For Greece and the EU
An ‘Austrian’ Economist’s Advice For Greece and the EU For months, now, the mass media and the financial markets have anxiously watched and waited to see the outcome of a war of words, accusations, and threats that have been fought between Greece and its Eurozone and European Union partners. Over several decades Greek governments accumulated […]
