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Central Banks Are Hiding the True Price of Risk
Central Banks Are Hiding the True Price of Risk If you invest your money, you will have to deal with numerous risks. For instance, if you buy a bond, you run the risk of the borrower defaulting or being repaid with debased money. As a stock investor, you face the risk that the company’s business […]
Can Switzerland Survive Today’s Assault on Cash and Sound Money?
Can Switzerland Survive Today’s Assault on Cash and Sound Money? “Switzerland will have the last word,” wrote Victor Hugo in the late 19th century. “It possesses one of the most perfect forms of government in the world.” A contemporary of his, Frederick Kuenzli, a scholar of the Swiss Army, boasted: “No purer type of Republican […]
On Borrowed Time
On Borrowed Time There are a number of things you don’t want to hear a central banker say. One of those things just popped out of Janet Yellen’s mouth – “I don’t believe we will see another financial crisis in our lifetime.” That has to be up there with Irving Fisher’s deathless observation from 17 October […]
Myths Behind the War on Cash
Myths Behind the War on Cash The attacks on physical cash from a phalanx of economists, central bankers, commercial banks, and politicians have not diminished in recent years. On the contrary, in the face of the worldwide increase in terror attacks, particularly in Europe, and ongoing pressure on public budgets, the cash ban issue is […]
Four Reasons Central Banks are Wrong to Fight Deflation
Four Reasons Central Banks are Wrong to Fight Deflation The word “deflation” can be defined in various ways. According to the most widely accepted definition today, deflation is a sustained decrease of the price level. Older authors have often used the expression “deflation” to denote a decreasing money supply, and some contemporary authors use it […]
The Myth of the Rule of Law
The Myth of the Rule of Law Any state, no matter how powerful, cannot not rule solely through the use of brute force. There are too few rulers and too many of us for coercion alone to be an effective means of control. The political class must rely on ideology to achieve popular compliance, masking […]
Central Banks’ Obsession with Price Stability Leads to Economic Instability
Central Banks’ Obsession with Price Stability Leads to Economic Instability For most economists the key factor that sets the foundation for healthy economic fundamentals is a stable price level as depicted by the consumer price index. According to this way of thinking, a stable price level doesn’t obscure the visibility of the relative changes in […]
Bankers, Always the Last to Know
Bankers, Always the Last to Know Commercial real estate is starting to cool, with deal volume last year dropping 10% from 2015 to $493.7 billion, while, as Peter Grant reports for the Wall Street Journal and Grant’s Interest Rate Observer, “the early stages of 2017 have delivered even weaker results: $50.3 billion in transaction value […]
The Bank of Canada Should “Cease and Desist”
The Bank of Canada Should “Cease and Desist” “Beneath the symbol We’ll all assemble Oh how we’ll fly Oh how we’ll tremble” — Captain Beefheart, “Ice Cream for Crow” If interest rates are the symbol beneath of which we all assemble, then there are some bad times ahead. But Canada’s “leading economists,” say interest rates […]
Why Special Interests Sacrifice the Future for Short-Term Gain
Why Special Interests Sacrifice the Future for Short-Term Gain The special interests that dominate politics dominates to produce a form of economic warfare. The more some can manipulate the political machinery, the more they can feather their own nests. They even use similar propaganda techniques. In wartime, we are always defined as the good guys, […]
Canada Flagged for Recession by BIS
Canada Flagged for Recession by BIS This can’t be good… As if Canadians needed more proof that the country’s real estate is in a bubble, and that this misallocation has spread to other sectors of the economy, the Bank of International Settlements released its latest quarterly confirming what any critical observer can see: binging on debt is […]
A Correction To Commenter Matt Damon
A Correction To Commenter Matt Damon Dear Mr. Damon (I like you: can I call you Matt? You’ll never read this anyway, so I’ll call you by your first name). So, dear Matt, The cause of liberty needs people with your spirit. However, I’m sorry, but your recent defense of liberty and independence is so […]
Democracy, the God That’s Failing
Democracy, the God That’s Failing When Professor Hans-Hermann Hoppe made his famous argument against democracy back in 2001, the notion that voting was a lousy way to organize society was still radical even among many libertarians. Virtually everyone raised in a western country over the past century grew up hearing “democracy” used as a synonym for wonderful, […]
Spain Is without a National Government — And Spaniards Are Digging It
Spain Is without a National Government — And Spaniards Are Digging It With neither major party able to secure a majority of seats in the national legislature and the two parties unable to agree on a coalition government, for the last 10 months Spain has had a do-nothing caretaker government for the first time in its history. While basic government services continue, […]
How Much Longer Will Investors Trust the Central Banks?
How Much Longer Will Investors Trust the Central Banks? There is no simple, painless solution. The world has to reduce debt, shrink the financial part of the economy, and change the destructive incentive structures in finance. Individuals in developed countries have to save more and spend less. Companies have to go back to real engineering. […]
