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Central Banking is Central Planning
CENTRAL BANKING IS CENTRAL PLANNING At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the young and are reflected in the promises of a good number of political candidates running for high office, there is one already-existing socialist institution in America […]
The Dangers of Negative Interest Rates and a Cashless Economy
THE DANGERS OF NEGATIVE INTEREST RATES AND A CASHLESS ECONOMY The recent gyrations in the stock market and the uncertainties surrounding American trade policies with China and other parts of the world have raised the question of when the next recession will inevitably follow the current economic recovery from the 2008-9 financial crisis. In the […]
Beyond GDP to a New Road to Serfdom
BEYOND GDP TO A NEW ROAD TO SERFDOM It is a commonplace that there is more to life than money and the material benefits that it may provide someone. We often make trade-offs between income-earning work opportunities and more time with family or friends, or between risky but well-paying employment and a calmer and less […]
Interest Rates Need to Tell the Truth
INTEREST RATES NEED TO TELL THE TRUTH In the middle of July 2018, President Donald Trump said in an interview that he was “not happy” with the Federal Reserve nudging up interest rates and threatening economic growth in the United States. At the recent Jackson Hole, Wyoming, meeting of global central bank leaders, the Federal […]
Economic Armaments and China’s Global Ambitions
ECONOMIC ARMAMENTS AND CHINA’S GLOBAL AMBITIONS The world continues to move in potentially dangerous directions. A leading component of this threat is the use of economic armaments by governments to gain political and market advantages in their foreign relations with other countries. Among the leading participants in the use of such economic armaments is the […]
TARIFF WARS AND THE FALLACY OF THE BALANCE OF TRADE
TARIFF WARS AND THE FALLACY OF THE BALANCE OF TRADE The world may be on the brink of a series of trade wars between the United States and both the European Union and China. All the parties say they don’t want this — though President has asserted that trade wars are not a problem and […]
Free Market Capitalism as the Antidote to the World’s Ills
FREE MARKET CAPITALISM AS THE ANTIDOTE TO THE WORLD’S ILLS In following the daily news events both in the United States and around the rest of the world, it is easy to get lost in the detail and not step back once and awhile and remind ourselves what the really important issues are. Under the […]
The Myth That Central Banks Assure Economic Stability
THE MYTH THAT CENTRAL BANKS ASSURE ECONOMIC STABILITY The world has been plagued with periodic bouts of the economic rollercoaster of booms and busts, inflations and recessions, especially during the last one hundred years. The main culprits responsible for these destabilizing and disruptive episodes have been governments and their central banks. They have monopolized the […]
Mises the Man and His Monetary Policy Ideas Based on His “Lost Papers”
MISES THE MAN AND HIS MONETARY POLICY IDEAS BASED ON HIS “LOST PAPERS” One day in 1927 Austrian economist, Ludwig von Mises, stood at the window of his office at the Vienna Chamber of Commerce, and looked out over the Ringstrasse (the main grand boulevard that encircles the center of Vienna). He said to his young friend […]
