Mea Culpa! I have seriously misread Dr. Shostak’s piece as endorsing what he was actually presenting merely as his take on Phelps’ flawed description of ‘stagflation’, namely: “Individuals then begin to realize that there has been a general loosening in the monetary policy. In response to this realization, they start forming higher inflation
In a speech entitled — with breathtaking hubris — “The Worldwide Conquest of Inflation”, the neophyte Fed Governor Randall Kroszner quotes Hayek’s proposals for currency ‘denationalization’ as support for his thesis that competition between fiat currencies has somehow encouraged a ‘race to the top’ among them, thus retarding the ongoing
For anyone interested, the full version of the article which includes thoughts on the role of the yield curve — updated to take account of the feedback to my earlier blog on this issue — can be found here on
I spoke at a conference this week where we started with some climate change fanatic from the IEA then followed up with a busybody from the egregious WWF — so, of course, in my bit on commodities (the ostensible purpose of the event!), I couldn’t resist saying that inhibitions to supply included: “...anthrophobic, anticapitalist environmentalism,
Always one of the more sensible of our supposed monetary Guardians, Jerry Jordan, former President of the Cleveland Regional Fed has contributed a piece to the St. Louis Fed’s latest ‘Review’ in which he draws extensively — if not 100% correctly — upon Hayek and
Much ink has been expended in discussions of the US yield curve and also on the reluctance of the country’s lower money aggregates to grow as rapidly as previously, despite the veritable explosion in credit instruments issued and traded and the unmistakable signs of renewed finanical market euphoria evident everywhere. Perhaps this is an occasion
A scan of this morning’s newspapers reveals that the Global Platonic Republic is about to launch a new campaign to fund its dangerous Collectivist ambitions on the broadest possible scale. Cleverly, it has hit upon a one-two solution of undertaking a cynical expoitation of the economically-illiterate Bono-Geldorf generation’s anti-poverty
In a speech given two years ago , Chairman-elect Bernanke enthused that: “Finance Minister Korekiyo Takahashi brilliantly rescued Japan from the Great Depression through reflationary policies in the early 1930s, while President Franklin D. Roosevelt’s reflationary monetary and banking policies did the same for the United States in 1933 and
Since those ardent constitutionalists and stalwarts of small government in the Bush administration took over their desks at the start of 2001, Leviathan has racked up an aggregate spending total of a whisker under $11 trillion - around 25% of cumulative, non-government GDP in the period. Representing a rapid growth of 31% over the previous
Hardly a surprise to many of us here, but always refreshing to hear official mea culpas, however implied the tone. This from a BIS report on world housing finance : The Working Group noted a number of developments. On the supply side, where the lender structures of most markets remain largely national in nature, common developments include
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.