Business Cycles

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The Fed Can't Fix the Economy, but It Can Break It

Booms and BustsCentral BanksThe FedInflationBusiness Cycles

Blog04/08/2022

Despite assurances from politicians and the media, the Federal Reserve System is not a collection of geniuses who stand guard against inflation and recession. Instead, think of the Fed policy makers as the Keystone Cops of central banking.

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The Fed Cannot Undo the Damage It Has Already Caused

Booms and BustsCentral BanksBusiness Cycles

Blog04/01/2022

The Fed's unprecedented monetary expansion has created damage that it cannot undo by switching directions.

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Central Banks: Who Needs Them? No One

Booms and BustsCentral BanksThe FedBusiness CyclesMoney and Banking

Blog03/31/2022

Central banks, and especially the Federal Reserve System, continue to churn up inflation and the boom-and-bust cycles—in the name of "stabilizing" the economy.

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Central Banks Have Broken the True Savings-Lending Relationship

Booms and BustsThe FedMonetary PolicyMoney and BanksBusiness CyclesMoney and Banking

Blog03/28/2022

While the usual characters praise central banks for supposedly bringing economic stability, Dr. Shostak explains that their presence makes things unstable because they break the relationship between saving and lending.

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Can Government Successfully Counter Recessions Through Expansionary Policies? Don't Count on It

Booms and BustsCentral BanksKeynesTaxes and SpendingBusiness CyclesInterventionism

Blog03/04/2022

Keynesian orthodoxy claims government can successfully counter recession through "expansionary" policies. To the contrary, these policies increase the danger to the economy.

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The US Recovery Is Weak, Especially Given the Size of the "Stimulus"

Business Cycles

Blog04/24/2021

It seems that governments want to convince us that they have saved the world when the reality is that the misguided lockdowns were the cause of the economic debacle and lifting them is the main cause of the recovery. 

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Jesús Huerta de Soto’s Six Stages of the Austrian Business Cycle: Which Stage Are We in Now?

Booms and BustsMoney and BanksBusiness Cycles

Blog02/10/2021

An unheralded work on the Austrian business cycle that rivals the work of the greats is Jesús Huerta de Soto’s Money, Bank Credit, and Economic Cycles, which outlines a multistate process of boom and bust. 

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How Government Intervention Triggers Depressions

Business CyclesProduction Theory

Blog05/21/2020

Thanks to past interventions, the economy is now rife with malinvestments and prices that don't reflect real demand. The solution is to allow deflation and other types of painful readjustment. Otherwise true growth will elude us.

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Ludwig von Mises’s "Circulation Credit" Theory of the Trade Cycle

Booms and BustsBusiness Cycles

Blog05/14/2020

The latest installment in the Understanding Money Mechanics series summarizes the theory of the business cycle originally published in 1912 by Ludwig von Mises and elaborated by Friedrich Hayek.

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