Business Cycles

Recorded at Mises University 2009.

Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.

I wonder if Paul McCulley has ever entertained the idea that massive fiscal and monetary bailouts actually retard recovery?

He contrasts the rapid recovery of the economy following the 1920–1921 depression, when the government adopted a "hands-off" policy, with the disastrous stagnation of the economy in the 1930s, during Roosevelt's New Deal.

The Free Market 27, no. 7 (July 2009)

Remember the flight to "safety" into T-bills and T-bonds? Most people fled from hard assets. These are the victims. They believed the propaganda of the establishment.

Tom Woods has made an invaluable contribution with his latest book. The public today looks for an explanation of the current economic crisis and a prescription for recovery.

As things stand, central banks' monetizing government debt is presumably the way forward for producing inflation — which is, and must be, defined as a rise in the money stock.

Think once more and above all of Germany, where time is running out fast — the time, I mean, during which repressed inflation can still be removed before the price-wage spiral gets going, notwithstanding all the controls of the occupation authorities.

"All of this government intervention will only spawn new malinvestments and later depressions."