Forget the Liquidity Trap—Loose Monetary Policies Cause Recessions
At the heart of Keynesian business cycle theory is the so-called liquidity trap. Contra Keynes, however, economies don't falter because a sudden increase in the demand for money.
Business Cycles
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The Fed’s Portfolio Is Nonexistent: The Fed Does Not Invest. It Destroys Investments
Economists and pundits mistakenly call the Federal Reserve System's security holdings a portfolio. It is anything but.
The Fed’s Portfolio Is Nonexistent: The Fed Does Not Invest. It Destroys Investments
Economists and pundits mistakenly call the Federal Reserve System's security holdings a portfolio. It is anything but.
Can Increases in the Supply of Gold Lead to Boom-Bust Cycles?
While an increase in the supply of gold money would lead to higher consumer prices, such increases in the gold supply do not lead to boom-bust cycles.
The Modern State Cannot Exist without Fiat Money
Fiat money is the fuel of the modern Leviathan state. If we wish to have freedom, we must have sound money.
The Corporate Fairy Tale Is Dying as Economic Reality Sets In
For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.
The Economic Super Bowl: 1920–21 versus 1930–31
By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?
The Corporate Fairy Tale Is Dying as Economic Reality Sets In
For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.
Do Falling Prices Cause or Predict a Recession?
An upcoming recession likely will lead to falling asset prices. But these price decreases do not cause recessions, but rather are a result of them.
Can a Deeply Unserious America Fix Its Economy?
A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.
