Business Cycles

After years of inflationary intervention, the Federal Reserve has no more rabbits to pull out of the hat.

While the Biden White House claims we are on a steady course of prosperity, the more realistic future is that of a global recession.

While the Biden White House claims we are on a steady course of prosperity, the more realistic future is that of a global recession.

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.

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.

Economists and pundits mistakenly call the Federal Reserve System's security holdings a portfolio. It is anything but.

Economists and pundits mistakenly call the Federal Reserve System's security holdings a portfolio. It is anything but.

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.

Fiat money is the fuel of the modern Leviathan state. If we wish to have freedom, we must have sound money.

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.