Business Cycles

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.

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?

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.