Next to government debt in terms of liquidity is the swollen market for residential mortgages. As author Charles Morris observed in his book, Money, Greed, and Risk, "Measured by volume, the second most important American financial instrument over the past half century, by a wide margin, has been the lowly residential mortgage.
Mark Skousen is not easy to satisfy. "In 1980," he informs us, "I asked Murray Rothbard to write an alternative to Robert Heilbroner’s The Worldly Philosophers" (p.9).
For a decade, calls for easy money and cheap credit were subdued. But now that hard times are upon us again, guess what? Martin Masse explains.
Pundits often blame tight money for economic downturns. But what about the loose money policies that created the unsustainable boom in the first place? John Cochran explains.
President Bush stands accused of using his supposedly superhuman powers to drive us into recession. William Anderson wonders whether he will also be accused of casting spells to bring down the Dow.
There is no “new economy” any more than the “New Economics” of the 1960s had solved the problems of the business cycle, as its promoters had claimed. Bill Anderson explains why.
What causes an economic downturn? The business press keeps getting it painfully wrong, writes Llewellyn H. Rockwell, Jr.
By Gene Callahan, the clearest explanation you may ever read of the Austrian Business Cycle Theory.
The president of the United States was ecstatic. Never had economic prospects in this country looked better. Unemployment was at its lowest level in years, the rate of inflation was relatively low, and the economy had grown continuously for almost eight years. No doubt, said the experts, this country was in the midst of a New Economy.
Central banks are papering over problems, says Austrian School financial analyst Frank Shostak.
