Interventionism

The international gold standard works without any action on the part of governments.

There is, however, no denying that the banks have tremendous vested interest in influencing the policies of the Fed, nor that the power being so narrowly vested in the president makes him a special target for influence. Still, the power to control the Fed is not in the hands of its "owners" but firmly in the hands of the federal government and the president of the United States.

Property is that beautiful foundation from which libertarians approach conflicts.

It may be difficult to understand at first why the members of the Texas Board of Education consider Aquinas, Calvin, and Blackstone more worthy of study than Thomas Jefferson.

The European experience, in fact, suggests that governments play absolutely no role in stabilization.

Fake booms and their consequent busts are directly linked to financial cycles, which in turn reflect the swings in money creation.

"This myopic focus on 'price stability' made policymakers blind to other possible pitfalls, such as the surge in credit and the rapid growth in asset prices, and the concomitant misallocation of resources led on by distorted price signals."

On the contrary, free enterprise and limited government have a proven track record and sound theoretical underpinnings.

The true tragedy of a fiat money regime is that bogus economic growth by way of monetary and fiscal stimulus can go on only until either the collapse of hyperinflation brings an end to the artificial boom or the amount of accumulated debt makes state bankruptcy inevitable.

Whether or not the US economy is "turning Japanese" is still an open question, but is becoming ever more likely as fake fixes are delaying painful economic adjustments.