The common wisdom used to be that a person shouldn't go into debt. This view was based upon centuries of experience. Bad things can happen, thus money should be saved just in case, not borrowed. But, now people follow the government's lead, the government will never get out of debt and neither will the people.
Sponsored by the Mises Institute and held in Houston, Texas; September 22-23, 1995.
Deflation was the great threat that never materialized, writes Gardner Goldsmith. The dollar still sinks in value.
Proposals for monetary reform are ubiquitous, but Murray N. Rothbard argued for the 100% gold coin standard.
The US government is the world's largest debtor with deficits feeding debts that pile on in increasingly larger numbers of numbing proportions, writes Christopher Mayer.
With a Republican president running sky-high debts, unleashing wars, imposing protectionist trade edicts, and risking the nation’s financial future, sometimes it feels like the 19th century all over again, specifically the year 1861 and following. The 1860 election of Abraham Lincoln sparked a secession movement in the southern states. In December, South Carolina seceded, and other Deep South states soon followed. Interstate commerce was disrupted, and many northeastern banks suspended specie payments. The atmosphere was one of grave political and economic crisis. Many feared war; many feared the unknown.
Greenspan says the banks are in great shape. Frank Shostak, however, notes signs of deterioration.
Industry concentration is not usually a problem in the free market, writes Christopher Mayer. But the banking industry is hardly free.
Sean Corrigan presents The Henry Hazlitt Memorial Lecture at the 2004 Austrian Scholars Conference.
Includes Question and Answer period.
