Money and Banking

China’s stealth devaluation is not making the country more competitive, it is making household and corporate debt riskier as the purchasing power of the yuan is diminished.

What is the direct-use value of bitcoin? And does it have any?

In its blind search for the "correct" interest-rate policy, the Fed can't succeed in extending the boom indefinitely.

A strong GDP growth rate, in most cases, is likely to be associated with the intensive squandering of the pool of real wealth.

Rothbard: "if proponents of the higher minimum wage were simply wrongheaded people of good will, they would not stop at $3 or $4 an hour, but indeed would pursue their dimwit logic into the stratosphere."

Expansions in credit and investment are only a problem when they result from inflationary monetary policy, and not from real saving.

When I left Soviet Russia in 1991, I thought I would never see a command-and-control economy again. I was wrong. Over the past decade the global economy has started to resemble one.

Lehman was a prime example of mainstream consensus analysis of risk and economic opportunity. We "solved" it with more of the same.

As the credit expansion turns to bust, many capital goods remain unused, many investment processes cannot be completed, and capital goods produced are used in a manner not originally foreseen. A large portion of society’s scarce resources has been squandered.

Scratching beneath the surface of the debate around countercyclical capital buffers, we find the normal level of duplicity that characterizes most debates about monetary policy.