Joseph Salerno Interviewed on Gold Standard, Fiat Money
Joseph Salerno Interviewed on Gold Standard, Fiat Money...
Joseph Salerno Interviewed on Gold Standard, Fiat Money...
Milton Friedman once compared monetary stimulus to daylight saving time. But while daylight saving has an ending date, current monetary stimulus has no end in sight, and we’re just moving the clock ahead repeatedly without ever moving it back.
An out of print (1991) publication of the Federal Reserve Bank of Chicago provides an excellent summary of Fed money mechanics.
I am interviewed on Power Trading Radio about the Skyscraper Curse and Cyber Security Issues—Biggest Bank Heist in History!
Reserve currencies serve an important economic purpose. If the dollar loses its status as a reserve currency, the resulting adjustments will be painful for many. So, the global economy would benefit from a new US monetary policy devoted to a sound dollar.
The Europeans have decided to limit funding and credit extended to the Greeks.
The Europeans have decided to limit funding and credit extended to the Greeks. This puts the Greek financial system under pressure, but there are free-market solutions that could set the Greeks on the path to a sound economy.
Money creation does not benefit equally. It creates a class of winners (those who get new money first) at the expense of losers (those who get new money later). Not surprisingly, an inflationary money supply increases the wealth and income gap in society.
Janet Yellen testified before Congress this week, but the Senate Republicans, who claim to be the guardians of monetary sanity, failed to show any true understanding of monetary policy and the damage the Fed has inflicted.