Griggs and Murphy show that the Rothbard-Salerno measure of the "true money supply" tracks Treasury bond spreads well, supporting the Austrian business cycle theory's explanation of yield curve predictive power.
During August 2021, year-over-year (YOY) growth in the money supply was at 8.2 percent. That's down from July's rate of 8.9 percent, and down from the August 2020 rate of 37.5 percent.
Abstract: This article reviews the analytical justification, the theoretical content, and the practical experience of inflation ta
During May 2021, year-over-year (YOY) growth in the money supply was at 15.3 percent. That's down from April's rate of 23.1 percent, and down from the May 2020 rate of 29.5 percent.
During March 2021, year-over-year (YOY) growth in the money supply was at 34.1 percent. That's down slightly from February's rate of 39.1 percent, and up from the March 2020 rate of 11.3 percent.
During February 2021, year-over-year growth in the money supply was 39.1 percent. That makes February the eleventh month of remarkably high growth in the wake of unprecedented quantitative easing and "stimulus."
In January, money supply growth hit a new all-time high, rising slightly above September 2020's previous high, and remaining well above growth levels that one year ago would have been considered unthinkable.
End the Fed starts with understanding the Fed, and Rothbard's The Case Against the Fed is vital for any lay reader. Mark Thornton and Jeff Diest examine Rothbard's best book on money and banking.
There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press than The Ethics of Money Production.
