Bernanke: A Tenure of Failure
If banks and other financial institutions should not be too big to fail, neither should the Fed.
If banks and other financial institutions should not be too big to fail, neither should the Fed.
In terms of difficulty level and subject matter, the following program makes sense.
All that Detroit really needs is economic freedom and secure property rights. Give Detroit its freedom from all manner of government, including the federal government.
There is an intuitive sense according to which the first user of a good holds moral priority over latecomers.
The US government is trying to implement the 21<sup>st</sup> century version of the Glass-Steagall Act of 1933.
Hitler wrote, "He turned those businesses that were private elsewhere into municipal enterprises...”
Ayn Rand put things best: "Civilization is the progress toward a society of privacy."
In any other country where the capital structure is less developed, the transition to price inflation would be more intense and instantaneous.
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The introduction of new tighter capital requirements by banks cannot make them more solvent in the present monetary system.