Mises Daily

"The beauty of an auction is that it's a very clear and simple example of what goes on every day in a free market — buyers and sellers meeting to negotiate a price."

He contrasts the rapid recovery of the economy following the 1920–1921 depression, when the government adopted a "hands-off" policy, with the disastrous stagnation of the economy in the 1930s, during Roosevelt's New Deal.

The community of soft-currency countries is not a community of economic conditions but a community of lax monetary and fiscal policies, a community of ignorance about monetary theory, of inexperience with monetary policy, and of political doctrinaire stubbornness.

On a competitive market there is no such thing as a price policy of the sellers. They have no alternative other than to sell as much as they can at the highest price offered to them.

The whole notion of paying off past investors with the funds of present investors is at the very core of the Social Security system. At least Madoff sought the consent of his investors who let him care for their money based on their own volition. And at least he didn't attempt to defend himself with the claim that he was conducting wise public policy.

In Krugman's world, prosperity is created by spending, and it does not matter who spends what on whom just as long as someone is spending.

Any audit that exposes the Fed's relationship to the state will be worth doing, even if the Fed's friends keep it where it is.

Remember the flight to "safety" into T-bills and T-bonds? Most people fled from hard assets. These are the victims. They believed the propaganda of the establishment.

And if we must have government, let it remain small and insignificant, spending its time cutting ribbons and bickering over nonsense like the color of street signs. Let the rest of us enjoy the freedom to pursue our own happiness.

As things stand, central banks' monetizing government debt is presumably the way forward for producing inflation — which is, and must be, defined as a rise in the money stock.