Paul-Martin Foss at the Carl Menger Center for the Study of Money and Banking has penned a nice retort to Dallas Fed President Richard Fisher, who recently criticized Rand Paul’s introduction of an “Audit the Fed” bill in the US Senate.
According to a new report just out by McKinsey, global debt has increased by $57 trillion since the Great Recession, outpacing world GDP growth during this time period.
Bloomberg reports: “Greece Loses ECB Funds, Raising Pressure to Yield to Austerity”
Greece lost a critical funding artery as the European Central Bank restricted loans to its financial system, raising pressure on the 10-day-old government to yield to German-led austerity demands to stay in the euro zone.
The ECB’s decision, announced at 9:36 p.m. in Frankfurt, will raise financing costs for Greek banks and stiffen oversight by the central bank.
There are few government actions more contrary to the basic tenets of private property than the asset forfeiture programs — through which private property is seized based solely on suspicion of a crime and with no due process — foisted upon Americans in the name of the war on drugs and the war on terrorism. Opposition to these programs has increased in recent years, and Holder recently announced that the Justice department will stop fully participating in these programs. So should be now praise him as a great freedom fighter?
One of the greatest strengths of Henry Hazlitt’s Economics In One Lesson is its ability to see the role of interest groups in economic policy. He doesn’t fall for the dubious idea that certain types of economic policy are adopted because they are more logically sound or more convincing. New laws and regulations aren’t adopted because someone made a convincing argument on the floor of Congress one day.
Frank Shostak:
Why is a declining rate of inflation bad for economic growth? According to the popular way of thinking, declining price inflation sets in motion declining inflation expectations. This, in turn, is likely to cause consumers to postpone their buying at present and that in turn is likely to undermine the pace of economic growth.
