Jeff Peshut of RealForecasts.com  gives an insightful analysis of the likely effect of the termination of the Fed’s QE programs on TMS, the money supply aggregate formulated by Murray Rothbard and myself and regularly calculated by Michael Pollaro.

This article is adapted from a speech delivered at the 2014 Costa Mesa Mises Circle, “Society Without the State,” held November 8, 2014.

New Individualist Review 1, no. 4 (Winter 1962)

My dinner companion sounded indignant. “It’s a shame we have to tip the waitress,” she said. “The restaurant owner ought to pay the staff enough to live on.”