Some of the games being played behind closed doors by the Fed are not only troubling. They are not even legal.
It was a clear violation of Section 14 (B) of the Federal Reserve Act for the Fed to respond to the Crash of 2008 by buying $1.5 trillion of mortgages not guaranteed by the federal government. The agency hid behind Section 13.3 language allowing a broad scope of action under “unusual and exigent circumstances,” but the statute states clearly that Section 13.3 loans can only be short term and backed by high quality collateral, a requirement that was blatantly ignored.
The “monetary cranks” and “ignorant zealots” of old are back preaching salvation if only we had more inflation.1 Keneth Roggoff and Fed President Charles E
Selling alcohol at college football games sounds to many like a really bad idea, and many others are no doubt of the opinion that there are already too many drunk and intoxicated fans and college students. Alcohol consumption can lead to injuries, altercations, drunk driving, citations for public intoxication, and even fights, stabbings, and shootings. Statistically, game days do not seem too bad, but that is due to the fact that an army of law enforcement officers are present and they turn a blind eye to minor infractions such as public drinking and intoxication.
Here is a link to the abstract of a peer-reviewed article in the American Journal of Agricultural Economics. (You may be able to download the full article. I could, from my university computer.)
The abstract says, “It appears that news media and some pro-environmental organizations have the tendency to accentuate or even exaggerate the damage caused by climate change. … We find that the information manipulation… induces more countries to participate in an IEA [International Environmental Agreement], which will eventually enhance global welfare.”
Ludwig von Mises’s Erinnerungen is back in print! Publisher Lucius & Lucius, Stuttgart, has produced a very nice format, including a foreword written by yours truly. This German-language book is available on Amazon here, and is from Mises’s original manuscript, written in German.
Interviewed by Merlin Rothfeld and John O’Donnell, Associated Scholar Shawn Ritenour explains the truth behind the government’s economic data and the current macro market picture, and discusses the Fed’s current actions.
Andy Duncan interviews the president of the Ludwig von Mises Institute, Jeff Deist. Topics for this discussion include Jeff’s vision for the Institute, how Austrian economics can help make people wealthier, and how to gain practical knowledge about the Austrian school.
