The Daily Bell features a wide-ranging and engaging interview with Richard Ebeling, Professor of Economics at Northwood University. Ebeling is one of the leading scholars in the history of Austrian economics, especially the works and thought of Ludwig von Mises. and has written voluminously in the area.
Larry Kudlow frets that Janet Yellen simply doesn’t understand the need for a rules-based Fed model to guide the money supply and interest rates. Ms. Yellen, Kudlow informs us, should “limit her focus to stable prices and a reliable King Dollar.”
Here is an amazing video in which Hayek is interviewed about his knowledge of Keynes. He makes very strong claims that Keynes was blissfully ignorant of economic theory, monetary theory, economic history, and the history of economic thought. Unlike some other interviews of Hayek, the audio is clear and this clip is only 5 minutes long.
The European Union (EU) is currently discussing banning “bankruptcy.” Not the actual financial act, but the word.
Larry Kudlow frets that Janet Yellen simply doesn’t understand the need for a rules-based Fed model to guide the money supply and interest rates. Ms. Yellen, Kudlow informs us, should “limit her focus to stable prices and a reliable King Dollar.”
Nicholas Kristof writes in the Sunday New York Times about the decline of the public intellectual. “Some of the smartest thinkers on problems at home and around the world are university professors, but most of them just don’t matter in today’s great debates.” As Kristof rightly points out, in many academic disciplines, career success comes exclusively from publications in peer-reviewed journals.
Former New Orleans, La. Mayor Ray Nagin was convicted of 20 counts of corruption, while found not guilty on one count. Nagin was the mayor of the Crescent City from 2002 to 2010, shepherding the city through the devastation of Hurricane Katrina and the rebuilding that began immediately after. But during the rebuilding phase, Nagin required kickbacks from people looking to help the battered city. RT’s Perianne Boring discusses the case and corruption in America with libertarian author Lew Rockwell.
Austrian business cycle theory explains that the “bust” phase of that cycle is created by extension of the cheap and plentiful credit by a fractional reserve banking (FRB) system. A FRB system is inherently fragile during the bust phase as its leverage (lending as a percentage of its own capital) exposes the banks to the emerging tsunami of non-performing loans and impaired collateral that are the manifestations of malinvestment.
