Wary depositors have been hauling billions of Euros out of Greek and Spanish banks over the past few weeks. Since 2009, Greek depositors have withdrawn $4 million a month from that nation’s banks, while Spanish bank customers pulled 31 billion euros from Spanish banks in April alone.
In Michael Pollaro’s otherwise excellent Mises Daily, “The Bernanke Bust” Michael writes, “To Austrians, all [emphasis original] economic “booms” founded on monetary largesse always [emphasis original] end in economic busts, roughly equal in size and intensity to the preceding booms[emphasis mine].” Such
“That the whole democratic house of cards has not yet completely collapsed speaks volumes about the still tremendous creative power of capitalism, even in the face of ever-increasing governmental strangulation. And this fact also allows us to conjecture about what economic ‘miracles’ would be possible if we had unimpeded capitalism liberated from such parasitism.”Read the interview here.
Volume 15, no. 1 of the Quarterly Journal of Austrian Economics was made available online this week. Articles are:
Joseph T. Salerno, “A Reformulation of Austrian Business Cycle Theory in Light of the Financial Crisis,”
Adrian Ravier and Peter Lewin, “The Subprime Crisis,”
Banks have been scrambling to upgrade their ATM machines to comply with titles II and III of the Americans with Disabilities Act (ADA), requiring them to make all of their ATMs fully accessible to the visually impaired. But many of the nation’s 405,000 ATMs are not in compliance and lawyers are gearing up the class action lawsuits. American Banker reports that 17 banks in the Ohio, Western Pennsylvania area are snagged in such a suit,
More monetary competition, this is the promising title of Markus Kerber’s new book, in which he makes the case for establishing currency competition to solve the current conflicts within the Eurozone. Kerber is a law professor at my alma mater and for this reason alone, of course, his book deserves attention.
The plane ride to Las Vegas for the Memorial Day weekend was like many I’ve been on. There’s a certain energy to a Vegas flight unlike a flight to, say, Phoenix. Passengers flying into Phoenix don’t feel the need to get blasted en route with Delta Airlines alcohol, timing their collective buzz just right so as to hit the ground partying once the plane has touched down. The six girls occupying the row behind me just couldn’t imagine facing Vegas sober.
