“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.
[The Harm in Hate Speech • By Jeremy Waldron • Harvard University Press, 2012 • vi + 292 pages]
Even at Grove City College where commencement speeches are not filled with leftist banality, they often enough succumb to the banality of the occasion. But once in a while, a memorable one is delivered.
Theorists of the Austrian School have focused considerable effort on elucidating the ideal monetary system for a market economy. On a theoretical level, they have developed an entire theory of the business cycle that explains how credit expansion unbacked by real saving and orchestrated by central banks via a fractional-reserve-banking system repetitively generates economic cycles.
