The Capitalist Fiction of Garet Garrett

The Ludwig von Mises Institute has reprinted the four novels written by Garet Garrett (1878–1954), one of America’s leading financial journalists and a libertarian. Garrett, who for unknown reasons had renamed himself so that both parts sounded alike, was a writer of distinctive ideas and a forcefully distinctive style. I’m an admirer of Garrett, and have long wanted his work to be easier to obtain.

The Force Is With Us

It is a marvelous thing to see the market work, in good times and bad. Just look at the way that marvelous, unplanned barometer of wise resource use — the price system — has reacted in response to the human reality of economic downturn.

The Back Door to Socialism

Barack Obama plans to initiate public-private partnerships (PPPs) on a grand scale. A mix of public and private ownership is a socialist arrangement, and a sly tactic employed by those looking for increased power, albeit under a different name. The greater the extent of government ownership, the larger the amount of calculational chaos, and the closer we move toward socialism.

Government Intervention and Market Volatility

Amid the volatility in recent months, investors big and small have struggled mightily to gain a grasp of where the markets are going — in the process a number of them have lost their shirts. So why has the VIX reached levels unseen in its history? The answer is very simple: uncertainty. To understand why this uncertainty permeates the market, we must first look at the system from which it sprung.

Going the Way of France (1790)

First printed in 1896 and as unfortunately pertinent today as it was then, Dr. Andrew Dickson White’s Fiat Money Inflation in France chronicles the national suicide of an imposing empire that choked to death on one of mankind’s more foolish delusions — the stubborn belief that money does grow on trees.

Beth Hoffman (1950-2008)

From Mary Sennholz and Robert G. Anderson comes the very sad news of the death of Beth Hoffman, a brilliant libertarian. I got to know Beth’s competence and dedication when we worked together at Hillsdale College. So I was not surprised that when she joined the staff at FEE, she became – for more than 30 years – the heart and soul of the place, and of their monthly Freeman magazine. Beth was found dead at FEE. She is survived by her husband, Peter, and their son, Teddy. God rest her soul.

100% Reserves Now

Our economic policymakers stand at a crossroads. Crises like the one we face now present unique opportunities for governments to try new things, and to choose the path of the economy in the years ahead. Today, we have the opportunity to adopt policies that will encourage either future stability or future crises like the one we have now.

Nonsense about Deflation

We are now hearing ominous warnings about imminent deflation. Checking the welcome page at AOL this morning, I see that the lead item in the financial news section heralds “The Looming Threat of Deflation.” This headline encapsulates two highly problematic ideas. The first is that deflation would necessarily be a bad thing. The second is that deflation is likely to occur in the near term.

Living with Hamilton’s Curse

After you read the dedication of Hamilton’s Curse, you know that the book is going to be good: “Dedicated to the memory of Professor Murray N. Rothbard, a brilliant scholar and tireless defender of the free society.” DiLorenzo proves to be an outstanding practitioner of a Rothbardian brand of history, a fact that should come as no surprise to readers of his earlier books.

The Disaster Called the New Deal

[New Deal or Raw Deal? How FDR’s Economic Legacy Has Damaged America. By Burton Folsom, Jr. Threshold Editions, 2008. Xvi + 318 pages.]

 

Readers of The Mises Review will not be surprised to learn that Folsom considers the New Deal a failure. Nevertheless, even those already familiar with such books as John T. Flynn’s The Roosevelt Myth will find Folsom’s book valuable. Folsom advances new and important arguments.

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