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Sir, The widespread consensus that the aggressive interest rate cut policy adopted by the then Federal Reserve chairman Alan Greenspan after the tech bubble’s burst caused the recent market turmoil is totally misleading. The Fed by making money cheaper has determined a large-scale tendency to borrow money for making investments. This has sustained economic growth.

As Glenn Greenwald makes clear, Bush has applied his claim to be above the law far beyond the issue of wiretaps. Bush has acted on the belief that he may seize anyone, even an American citizen living within the United States, and hold him as he deems fit in a military prison, there to be subject to harsh treatment that does not fall short of torture. Greenwald has rendered an inestimable service by his clear and cogent analysis of gross presidential usurpation of power. FULL ARTICLE

The new banking policy in Second Life has strong parallels to the adoption of 19th-century banking regulations in the real world. These regulations were supposed to stop wildcat banking, where ambitious bankers expanded credit through risky loans until defaults led to insolvency and left their depositors empty-handed. Similarly, in Second Life, unregulated banks have offered demand deposits bearing interest rates of 40% or more, at least one of which never actually had any loans underlying its interest-bearing deposits.

The Museum of American Finance of course. Here is its website.

[This article is excerpted from chapter 21 of Mises: The Last Knight of Liberalism.]

This article is excerpted from chapters 12 and 14 of Mises: The Last Knight of Liberalism.

In 1925, Ludwig von Mises, entering his mid-forties, finally met the woman who would become his wife.