Nightmares of a Central Banker

The record of modern central banking is bleak, writes Antony Mueller. Serving as a bailout machine for the financial markets and as a reliable financier of the state, modern central banks by the very nature of their origin and existence do not curb the booms (which they could) and do not prevent recessions or depressions (which they would wish to do but cannot). Monetary policy suffers from the same faults as any other centralized economic policy and other forms of interventionism, and like all centralized economic policies and interventionist measures, the monetary policy of active central banks has been failing again and again.

Dollars and Politics

The performance of the US economy in the 20th century owes much to the predominant role of the US dollar in the international monetary system, and a large part of attaining this role was the result of the political and military supremacy that the United States had gained after World War I. However, Antony Mueller argues that in a world where the economic strength of the United States is diminishing relative to other countries and regions, there will be less and less of a place for US dollar privilege.

“Price Gouging” Is Essential and Humane

Recently, several commentators have condemned price gouging in New Orleans as if they were reporting an inherently unjust practice that no reasonable person would accept. So, once again, writes Angelo Mike, it needs explaining why price gouging is not only not bad, but is essential to the welfare of everyone involved. Without it, people don’t get the essential goods they need after disasters. Free markets here are humane and necessary.

Mises at Madison Square Garden

When Mises was 81 years old, he was invited to address a student rally at Madison Square Garden that was sponsored by the Young Americans for Freedom. He readily accepted. He prepared an address that those in attendance would never forget.

He looked out over the sea of young people who had rejected the socialistic propaganda then common on college campuses, and with a smile on his face and determination in his voice, he said:

Let There Be Light!

On behalf of all the thousands of consumers of publicly owned, government regulated, monopolistic utility companies from Texas to Oklahoma and Missouri to Maine who lost power over the last week during the ice storm and found their service lacking, I would like to open up the bidding process to competitive companies that will fill the needs of their customers 24 hours a day and 7 days a week.

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