Why have long rates fallen as the Fed has raised short rates? The answer I believe is Peter Warburton’s theory of financial asset inflation. Structural changes in financial markets have succeeded in funelling inflation into financial assets rather than the CPI. As the Fed expands money supply, much of the money created goes into the long bond market.
The Supremes rules today (Kelo v. New London; related article) “that local governments may seize people’s homes and businesses against their will for private development.”
Listen to the Audio Mises Wire version of this article.
The most famous Austrian economist is 1974 Nobel laureate Friedrich Hayek. Because of his moderate views excusing state interventions in various circumstances, hardcore Rothbardians tend to regard Hayek as less than pure in many areas.
I am just reading Hoppe’s Democracy and interleaved it with the JLS article on Benjamin Constant. On our own site, I recently took two of the top London economic establishment journalists to task (Krugmanism is not solely an American affliction!).
The other day I somehow started thinking about various quirks in a private legal framework, and (unfortunately perhaps for you, dear reader) this is really the only place I could think to describe them...
In what might be a first for Jack Kemp, this article seems to be sligthly skeptical of the Fed’s loose monetary policy. In any case, it is a good sign that he cites Shostak from Mises.org.
A survey of public companies finds that the Sarbanes-Oxley Act has poisoned business relationships between companies and auditing firms. According to company comments, the auditing firms have been transformed into de facto agents of the government.
“Public company auditors are now privatized regulators for the Securities and Exchange Commission.”
Speaking this week: Thomas Woods on “The Truth About American History: An Austro-Jeffersonian Perspective.”
