US v Euro CPI
An amusing and interesting comparison, courtesy of Paul Kasriel of Northern Trust.
Order! Order!
“This whole adjustment process has been orderly and the dollar on a trade-weighted basis is still higher today than it has been for most of the last 25 years,” says US Treasury Secretary, John Snow
Three Cheers for Holiday Lights
To add to the Mises.org archive of holiday articles, I offer my piece from Fox:
Critique of Coase
In Volume 26, number 3, of the Harvard Journal of Law & Public Policy, my article appears: “Private Property Rights, Economic Freedom, and Professor Coase: A Critique of Friedman, McCloskey, and Zorn.”
National Review Repeals Laws of Economics
Kudlow on the latest batch of economic data: an inflation-free boom.
Business Cycle in Japan and the US
A new working paper on Mises.org: Capital Based Macroeconomics: Boom and Bust in Japan and the U.S. by John Cochran and Noah Yetter (Metropolitan College of Denver)
The Methodology of the Austrian School Economists
Making Sense of Money Supply Data
The yearly rate of growth of money M2 fell to 5.2% in November from 7.5% in October while the yearly rate of growth of money M3 fell to 4.7% in November from 7.5% in the previous month.
How seriously should one take the recent softening in the yearly rate of growth of money supply? Some analysts believe that this softening in the growth momentum could cause problems for financial markets since a fall in the rate of growth implies that the pace of liquidity generation is slowing down. It is also held that a softening in the growth momentum is likely to hurt economic activity.
The Fed’s Predecessors in American History
Before the Fed blessed this country with unlimited liquidity, American history saw two previous attempts at creating a centralized institution of money and credit: the First and Second Banks of the United States. Both generated financial havoc, and were rightly opposed by the champions of freedom and sound money. Historian Scott Trask explains.
Ninety Years of Monetary Central Planning
Ninety years ago this month, on December 23, 1913, the Congress passed the Federal Reserve Act, establishing a national central-banking system in the United States. The governing board of the Federal Reserve was organized on August 12, 1914, and the Federal Reserve banks opened for operation on November 16, 1914. [Continued]
