In an interesting article “The Anatomy of Deflation“ professor Reisman makes a valid criticism of all those commentators who view deflation as a fall in prices. According to Reisman deflation is not a fall in prices but rather a decline in money supply. Consequently, he argues that all the bad things that are attributed to declining prices, which is misleadingly labelled as deflation, should be in fact attributed to a fall in money supply.
A Typology of Interventionist Dynamics
by Robert L. Bradley, Jr. (Institute for Energy Research)
Three classifications can capture and qualitatively describe virtually all interventions in a market: dormant vs. causal, non-initiating vs. initiating, and initiating vs. consequent (cumulative).
Mises Institute scholar Guido Hülsmann on fractional reserve banking versus 100% redeemeable gold in the Independent Institute’s excellent journal The Independent Review.
From the American Forces Press Services comes news of continuing progress in the campaign to round up enemies of the occupation authority: “the 101st detained an individual for making counterfeit Iraqi dinar. The unit, according to a CENTCOM release, found rolls of magnetic security bands, three sheets of 10,000 Iraqi dinar, an automatic number machine, a press machine and a computer with money software.”
From MSNBC comes this interesting analsysis, which puts far too little emphasis on the mandatory aspect of European job benefits: “According to a recent Expedia.com study on U.S. vacation habits, Americans were allowed an average of 16 vacation days in 2002, but most only took 14 days off, handing back more than $21 billion in unused vacation days to their employers. In most European nations, by contrast, an average of about 30 vacation days is the norm, and so are shorter work weeks.”
A new Tax Foundation study ranks states on the basis of the ratio of tax dollars sent out to Washington in federal tax payments to tax dollars returned via federal spending. The top five winner states — New Mexico, North Dakota, Alaska, Mississippi, and West Virginia — receive more than they send out. The top five loser states — New Jersey, Connecticut, New Hampshire, Nevada, and Massachusetts — send out more than they receive back. States that pay out more tha
From Costofwar.com
Cost of the War in Iraq(JavaScript Error)Posted by Mises.org News
Another web gizmo, this one counting the national debt, from Meissl Economic Web Development. Trouble is that someone needs to speed it up, because it is off by about $500 billion, at least according to the Treasury Department. The correct figure as of August 28, 2003 is $6,791,411,645,291.54
On Labor Day, Americans honor the often incredible contributions of its working men and women.
When Mr. George W. Connell decided to establish an annual gold medal to honor a lifetime of achievement in liberty, it was only natural that he ask it to be named for Murray N. Rothbard. When we consulted on the proper first recipient, there was also no dissent. It should be Burton S. Blumert, CEO of Camino Coins in Burlingame, California, chairman of the Mises Institute, and president of the Center for Libertarian Studies.
Mr. Connell sent the following message to be read by Lew Rockwell at the award ceremony, August 31, 2003.
