“In its increasingly desperate attempts to steer the US economy away from deflation, the Federal Reserve Board is blatantly encouraging increased leverage and speculation. Having almost exhausted the potential to cut short-term interest rates, the Fed’s focus is now on flattening the yield curve by pushing down long-term rates.
From Reuters: With yields on U.S.
What is money? This is a question for the ages. Humanity has risen into complex society and experienced tremendous economic development and high cultural achievement through the use of money. It has foundered or even been destroyed when money has been undermined. Ignorance of the nature of money should therefore be the central economic issue for society.
As Reuters reports, the removal of the dead hand of government, coupled with falling prices, has allowed the long-suppressed entrepreneurs of Iraq to flourish! What a shame Citibank et al will soon be there to corrupt these efforts and that the US will soon re-impose its statist impediments to free exchange.What a shame, too, that we don’t take the lesson to heart a little closer to home.
As William Anderson Predicted: Advocates Meet to Plan Big Mac Attack on Fat (Washington Times)
Also, the article that Clyde Wilson described as “worthy of Murray Rothbard”: War on Iraq: The Verdict, by Lew Rockwell.
The Class of 2003 International European and Economic Studies majors at University of New York in Prague (www.unyp.cz) has selected Josef Sima (of the Liberalni Institut of Prague and summer fellow of the Mises Institute), as the outstanding professor in their major. The courses taught were “Public Sector & Public Policy” and “Labour Economics”.
Hitting the professional Bloomberg wires were the following quotes from Greenspan’s predecessor, the still-influential Paul Volcker, speaking at the LSE (no URL, I’m afraid. I’ll have to use the favourite line of our First Citizen, Antoine RobespiBlaire and say:’ C’mon! You have to...like.. trust me on this, guys.’)
David Leonhardt in the New York Times on N. Gregory Mankiw.
