Profiles

What matters is not price rises as such, but the increase in the money supply that sets in motion the exchange of nothing for something or "the counterfeit effect." Business cycles and recessions follow.

Contrary to popular thinking, the velocity of money does not have a life of its own.

The experience with which the sciences of human action have to deal is always an experience of complex phenomena. No laboratory experiments can be performed with regard to human action.

Deflation is not a matter of animal spirits or consumer expectations. It is the result of earlier creation of money "out of thin air" by central banks and commerical banks. Deflation is the natural result.

It is not "the US" that imports Japanese or Chinese electrical appliances, but an individual from the US, or a group of Americans. They import these appliances because they believe that a profit can be made. And governments ought not interfere in these transactions.