Ryan Griggs

Griggs and Murphy show that the Rothbard-Salerno measure of the "true money supply" tracks Treasury bond spreads well, supporting the Austrian business cycle theory's explanation of yield curve predictive power.

While efforts to mandate "equality of outcome" are rightly derided, "equality of opportunity" is wrongly held up as essential. But even when we face unequal opportunities, the marketplace can still make us all better off.

Special powers to inflate the money supply — granted by the state — make banking unlike other private industries.