In ABCT and the Community Reinvestment Act (CRA), Peter Klein makes readers aware of new evidence, contra Krugman, that Federal housing policy, and especially the CRA, significantly contributed to the financial crisis. Peter concludes, “ Raghu Rajan [author of the new NBER paper Klein is highlighting] puts it in a very Austrian-sounding way” and
The Indian Journal of Economics and Business recently published a revised version of my testimony to Congress in Vol 11, no. 3, December 2012 with the title “ Fractional Reserve Banking and Central Banking As Sources of Economic Instability: The Sound Money Alternative .” An early version appeared as a Mises Daily . Thanks to the Mises Institute
Oral Argument at Hearing entitled “Fractional Reserve Banking and the Federal Reserve: The Economic Consequences of High-Powered Money” Thursday, June 28, 2012 Domestic Monetary Policy and Technology by John P. Cochran. Full testimony and video of proceeding at http://www.financialservices.house.gov/Calendar/EventSingle.aspx?EventID=300542 .
I was in Washington on what was an historic day, June 28, 2012 to testify at Subcommittee on Domestic Monetary Policy and Technology , Committee on Financial Services, U. S. House of Representatives, chaired by Congressman Ron Paul. While it would be nice to think the day was historic because Dr. Paul was continuing his informational hearings
In Michael Pollaro ’s otherwise excellent Mises Daily , “ The Bernanke Bust ” Michael writes, “To Austrians, all [emphasis original] economic “booms” founded on monetary largesse always [emphasis original] end in economic busts, roughly equal in size and intensity to the preceding booms [emphasis mine].” Such a phrasing often leads to a
A day after President Obama opined, “the private economy is doing fine”, the W all Street Journal in its “ Notable & Quotable ” (June 9, 2012, on page A11) highlighted Economist Robert Higgs from his new book “Delusions of Power” (2012) ( Here and here ). Dr. Higgs who has early and often argued that ‘regime uncertainty’ ( Important New Evidence
Recent discussions in the econ blog world on whether the Fed keeping interest rates too low for too long from 2003-2005 was a significant factor in the most recent boom-bust episode, triggered by John B. Taylor’s March 31, “ Policy Failure and the Great Recession ,” reinforces how important and useful Austrian insights are for properly
Paul Krugman, in a most recent post , argues “Backward moves the macroeconomic debate” with “the result that our economic discourse is significantly more primitive now that it was 70 years ago.” Per Krugman, this backward movement is apparent in the use by some opponents of active demand management policy, such as Amity Shlaes, and of the
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
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