The Federal Reserve has officially reported a loss of $57 billion for the first six months of 2023. Quite a number! So the “ Federal Reserve Banks Combined Quarterly Financial Report as of June 30, 2023 ” (CQFR)—a little-known document—is especially notable for its red ink. We can anticipate an annual loss of over $100 billion for 2023 and for the
While the nation is rightly worried about the proliferation of antisemitism on its college campuses, another higher education abuse also needs prompt attention. On Dec. 6 – St. Nicholas Day – President Biden handed student loan defaulters another $5 billion gift in debt forgiveness. The administration’s eagerness to win the votes of student loan
Hold up your hand if you think that the aggregate losses of an organization are an asset of that organization. No hands at all? Absolutely right. Losses are not an asset. That’s accounting 101. Yet the greatest central bank in the world, the Federal Reserve, insists on claiming that its continuing losses, which have accumulated to the staggering
This article is adapted from a lecture delivered to the Federalist Society: The Federal Reserve is a fundamental problem for the Constitutional order of the American Republic. How can it be that it considered itself able to unilaterally impose permanent inflation on the country, without legislative debate or approval? The shifting theories
[ This article was first published in the New York Sun . ] “Who will guard these guardians?” That poser of Juvenal, satirist of Rome, is an immortal question — nowhere more pertinent, though, than in deciding who should oversee the Federal Reserve. In the Fed, we have supposed guardians of stable prices who have decided by themselves to create
Although manipulating housing finance is not among the Federal Reserve’s statutory objectives, the U.S. central bank has long been an essential factor in the behavior of mortgage markets, for better or worse, often for worse. In 1969, for example, the Fed created a severe credit crunch in housing finance by its interest rate policy. Its higher
En tiempos de crisis bancaria y financiera, los bancos centrales siempre intervienen. No es una ley natural, pero sí una ley empírica del comportamiento de los bancos centrales. La Reserva Federal se creó hace 110 años específicamente para hacer frente a los pánicos bancarios mediante la expansión del dinero y el crédito cuando fuera necesario,
Los estados financieros del Banco Nacional Suizo (BNS) correspondientes a los nueve meses que finalizaron el 30 de septiembre de 2022 arrojan una pérdida final de 150.000 millones de dólares. ¡Una cifra para llamar la atención! En virtud de la férrea disciplina financiera de su acta constitutiva, el BNS debe valorar sus inversiones a precios de
[Reimpreso con permiso de los autores ]. El año 2023 se presenta difícil para el Sistema de la Reserva Federal. La Reserva Federal va camino de registrar su primera pérdida anual de explotación desde 1915. Según nuestras estimaciones, la pérdida será grande, tal vez 100.000 millones de dólares o más, y esta pérdida en efectivo no cuenta las
[ Publicado originalmente por Law and Liberty ]. El año 2022 ha sido ciertamente duro para la Reserva Federal . La Reserva Federal no detectó la aparición de la inflación galopante que ayudó a crear y continuó durante demasiado tiempo inflando la burbuja inmobiliaria y la inflación de los precios de otros activos. Manipuló los tipos de interés a
What is the Mises Institute?
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.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.