Booms and Busts

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The Fed’s Portfolio Is Nonexistent: The Fed Does Not Invest. It Destroys Investments

Booms and BustsThe FedBusiness Cycles

Blog02/04/2023

Economists and pundits mistakenly call the Federal Reserve System's security holdings a portfolio. It is anything but.

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You Think the Global Economy Is Brightening? Beware: The Big Hit Is Yet to Come

Booms and BustsCentral BanksThe FedMonetary PolicyU.S. Economy

Blog02/02/2023

While President Joe Biden's White House continues to give happy talk about the economy, some major economic storm clouds are brewing. The future does not look good.

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Empty Malls and Shopping Centers: How Government Fuels Malinvestments

Booms and BustsCorporate WelfareCronyism and CorporatismInterventionism

Blog01/31/2023

The empty shopping mall: a story of how government actions created a huge malinvestment in western Pennsylvania.

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The Great Depression's Patsy

Booms and BustsKeynesMonetary PolicyGold Standard

Blog01/12/2023

Poplular history says that massive government spending—made possible by ending the gold standard—ended the Great Depression. As usual, popular history is wrong.

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Why Economic Stimulus Can't Work

Booms and BustsInflationKeynes

Blog01/09/2023

Keynesian economists fantasize that a market economy cannot "gain traction" without "stimulus" schemes from the government. In the end, the only thing stimulated are inflation and recession.

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US Labor Market: Help Wanted!

Booms and BustsInflationUnemployment

Blog12/26/2022

Unemployment remains low but for the wrong reasons. Low unemployment rates are not a sign that the economy is doing well.

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The Economic Super Bowl: 1920–21 versus 1930–31

Booms and BustsEconomic PolicyThe FedHayekBusiness CyclesGold Standard

Blog12/17/2022

By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?

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The Corporate Fairy Tale Is Dying as Economic Reality Sets In

Booms and BustsBusiness CyclesCapital and Interest Theory

Blog12/10/2022

For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.

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Do Falling Prices Cause or Predict a Recession?

Booms and BustsInflationBusiness Cycles

Blog12/05/2022

An upcoming recession likely will lead to falling asset prices. But these price decreases do not cause recessions, but rather are a result of them.

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Can Increases in the Supply of Gold Lead to Boom-Bust Cycles?

Booms and BustsInflationBusiness CyclesGold Standard

Blog11/12/2022

While an increase in the supply of gold money would lead to higher consumer prices, such increases in the gold supply do not lead to boom-bust cycles.

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