Booms and Busts

Central banks are papering over problems, says Austrian School financial analyst Frank Shostak.

How much did money grow in the 1920s?

Paul Krugman is an eminent economist, but he here reveals a woefully inadequate understanding of Austrian business cycle theory. The rudiments of the theory are easy one might have thought that even a Keynesian could grasp them.

How government thwarts economic recovery.

Revising the history of the Great Depression.

How a Keynesian came to wildly distort the Austrian theory. 

With huge segments of the world economy mired in depression, can we conclude that capitalism has failed or that the market behaves irrationally? That seems to be the consensus among many commentators, so we hear a wide range of calls for government intervention to patch things up.

Why transparency and liquidity won't bring financial stability.

A world central bank and currency can only further destabilize the global economy. 

Clinton has called for a new global financial architecture, but it is sure to collapse.