Booms and Busts

I have lived in Auburn, Alabama, for more than three decades and have never seen a Super Sized Construction Crane. Last week, two were erected in the middle of town.

Rothbard's book is considered the standard on the subject of the 1819 crisis, yet the NY Fed authors seem reluctant to speak his name.

Even the Fed, which has for years been describing the economy as "expanding at a moderate pace," and which a few months back was saying it was "hawkish," has, through Janet Yellen's testimony today, been forced to admit that a rate cut may again be on the horizon.

Congressman Jeb Hensarling mentions Hayek's Fatal Conceit regarding the Fed bureaucracy's ability to manage money and interest rates. 

Peyton Manning Just Save the Super Bowl Indicator?

Apparently Quicken Loans is thinking like John Maynard Keynes and Paul Krugman. They can create their own bubble and multiplier effect. It's magic!

Fear is in the air. Central bankers are warning of crisis, and while mainstream economists fear the falling prices that are on the horizon in our post-boom world, Austrians know that deflation and recessions are both inevitable and necessary.

Jeff Deist and Mark Thornton discuss how and why central bankers don't understand deflation.

Barron's is writing about skyscrapers and the Skyscraper Curse. They also quote me on the subject.

Following the discovery of the Americas, Spain began a 300-year period of booms, busts, war, and mercantilism. Only in the eighteenth century did the country begin to find prosperity through liberalization of trade and private property.