Booms and Busts

Pat Buchanan’s recent attempt to diagnose the sinking dollar demonstrates that ignorance of basic economics is not limited to the Left.

One of the claims made against the gold standard is that there has been more stability since we adopted a paper standard than when we were under go

The Hans Sennholz Memorial Lecture, delivered at the Austrian Student Scholars Conference hosted by Grove City College; 2 November 2007.

But then finally the masses wake up. They become suddenly aware of the fact that inflation is a deliberate policy and will go on endlessly. A breakdown occurs. The crack-up boom appears

THE FREEMAN Letters to the Editor Thanks to Milton Friedman’s brilliance, charisma and diplomacy he became an ardent spokesman for many free

Mr Greenspan: Please send a $100 bill to the Hubris in Monetary Policy Award Committee and write Bernanke or Shiller's name on the back. After all, since both men promote the myth that that inflation is only sometimes and only in some places a monetary phenomenon, they have your back as well.

In testimony before the House Commit

In the Austrian view, the boom-bust cycle is caused by the Fed's maintenance of artificially low interest rates, which causes businesses to expand, hire workers, buy other resources, and so forth, even though these projects are not justified by the true supply of savings in the economy. The greater the "stimulus" the worse the malinvestments.

This boo

Even organized crime is feeling the pinch from the rapidly deflating housing bubble.