The Fed

It is a great pleasure for me to present this book by my colleague Philipp Bagus.

James Grant's testimony before the US House Committee on Financial Services. Here find the explanation of our monetary woes.

What makes the current economy so awful is not that there is unemployment, or that there are unsold houses. Rather, things are bleak because it is so unusually difficult for workers to find buyers of their labor services, and for home owners to find buyers of their houses.

Is it possible to both oppose Gaddafi and oppose a war on Gaddafi? Absolutely. This is a position that all Americans should adopt. In the same way, it is possible to oppose the Obama administration but also oppose having a foreign army oust him in order to liberate us.

Subversive media outlets have become serious problems for the ruling elite. In just a few short years, the Fed has transformed in public opinion from a mysterious, wise, and boring institution into a fascinating engine of corruption and comedy.

A true expansion of wealth cannot  generate a general increase in prices.

Can the Fed gracefully exit from the huge hole it has dug for itself? Unfortunately my answer is no.

The problem with government budget deficits is not merely that they (typically) lead to higher interest rates and thus reduce private-sector investment and consumption spending.

From Part III of A History of Money and Banking in the United States: The Colonial Era to World War II: “From Hoover to Roosevelt: T