The Fed

There was no "irrational exuberance"; the exuberance was completely rational given the price signals at the time.

So, isn't it time to demythologize all of this? Treasuries are bonds just like any other bonds. There's nothing magic, mythical, or sacred about them. A default on US government debt is no more or less radical than a default on any other kind of debt.

A credit default is not unprecedented. One occurred as early as 1777 and another as late as 1979.

Joseph Salerno is interviewed by the Daily Bell.

It's going to happen unless we get radical reform soon.

The money inevitably flows to the latest speculative fashion, whatever it happens to be.

One wonders if this Fed official ever read Aldous Huxley's chilling book.

Without government, unemployment could be relatively easily alleviated.

Bernanke and other experts believe that it is possible to bring inflationary expectations to a state of equilibrium.

Dean Baker — prominent Keynesian pundit and codirector of the Center for Economic and Policy Research — testified that the dollar's fall was inevitable, and even a good thing in light of the US trade deficit. At the time, I knew I disagreed with Baker, but I didn't get a chance to explain why.