The Fed

A thief is a thief, and all thieves impoverish their victims.

If Rothbard is correct, the entire basis of modern deposit banking, the fractional-reserve system, is a type of counterfeiting that must be abolished.

No matter how you slice it, the former Maestro spawned housing, commodity, and stock booms with his reckless policies.

An expansion of the money supply will cause discoordination, in the way that Mises, Hayek, and Rothbard have patiently explained — and Krugman has ignored. And if expansion proceeds by means of more bank credit, the upshot will be renewed malinvestment. To oppose monetary expansion is not moralism but simple common sense.

Within the space of days, we've been provided, courtesy of the Fed itself, with footage that perfectly distills the complete failure of Fed forecasting and planning, and audio that encapsulates splendidly the only thing that the Fed actually accomplishes: the destruction of money.

Insufficiently educated in the history of economic thought, they do not realize that Keynesianism — down to the most technical details, like the concept of the foreign exchange multiplier — is mercantilism or, more precisely, John Lawism pure and simple.

I wonder if Paul McCulley has ever entertained the idea that massive fiscal and monetary bailouts actually retard recovery?

Careful examination shows that, rather than protecting the economy, it is loose monetary policies that are the key source of boom-bust economic cycles.

The true point of this experiment is to encourage people to educate themselves about our current inflationist monetary policy.

It is savings — not demand — that enables the expansion of production of goods and services.