The Fed

A bizarre letter to the editor in the Business section of the Boston Globe:

A solid gold standard in which every dime spent had to come from an existing stock of money would shatter the whole system. Is it any wonder that this is the last subject politicians want to talk about?

Unfortunately, by buying up MBS and propping up the market the Fed will only cause more harm than it already has.

It is hard to avoid the conclusion that the dollar could be ready for another beating.

The Fed shall work to counter business cycles, stabilize the banking system against shocks, and print billions of dollars so as to keep stock marke

The result of the governments' and the unions' meddling with the height of wage rates cannot be anything else than an incessant increase in the number of unemployed.

Without invoking the name, the Journal leader did more to educate the American public about Austrian economic theory than anything published in rec

So when is the manure going to hit the fan? Schiff doesn't know, but "when the bubble is this big, there are just so many potential pins that it is impossible to guess which one it will find first."

It follows that liquidity could come under severe pressure if the Fed decides to cling to the current fed funds rate target whilst the economy is weakening.

I recommend the book to anyone who wants an analysis of current economic trends from an Austrian viewpoint along with some appropriate investment ideas; it is one of the best examples of sound economic writing among investment books.