The Mystery of Central Banking
In a market economy, writes Robert Murphy, the interest rate is not merely a lever to stimulate or depress economic growth.
The Fed
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Hot Vegas
It was reported last week that the M3 money supply has increased at a breathtaking 20% annual rate in the last 4 weeks, going up $155 billion. Coincidently (or not), the Bureau of Land Management (BLM) held another of its semi-annual land auctions in Las Vegas.
The Fed Cannot Fix Itself
The Fed is always claiming to come up with new ways to make monetary policy less damaging to the economy. But Frank Shostak argues that this isn't possible.
The Deflation Dog Didn’t Bite After All
Deflation was the great threat that never materialized, writes Gardner Goldsmith. The dollar still sinks in value.
Japan’s Bust: An Austrian Critique of the Fed’s Explanation
Christopher Mayer explains why an Austrian analysis starts by examining the preceding boom phase of the business cycle.
The Widening Safety Net
Industry concentration is not usually a problem in the free market, writes Christopher Mayer. But the banking industry is hardly free.
Who Made the Fannie and Freddie Threat?
So Greenspan says that Freddie Mac and Fannie Mae are so big and so out of control that they represent a threat to the whole financial system. Well, asks Frank Shostak, just how does Greenspan think they got to be that way? Might it have something to do with a central bank that guarantees the life of not only these two institutions but every bank in the US?
