The Fed

What is the central bank supposed to do?

The false relationship between prices and jobs. 

The phrase of the day is "moral hazard." It's something everyone seems to think is a bad thing, but few are willing to do anything about, certainly not Alan Greenspan. So far, he's on record backing the Mexican bailout, the Asian bailout, the bailout of Long-Term Capital Management, and more IMF funding, despite the financial dangers all these create down the line.

Austrians deal with a central but overlooked monetary conundrum.

They cause more monetary trouble than they are worth.

Financial instability and anti-capitalist fallacies about booms and busts. 

Having the central bank manage interest rates is central planning at its worst.

How capitalism came to mean big profits but not big losses. 

A world central bank and currency can only further destabilize the global economy. 

Yet the biggest obstacle to a gold standard, as always, is intellectual. What these Congressmen need is a good monetary education. Four objections invariably crop up when the subject of gold is raised. Here they are, with some short answers.