The Fed

"If recovery is to be maintained and future progress assured, there must be a more or less complete reversal of contemporary tendencies of governmental regulation of enterprise."

Most economists see GDP as a snapshot of the performance of the economy. However, it is better understood as a misleading statistic which fails to accurately describe what really is happening economically.

Roosevelt needed the war and wanted the war, and the war came.

Paul Krugman denies that the Fed artificially suppressed interest rates. As usual, Krugman neither understands interest rates nor the effects of inflationary policies.

With his current timid, weak, and prevaricating position on price inflation, Powell is positioning himself as the new Arthur Burns, who did nothing to end 1970s inflation. 

The relative lack of inflation in Japan doesn't mean real wages haven't fallen.

The Keynesians running our economic life may be reassured that the Fed cannot fail in a technical sense, but the public should be appalled.

Tightening the interest rate hurts both bubble and solid businesses. The Fed should just focus on reducing the money supply.

Congress enjoys exorbitant political privilege in the form of cheap deficit spending—but it may soon come to an end.

A common error in economics is to label increases price increases inflation. Inflation actually is an increase in the money supply, and that increase leads ultimately to price hikes.