Financial Markets

"So it is quite likely that in a free-market economy the threat of bankruptcy will bring to a minimum the practice of fractional-reserve banking."

Finally, the freedom of wage rates and prices to fall must be established through the repeal of pro-union and minimum-wage legislation, and more fundamentally, the education of the public concerning the errors of the Marxian exploitation theory and their replacement with actual knowledge of what determines wages and the general standard of living.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E. Carabini.

Recorded at the Mises Circle in Newport Beach, California, on November 14th, 2009. Sponsored by Louis E.

Eventually, every aspect of productive life will be so controlled that capitalist drive and ingenuity will become relics of the past.

Unfortunately, central bankers and central planners believe these statistics have relevance, justifying their interference with businesses and making us all poorer in the process — no matter what the numbers are.

"The reason why inflation is bad news is not because of increases in prices as such, but because of the damage inflation inflicts to the wealth-formation process."

So Keynes enables Posner to throw off the shackles of rational choice almost completely.

This is old-fashioned redistribution, to sustain the unsustainable.