Keynes

Charles Rist was an economist of nearly a century ago who recognized the dangers behind President Franklin Roosevelt‘s attempts to demonetize gold. We are still paying the price for FDR‘s actions.

Belief in the fairy tale known as Modern Monetary Theory not only is endemic in US academic and government circles, but is also making headway in Great Britain. We are being forced to learn all over again the lessons of inflation.

John Maynard Keynes is often credited with presciently criticizing the harsh anti-German measures of the Treaty of Versailles. But, it turns out that Keynes was playing both sides.  

The central pillar of the Keynesian system is that spending drives the economy, so savings on a large scale will push the economy into recession. As Austrians know, that narrative is entirely false and fails to accurately explain how the economy works.

The standard Keynesian line is that the government can shorten recessions by using fiscal and monetary “stimulus.” However, as Austrian economists note, ratcheting up government spending only makes things worse, setting the stage for the next economic downturn.

After spending 25 years as a columnist for the New York Times, Paul Krugman is finally retiring from that position—25 years too late, if one wishes to be honest.

Perhaps John Maynard Keynes' best con job was convincing people that a growing economy needs inflation, lots of inflation. As David Gordon points out, however, Ludwig von Mises eloquently explained why inflation undermines the free market economy.

After spending 25 years as a columnist for the New York Times, Paul Krugman is finally retiring from that position—25 years too late, if one wishes to be honest.

Nigeria has large oil deposits, educated people, and much economic potential. However, thanks to government intervention, Nigeria‘s promising economy is in shambles and no relief is in sight.

John Maynard Keynes is the best-known economist from the 20th Century, that not being a good thing. At least he was more famous for his success in promoting his views than for his lack of success as an investor. His failures were an extension of his lack of economic understanding.