When a central bank devalues a currency, it is often said that the devaluation will help exporters, and thus the whole country, as a result. But this simplistic analysis ignores the many downsides of inflating the currency.
Now that the gross federal debt has surpassed $18 billion—six times the amount that troubled us back in 1990—we can clearly answer the two questions posed by the symposium's organizers: yes, a large and growing federal debt does matter; and no, we can do nothing about it.
Today's Mises Daily: Many people think of their investments and their money in the bank as their savings, but savings and money are not the same thing. Nor will creating more money create more savings.
The banking system in the United States today functions largely as a spy agency for the federal government.
Discussed by Michael Oliver on Jay Taylor Radio.
Ambrose Evans-Pritchard details the increasing level of Greek defiance to its ECB overlords in the wake of a left-wing, populist uprising in recent Greek elections.
The old Keynesian idea that war is good for the economy is not taken seriously by anyone outside the New York Times op-ed page. But much of the discussion still focuses on macroeconomic effects.
Yesterday when I went for my infusion, I brought two items of reading material with me; The Wall Street Journal and Steve Horwitz's forthcoming paper in the Spring 2015 issue of Social Philosophy and Policy, "Inequality, Mobility, and Being Poor in America."
