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- Search found 29 items for:
- Money and Banking
- Joseph T. Salerno
- Media Asset
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Boom, Bust, and the Future (28:31) January 18-19, 2002
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Recorded at the 2003 Supporters Summit: Prosperty, War, and Depression . (25:00)
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there was preexisting value. A paper dollar must have
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Friedman’s book, Monetary History of the United States, tried to show the depression was caused by a deflation of the money supply by the Fed. Rothbard’s America’s Great Depression was published the next year in 1963. Rothbard argued that the Fed was actively inflating the money supply. Salerno defends Rothbard’s position (against Timberlake) on
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
The mythology of gold really grew up with Keynes and the quantity theory. Here are six of those myths: the gold standard is unable to accommodate the needs of an growing economy; the quantity of money is arbitrarily determined; the gold standard is a government price fixing scheme; the gold standard subjects a country to alternating inflation and
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
Barter – direct exchange- is inefficient because of the lack of a double coincidence of wants. Some third medium was sought to solve this. It is called money. Exchanges are not equal, they are win-win, with each party gaining more than he is giving or the exchange would not be made. An increase in the supply of all commodities is good, except for
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
The tenth and final lecture from Joseph Salerno’s Introduction to Austrian Economic Analysis seminar. Loan banking is non-inflationary. Interest rates on loans are merely reflective of price spreads. All speculation, on the free-market, is self-correcting and speeds adjustment, rather than cause economic trouble. 100% reserve banking is sound, but
Media Asset
Author:
Joseph T. Salerno
Online Publish Date:
We have today a hybrid of two forms of banking — loan banking (non-inflationary) and deposit banking (inflationary if not 100% reserve holdings). The cause of booms is the credit expansion by central banks that is not backed by pools of private savings. The longer the inflation-driven boom continues, the worse the inevitable clearing bust must be.