Volume 17, No. 4 (Winter 2014) Steve Forbes and Elizabeth Ames New York: McGraw Hill, 2014, xvii + 249 pages Money is an odd book. Its odd character can be brought out through an analogy. Imagine that someone wrote an eloquent book about price and wage controls. The book showed how attempts to control prices led to economic disaster. Faced with
Volume 17, No. 4 (Winter 2014) KEYWORDS: monetary policy, Mariana, Jefferson, Cervantes, Don Quixote, Austrian School, School of Salamanca, Philip II, Philip III, libertarianism, liberty, slavery, regicide, billon coins, Constitutionalism, Aragon, Euclid, Ron Paul, Paul Krugman JEL CLASSIFICATION: B1, B2, B3, N1, N4 What will I say about our own
Paul-Martin Foss at the Carl Menger Center for the Study of Money and Banking has penned a nice retort to Dallas Fed President Richard Fisher, who recently criticized Rand Paul’s introduction of an “Audit the Fed” bill in the US Senate. “Mr. Fisher apparently has forgotten that that same untrustworthy Congress created the Federal Reserve
Savings has nothing to do with money. For instance, if a baker produces ten loaves of bread and consumes one loaf, his savings is nine loaves of bread. In other words, the “savings” in this case is the baker’s real income (his production of bread) minus the amount of bread that the baker consumed. The baker’s savings now permits him to secure
The announcement of the euro-QE was not the start of Europe’s monetary Dark Age. That started many years ago with Chancellor Kohl’s undermining of the “hard deutsche mark Bundesbank” in the late 1980s. The darkness further descended when the newly created European Central Bank (ECB) implemented monetary frameworks which essentially tied Europe
Its been over 6 years of ultra low interest rates referred to as ZIRP, or zero interest rate policy. We have been told to expect a normalization of interest rates soon, but now we are told that the Fed, specifically the New York Federal Reserve Bank is trying to figure out how to do that. For the millions of people who have suffered through an
Europeans and the Japanese have long been fearful of price deflation. This fear is probably based on the fact that mainstream economists and central bankers have this fear and express it often. That fear is called apoplithorismosphobia . They believe that deflation is a force that sucks an economy down and destroys it much like a black hole that
Joseph Salerno’s paper “ A Modest Proposal for Reining in the Bernanke Fed” is now in the Top 10 in downloads on the Social Science Research Network (SSRN) in the category of “Response to Financial Crisis.” SSRN is the primary depository of working paper in economics and the social sciences. You can download Joe’s paper here for free.
[First published in Inquiry , November 12, 1979.] A half-century ago, America — and then the world — was rocked by a mighty stock-market crash that soon turned into the steepest and longest-lasting depression of all time. It was not only the sharpness and depth of the depression that stunned the world and changed the face of modern history: it was
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.