Recently, there has been some talk in the market about the paper by Fed Board researcher Orphanides on ‘Monetary policy in deflation’ , though many have considered it as being overtaken by events such as the past 6-months’ stronger GDP numbers. This dismissal may well prove to be premature. The work is--crucially--concerned primarily with the
In a recent TV debate I enjoyed with a prominent member of the East Coast Internationalist establishment, the usual complacency about the continuation of low inflation (read: published indices of price rises) was combined by my opponent with high words of praise for Alan Greenspan’s sound leadership and a panegyric to the US productivity
Writes Carroll Cox , editor of the Pioneer newspaper in Snowflake, Arizona: “In my county of Apache, Arizona, 2/3 of employed people with full time jobs work for some level of government and education. In the neighboring county of Navajo, close to half of people are employed by government. With the help of Phoenix consultants Elliot Pollock and
The Globalization Fairy will ‘intellectualize’ inflation away.... and you can simply THINK your stomach full, without having to buy any of that increasingly expensive wheat with which to make your bread--as implied in the Q&A after Greenspan’s testimony yesterday . TOOMEY: Thank you, Mr. Chairman. And, Chairman Greenspan, thank you for your
Jay Hancock in the Baltimore Sun Dear Mr. Greenspan: As your personal coach I must tell you: You’re getting whiny. I know, I know. You’re still angry that people blame you for the 1990s bubble and the 2000-2002 stock crash. Get over it. Or at least do a better job of hiding it. We’ve heard your excuses - what? - three, four times. And they’re
...what about the practice? ‘The onset of far greater flexibility in recent years in the labour and product markets raises the possibility of the resurrection of confidence in the automatic rebalancing ability of markets, so prevalent in the period before Keynes In its modern incarnation, the reliance on markets acknowledges limited roles for
As we are all, no doubt, already sick of hearing, in the press release which accompanied its decision to leave US interest rates unchanged at 40-year lows, the Federal Reserve did not, as it had done before, say this stance would be maintained for a ‘considerable’ period henceforth - but merely that the bank would be ‘patient’ before raising
Writes Chin Fang : Early last week, I had an opportunity to see Burt Blumert. During our conversation about your book Speaking of Liberty , I mentioned to him in passing our recent spam reduction experience and how our case really echos what you elaborated in your mises.org article “ Why The State Is Different “. Burt immediately encouraged me to
Trying to deflect criticism that the 2005 budget will be more than a half trillion dollars in deficit, the White House is accusing Congress of lying about the full costs of the prescription drug coverage Bush signed into law last December, according to the New York Times (free registration required). In response, “Democrats said Congress should
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.