Liberty Me

Jeffery Tucker is a man of great many talents,  energy and vision . He has set up an on line pro liberty loving community http://www.indiegogo.com/projects/liberty-me—2 this will be one for all of us free market for peace and anti excessive...

My Time for Speakers for Schools

In 2010 I was interviewed for a BBC program about the financial crisis by Robert Peston. By a strange quirk of fate , I realised that in my restaurant supply days , I had served his sister, the likeable and very talented chef Juliet Peston who...

The Selfish Gene, its Extended Phenotypic Effects and Human Cooperation

It took me until my 43rd year to read “The Selfish Gene,” written in 1976 by Richard Dawkins. In many respects, it is a testament to its success that I felt no compelling desire to read it. What I perceived to be its central message had been...

In Defense of the Euro (An Austrian Perspective)

Professor Jesus Huerta De Soto sent me a hard copy of his new film called “In Defense of the Euro (An Austrian Perspective)”, you can watch it here. For those truly interested in the Gold Standard as a potential solution to our...

IM70.3 Mallorca – The Chairman’s report

This is the second time I have raced IM70.3 in Mallorca and I knocked 11 mins off last years race coming in at 5:22:16 – being over 43 years old, I guess I can only be thankful that there was progress. What was remarkable this year was the...

AEP and “The Chicago Plan Revisited

Towards the end of last year, Ambrose Evans-Pritchard discovered the IMF working paper “The Chicago Plan Revisited” (PDF), which “revives the scheme first put forward by professors Henry Simons and Irving Fisher in 1936 during the ferment of...

Ron Paul’s Monetary Policy Anthology

I received an email the other day from Paul-Martin Foss, Legislative Assistant at the Office of Congressman Ron Paul: Dear Friends of Dr. Paul, If you are receiving this email, it is because you are a friend of Dr. Paul, a witness at one of our...

Exorcising the Ghost of Ironman Zurich

After a poor performance in the above in the summer, I thought I should get back to the IM70.3 distances which I am much more suited to. The IM70.3 Lanzarote event is held at Club La Santa, Mecca for the sporty person. I am surprised I have not...

Communist Approval For Western Central Banking

I received an interesting email recently from a distinguished colleague in Spain. He was looking at the Central Bank of Cuba’s website where they state their monetary policy. He said to me, “you could ask your readers if they can grasp...

The Motive Powers Of Destructionism

Its a great pleasure to wake up in the morning on holiday and read something very true, as always, from Mises. Its also a great pleasure to get emails from fellow Cobdenites. One of our supporters sent me this link to a recent Bloomberg article....

The Hope Of Osborne And The Error Of Osborne

The following quote is taken from page 155 of Capital and Production by Richard von Strigl, which you can download in PDF format from our downloads section, or in various formats from Mises.org. H/T to Sean Corrigan for drawing our attention to...

The Ultimate Subsidy For The Rich

I am delighted that Fraser Nelson and the Spectator have picked up something we have been saying all the time for our nearly three years in existence: that QE is a regressive tax that transfers from the poor to the rich and should be stopped...

Gross And Net Product

The other day I happened to be talking to a politician who was also a successful entrepreneur. He knew of the absurdity that when there is more taken in tax receipts or borrowed from future taxpayers, this extraction of wealth adds to the GDP...

Did The Savings Glut Or Massive Monetary Epansion Cause The Boom And The Bust?

Ambrose Evans-Pritchard recently pinned the blame for the financial crisis on “Asia’s `Savings Glut’”. This idea is not new. For readers who may have missed it the first time, we’re republishing this article from September 2009 which argues that...

Forward To Liberalism

It was a great pleasure and a privilege to be asked by Jeff Tucker of Laissez Faire Books to write this foreword to Liberalism, the timeless classic written by Ludwig von Mises in 1927. This edition of Liberalism is available through the Laissez...

Hugh Hendry v. Joseph Stiglitz

I received this YouTube clip from a friend of the Cobden Centre and I think it is fantastic. It shows the fundamental banality of the mainstream economists and their entrenched views: more “political cohesion”, more debt, spend, spend, spend …...

Fraud – Documentary

This is a documentary that is long overdue, written from the perspective of the Austrian School. These are the economists of Business Cycle Theory — the theory that predicted our boom and bust. I invite you to watch this film and make up your...

A Great Teacher

Professor Pete Boettke is one of our advisors and friends. In the English speaking world, if you want to know anything about economics – go to Pete, from the most obscure point to the most life changing, Pete will have a good grounding in it. In...

Fraud

This is a documentary that is long overdue, written from the perspective of the Austrian School. These are the economists of Business Cycle Theory — the theory that predicted our boom and bust. I invite you to watch this film and make up your...

Our Central Bankers Are intellectually Bankrupt

The best article we’ve seen in the FT for a long time, courtesy of Ron Paul … The financial crisis has fully exposed the intellectual bankruptcy of the world’s central bankers. Why? Central bankers neglect the fact that interest rates are...

From Nuts To Paul Krugman

An excellent article from Amity Shlaes: Nut cases. That’s what they are. And if you take an interest in them, you are a nut case, too. That’s the consensus among credentialed economists who describe advocates of a return to the monetary regime...

Austrian Economics In Shanghai

Extraordinary things are happening in China, as we know. On the liberty-loving front, we can report a really interesting and path-breaking conference organised by our friend Ken Schoolland: The Shanghai Austrian Economic Summit A milestone event...

The Laissez Faire Club

A significant new development in the libertarian world … Laissez Faire Books Launches the Laissez Faire Club by Geoffrey Allan Plauché on April 20, 2012 Laissez Faire Books (LFB) is a seminal libertarian institution that dates back to 1972, six...

Jim Grant on the Federal Reserve

Via ZeroHedge, we discovered a must-read article by Jim Grant, published in the March 23rd edition of Grant’s Interest Rate Observer (Vol 30, No 6d): In the not quite 100 years since the founding of your institution, America has exchanged...

Could A Bank Exist Without State Support?

Could a bank exist independent of state support, and could it act as a bastion of liberty? I recently came across the original quarto edition of the “Act of Parliament For Erecting a Bank in Scotland, Edinburgh, July 17th 1695.” I have scanned...

Simplicity – Grant Williams on Gold

For anyone who is interested to understand what money is and what’s happening to it, I strongly recommend you listen to these two presentations.

Prices & Production and Other Works

My Foreword to Prices & Production and Other Works, published by the Ludwig von Mises Institute in 2008. An old Polish soldier who had settled in London after World War II exposed me to the teachings of Hayek when I was sixteen years old. He...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 5

Today, as the last article in this series, we present the words of Say himself, taken from his masterpiece A Treatise on Political Economy. Does the first paragraph not sadly resonate today? OF THE DEMAND OR MARKET FOR PRODUCTS It is common to...

Ostriches at the IASB

By Toby Baxendale, on 15 February 12 In an article for the FT on the 5th of February, highlighted by Steve Baker in a recent speech, Lord Lawson wrote: The auditing of banks’ accounts … is fundamentally flawed in itself. The IFRS accounting...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 4

Hazlitt referred to the great economist Benjamin M. Anderson in the same breath as Mises when saying that both of them had already penned essays that had dealt with the so called “refutation” of Say’s Law by Keynes. We part republish h...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 3

Today we reproduce a wonderful essay written by Ludwig von Mises for the Oct 30th 1950 edition of The Freeman, and subsequently published in his book Planning for Freedom (1952). Like Hazlitt in my previous post, Mises draws to our attention to...

What The Classical Economists Knew And The Moderns Have Forgotten – Part 2

On Wednesday, I talked about the forgotten wisdom embodied in Say’s Law. Today, we reprint the chapter called “Keynes vs. Say’s Law” from Henry Hazlitt’s The Failure of the “New Economics” which is a quick read and sheds more light on what the...

Mal-Investments Small And Large

In yesterday’s article I emphasised that it is profit that is beneficial, not revenue. I’ve just read an excellent article (H/T Sean Corrigan) by Jerry L. Jordan, past president of the Federal Reserve Bank of Cleveland. He makes the same point,...

A Challenge for 2012 – Part Two

A challenge for 2012 – part one was to read The Theory of Money and Credit by Mises on its 100th year anniversary. The 1934 preface was sadly so pertinent to today that we reproduced it as an enticement to read the whole book. My second...

A Challenge For 2012 – Part One

Dear Reader, It has been 100 years since the publication of Ludwig von Mises’s The Theory of Money and Credit. I post here the 1934 preface written by Mises that is sadly so relevant to the events of today. If you haven’t yet found time to read...

Opponents Of Gold, Get On Your Mark

A good article from Brian Domitrovic on Forbes.com: Let’s face it – we’ve seen what arbitrary government control and central bank manipulation can do. Namely, what the Federal Reserve has done since 2008. This is to scare everyone away from the...

Bandits With Begging Bowls

A recent CNBC article by Catherine Boyle has some classic quotes from Sean Corrigan: The euro zone’s banks, seen by many as the source of the region’s debt crisis, will ultimately be bailed out by “vested interests,” Sean Corrigan, chief...

The Iinflationist View Of History

This chapter from Human Action is spot on for today: Part 4, Chapter XVII. INDIRECT EXCHANGE 18. The Inflationist View of History A very popular doctrine maintains that progressive lowering of the monetary unit’s purchasing power played a...

The Circular Flow Of Income Fallacy

At the Tory Party Conference, the Prime Minister said: The only way out of a debt crisis is to pay off your debts. That’s why households are paying down their credit card bills and store card bills. It means banks getting their books in order....

Gingrich Adopts Gold Standard Model

American Principles Project: Washington, D.C.–Republican presidential candidate and former House Speaker Newt Gingrich called for “hard money with a very limited Federal Reserve” at the Republican presidential debate in New Hampshire on Tuesday....

The Magicians At The Bank Of England (with close support from No 10 & 11 Downing Street)

Who made this very sound statement two years ago in relation to QE I? The last resort of desperate governments when all other policies have failed Answer: George Osborne, our Chancellor. Sometime soon it will have to stop because in the end...

Daniel Hannan On Our Money-Printing Masters

As we feared, the wise men at the Bank of England have decided that what our ailing economy needs is another dose of QE. I was about to blog the event, but it’s hard to match the eloquence of Daniel Hannan’s latest post: According to the BBC,...

Do Nothing: A Positive Proposal For Recovery

It was recently pointed out to me that certain free market orientated friends dislike policies that fail to restore immediate growth: Basic economic theory posits that as households and businesses become more uncertain about the future, the more...

How Deposit Insurance Reduces Financial Stability

Andrew Lilico has written a great article for The Telegraph on the dangers of deposit insurance: In a classic 2005 paper from the highly authoritative Journal of Monetary Economics, Asli Demirgüç-Kunt and Enrica Detragiache investigated the...

We Love Terry Smith!

A great letter to the editor of the FT from Terry Smith: Sir, I refer to the debate being conducted in the pages of the Financial Times between those who propose further Keynesian measures, such as Martin Wolf (“Struggling with a great...

Phases Of The Crisis – Are We Approaching The Endgame?

Phase 1: Greenspan, the arch money crank The Greenspan “put”, and the collective adoption by most central bankers of low interest rates after the dot-com bust and 9/11, caused one of the largest injections of bank credit in history. Since bank...

The Demise Of Central Planning

As a young man, Prof Ebeling witnessed first hand the demise of the Soviet system. The article below is a truly remarkable eye witness account of the 72 hours that changed the world. Pause on that: just 72 hours to move from seemingly...

Hayek vs Keynes Debate Rebroadcast

Back in the ’30s, at the time of the original Keynes-Hayek debate, Hayek had a solid methodological system that could explain the causes of the recession of the late ’20s and early ’30s, and it’s subsequent gyrations, up and down. The root cause...

Jack Farchy In The FT On $5000 Gold

FT – Bullion bulls talk of $5000 gold Historically, gold and silver were the money of choice, freely chosen by the people as the most marketable commodities. The value of your labour was measured in these precious metals. Wicked Kings through...

Charles Moore reviews Keynes vs Hayek

I was pleased to see the LSE’s recent Hayek vs Keynes debate picked up by Charles Moore atThe Telegraph: The Hayekians, led by Professor George Selgin, argued that Keynes failed to see the way busts are the natural result of booms – t...

What Type Of Free Banking Do We Want?

The article below represents the intellectual endeavours of two of the young stars of the Austrian School to address some of what they describe as “quibbles” with one of the more senior members of the School, Professor George Selgin and to some...

The Privileged Few Have Eaten Everybody Else’s Lunch

Another great interview with Sean Corrigan on CNBC Airtime: Mon. Jul. 18 2011 | 7:00 AM ET Big US banks should have been allowed to fail, Sean Corrigan, chief investment strategist at Diapason Commodities Management, told CNBC Monday. “The...

AEP: Return Of The Gold Standard As World Order Unravels

Cobden Centre readers may find it heartening that Ambrose Evans-Pritchard is now showing an interest in hard money: On one side of the Atlantic, the eurozone debt crisis has spread to the countries that may be too big to save – Spain and Italy –...

Homo Oeconomicus And The Monetary Basis For A Big Society

Jesse Norman’s book on the Big Society, which I reviewed recently, caused me to reflect once again on Homo Oeconomicus, that totally un-human being, that rationally calculating bundle of circuits, which mechanically responds to events to...

CNBC: China Reflects ‘Vampire Economy’

Sean Corrigan’s latest appearance on CNBC is well worth watching (3m 42s). Mon 27 Jun 11 | 02:00 AM ET The Chinese economy reflects the ‘Vampire Economy’ of Germany in the 1930s where the state controlled prices at the expense of profit, Sean...

Global Warming: The New Malthusian scare

I was kindly sent a copy of Lord Lawson’s book “An Appeal to Reason: A Cool Look at Global Warming”. When I was 16, I was given a small pamphlet by the Heritage Foundation called “Our Moral Heritage” by F A Hayek which was lecture 24 of the...

James Turk interviews James Grant

Grant is the owner of Grant’s Interest Rate Observer. He is one of the greatest financial commentators and you have probably never heard of him. Our friends at the Mises Interview interviewed him in 1996,...

The Untouchable Case for Indian Capitalism

An excellent article from B. Chandrasekaran for the Wall Street Journal: The plight of the Dalits, those whom the Hindu caste system considers outcastes and hence Untouchables, was a rallying cry of Hindu reformers and Indian leftists for half a...

Telegraph: Banks Buy Bulk Of £39.8bn Of New Gilts

The Telegraph reports: Banks bought 91pc of the £39.8bn of net issuance of new gilts with purchases totalling £36.1bn, compared to the £11.4bn of UK debt bought in the preceding six months. The scale of the buying of UK Government debt was...

The People vs. Goldman Sachs

The latest Rolling Stone article from ‘Vampire Squid‘ author Matt Taibbi: They weren’t murderers or anything; they had merely stolen more money than most people can rationally conceive of, from their own customers, in a few blinks of an eye. But...

Some More Quibbles with Free Banking

If you are interested in monetary theory and what the Austrian School has to say about this debate, the paper that Anthony linked to last week is well worth reading. It addresses some common misunderstandings about Monetary Equilibrium Theory...

No Room For Austrians At Bretton Woods?

The Telegraph reports The reason why many reach for the rose-tinted spectacles when recalling Bretton Woods is because it marked a rare moment of international co-operation. It also played a role in ushering in three decades of heady economic...

Remember: Real Bankers are Fiduciaries

The Interim Report on our banking system by Sir John Vickers was released on Monday. There is no mention in all of the report that a banker is a fiduciary to his client first and foremost. Call me old fashioned, but the casino banking of “lets...

We Who Dared to Say No to War

Jeffrey Tucker interviews Thomas E. Woods. Jr about his book, We Who Dared to Say No to War

The Spectator Goes Austrian (This Week Anyway)

I had a meeting two years ago with James Forsyth, the editor of The Spectator, and talked about the alternative world of Austrian Economics, how many of its economists had predicted boom and bust, etc. He was very attentive. I am glad to see...

Jeremy Vine Show

Following the Robert Peston BBC 2 documentary “Britain’s Banks: To Big to Save?” I was invited to appear on the Jeremy Vine Show yesterday (my segment starts 1 hour and 8 minutes in). I was introduced as the fishmonger who wanted banks just to...

Birmingham Unleashed

Lord Adonis was one of the original founders of New Labour. He helped make that political party electable. He created the modern Academy program for schools and in his last role as Secretary of State for Transport, he pioneered the establishment...

Is it Just to Bomb Libya?

The Prime Minster has justified his leading role in orchestrating a UN resolution to protect the citizens of Libya, particularly those in the east of the country, from the tyrannical oppression of their dictator, Col Gaddafi.  There seems to be...

William J. H. Boetcker’s Ten Cannots

It has become fashionable for our politicians to give us lists and pledges about things they will do or will not do to improve our well-being. A friend in Northern Ireland pointed me to this list, which is filled with great wisdom. I wonder if...

The “Barbarous Relic” – It Is Not What You Think

I am pleased to promote this monograph by James Turk, founder of GoldMoney: I am no fan of Keynesian economics. I find most Keynesian economic theories to be just plain wrong. But for the sake of truth and accuracy, I would like to correct a...

Large Changes In Fiscal Policy: Taxes Versus Spending

This paper by Alberto Alesina and Silvia Ardagna provides very good empirical research to confirm that what we expect a priori: that deficit cutting sets up a strong recovery, while deficit spending funded by tax increases does not. The abstract...

Is Inflationism Part of our Mindset? The Paper Pound & The Bullion Report

Most people have one principle “asset”: the house they live in. Long gone are the days when your physical house was simply your home and nothing to do with your financial assets. Indeed, as the last boom was manufactured by the low interest rate...

Mark Skousen’s Contributions To Economics

Following my review of Mark Skousen‘s paper on GDE, I was pleased to discover this piece by Ken Schoolland, Professor of Economics, Hawaii Pacific University, chronicling Mark’s contributions to economics. “If I have been able to see farther...

The War On The Poor

The gigantic sums of credit created out of nothing, causing a doubling and in some cases tripling of the money supplies of Western Governments, over the two-decade boom that we have just experienced, have consequences. Unless you were living at...

Some Virginia Legislators Worry about Hyperinflation!

A good article from Robert Jackson Smith: Some legislators in the Commonwealth of Virginia are worried about hyperinflation!  See House Joint Resolution No. 557.  Should the Commonwealth adopt a currency to serve as an alternative to the...

Gross Domestic Expenditures

If you want to read a very genuine and new contribution to the body of knowledge set out in academic terms, I recommend this paper by Mark Skousen: Gross Domestic Expenditures (GDE): the Need for a New National Aggregate Statistic [PDF] Here’s...

Reactions to Robert Peston’s Documentary

I’ve been really encouraged by the response to Robert Peston’s documentary, Britain’s Banks: Too Big to Save?. Lots of people are waking up to the problems at the core of our banking system, and like-minded campaigners are using the documentary...

Gerzensee

Somebody I know is doing a doctorate degree in economics. In Switzerland, all such candidates have to spend several months at Gerzensee, a luxurious manor house owned by SNB, where they are trained in monetary economics. It was at this training,...

More Trouble Coming

On Financial Sense Newshour this week Bill Laggner and Kevin Duffy, Co-Founders of Bearing Asset Management, join Jim Puplava for discussions about more trouble coming to the markets and economy....

What can Business Learn from Academia: Fish, Hayek, Keynes and Oakeshott

Having recently sold my food business, life is moving at a much slower pace, which gives time for thought and reflection before I undertake my next venture or ventures. One thought was: what did I learn from academia that I applied to my...

Those Dishonest Goldsmiths

My second beach reading has been the above named article. Like the last one I reviewed, this is written by one of the giants of the Austrian School, Prof George Selgin. You can download this paper in draft here. For anyone interested in the...

Did Hayek and Robbins Deepen the Great Depression?

I always love sitting on the beach in the Caribbean post Christmas, catching up with my neglected reading and getting lots of strange stares from fellow holiday makers looking at my book titles. “Oh, how interesting”, they politely comment, when...

Bagehot’s Obituary of Richard Cobden – 1865

Walter Bagehot’s 1865 obituary of Richard Cobden, from the Online Library of Liberty  (H/T Sean Corrigan). Twenty-three years ago—and it is very strange that it should be so many years—when Mr. Cobden first began to hold Free-trade meetings in...

Financial Regulation Goes Global

Dalibor Roháč of the Legatum Institute and Matthew Sinclair of the Taxpayers’ Alliance have jointly authored a report on the risks of new global financial regulations: Around the world politicians and officials are advancing major new...

Mr. Cobden On Banking

Bankers’ Magazine Vol I April-October 1844 – H/T Sean Corrigan The author of an interesting work published a short time since, entitled “Sir Robert Peel and his Era,” in which a lively sketch is given of the chief peculiarities, external and...

Quote Of The Week: Henry Ford on FRB

When asked to bail out his son’s bank, Henry Ford, now in his seventies and increasingly autocratic and unreasonable, refused to bail out his son. He had a long-standing antipathy to bankers and could not quite grasp why banks should be allowed...

Gold: An Objective Look At Subjective Value

Edited remarks from a speech given by Tony Deden at the annual meeting of the Spanish Precious Metals Association (AEMP) in Madrid on 25 November 2010. Also available in PDF. Ladies and Gentlemen, Gold is no longer the four-letter dirty word of...

200 Countries, 200 Years, 4 Minutes

Two academics, Richard Wilkinson and Kate Pickett, recently wrote a best seller, The Spirit Level, which purported to show how having a much more equal society delivers up much more prosperity for a much bigger number in that society. We...

Hayek-doubters re Denationalisation of Money: Eat Your Heart Out!

A great article from Harvard Business Review: Once upon a time, there was a country where bankers disappeared. The bankers, fed up with regulation, dissatisfaction, and downright hostility, decided to unleash the planet-destroying superweapon in...

Gold Bugs: Swivel-eyed, Mad-eyed, Lunatic Fringe?

Many of the authors and Cobden Centre advisory board members (including some distinguished academics) would like to see money eventually re-rooted back into some kind of commodity backing. Why? Simply put: the record of government control of the...

Rockwell: The Gold Standard Never Dies

A great article by Lew Rockwell: John Maynard Keynes thought he had pretty well killed gold as a monetary standard back in the 1930s. Governments of the world did their best to help him. It took longer than they thought. Gold in the money...

Cameron’s Misguided Warning To China

In this article about our Prime Minister’s recent trip to China, the journalist warns us as follows The Prime Minister said China needed to understand what was at stake and he urged its leaders to open its markets. In a speech in Beijing Mr...

The Silver Lining in the Fed’s $600 Billion Decision

A good article from Ryan Streeter The Federal Reserve’s recent decision to buy $600 billion in bonds—another example of the mysteriously named “quantitative easing”—may have the unintended effect of solidifying GOP policy makers behind an...

A Third Way: Instant Access By Exception

Come the Revolution, in a free banking world, where there is at least no lender of last resort, commodity backed money with no possibility of over issuing above that commodity in reserve and no deposit insurance, it would be possible for safe...

Hayek vs Keynes @ Buttonwood

Readers, if you saw the first EconStories.tv video of Hayek v Keynes and the explanation of their key contributions in the rap format, then watch this Part Two, you will love it. If you haven’t seen the original, I urge you to watch Part One....

Video of Huerta de Soto’s Hayek Lecture

We have previously posted the text of Huerta de Soto’s speech, and an audio recording via Cobden Centre Radio. It was a fantastic event, and I’m pleased that we can now provide a video recording as well: LSE Hayek Lecture 2010: Professor Jesús...

Huerta de Soto Pays Tribute To Hayek

We were pleased to see this thoughtful and enthusiastic write-up of Huerta de Soto’s Hayek lecture by Andreas Kuersten for the LSE student paper, The Beaver. We reproduce it here by kind permission of the editor. Last Friday Professor Jesús...

Could The World Go Back To The Gold Standard?

Martin Wolf asks “Could the world go back to the gold standard?” During any period of monetary disorder — the 1970s, for example, or today — a host of people calls for a return to the gold standard. This is not the only free-market response to...

Banking: From Bagehot to Basel, and Back Again

As reported yesterday on Mises.org, there were some very encouraging statements in Mervyn King’s Monday speech to the Buttonwood Gathering in New York. King noted that “Of all the many ways of organising banking, the worst is the one we have...