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, with particular reference to government “investment” and national accounting. He opens with an analogy […]
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 challenge for 2012 is to read a book written […]
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 this masterwork, I hope this excerpt piques your […]
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 currency such that there’s no investment, with inflation hedges (such as gold) shooting the […]
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 investment strategist, Diapason Commodities Management, said. “There may be one or two forced to merge […]
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 decisive role in historical evolution. It is asserted that mankind would not have reached its present state […]
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. And it means governments all over the world – cutting […]
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. Gingrich is the third candidate to take this position. Herman Cain endorsed the gold standard at the American Principles Project Palmetto Freedom […]
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 printing money leads to inflation. Answer: our Prime Minister. Both of these statements […]
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, the Bank of England has decided to ‘inject a […]
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