Money and Banking

Displaying 1 - 10 of 1658

Central Planning Failed in the USSR, but Central Banks Have Revived It

Money and BanksMoney and Banking

Blog09/19/2018

When I left Soviet Russia in 1991, I thought I would never see a command-and-control economy again. I was wrong. Over the past decade the global economy has started to resemble one.

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Credit Expansion Squanders Capital

Money and BanksMoney and Banking

Blog09/15/2018

As the credit expansion turns to bust, many capital goods remain unused, many investment processes cannot be completed, and capital goods produced are used in a manner not originally foreseen. A large portion of society’s scarce resources has been squandered.

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Ten Years After Lehman: The Solution Was "More Lehmans"

Financial MarketsU.S. EconomyMoney and Banking

Blog09/15/2018

Lehman was a prime example of mainstream consensus analysis of risk and economic opportunity. We "solved" it with more of the same.

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The Fed's Plan for "Countercyclical Capital Buffers" Is Just More of the Same

Money and BanksMoney and Banking

Blog09/14/2018

Scratching beneath the surface of the debate around countercyclical capital buffers, we find the normal level of duplicity that characterizes most debates about monetary policy.

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Blame the Fed — Not Investors — For Asset Bubbles

Money and BanksMoney and Banking

Blog09/12/2018

New York Fed Chief Dudley recently suggested asset bubbles "emerge from the way market participant’s process information and trade" — thus ignoring the role of the central bank.

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George Selgin Misunderstands Rothbard's Position on Fractional-Reserve Banking

Booms and BustsMoney and BanksMoney and Banking

Blog09/10/2018

Selgin thinks fractional reserve banking critics are akin to "flat-earthers", but he gets some important points wrong. 

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John Law and the Mississippi Bubble – 300 Years Later

Money and BanksMoney and Banking

Blog09/08/2018

John Law's disastrous Mississippi Company bubble can still instruct us today.

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Artificial Booms and the Theory of "Forced Saving"

Money and BanksMoney and Banking

Blog09/07/2018

It is impossible to force the economic development of society by artificially encouraging investment and initially financing it with credit expansion.  This policy can only have benefits if economic actors also elect to begin saving more at the same time.

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Why Fiscal Stimulus Doesn't Create Real Economic Growth

Money and BanksMoney and Banking

Blog09/04/2018

Since the government is not a wealth generating entity, how can an increase in government outlays revive the economy?

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