Bitcoin has theory and history on its side
Bitcoin as a monetary concept is potentially a work of genius, and even if Bitcoin were to fail in its present incarnation – a scenario that I cannot exclude but that I consider exceedingly unlikely –...
View ArticleThe Cult of Monetary Central Planning and the Cul-De-Sac Ahead
The underlying problems of elastic money, limitless credit and unconstrained central banking are still not officially recognized as the prime causes of financial disaster but remain beyond reproach in...
View ArticleDr. Yellen’s Game of Jenga Or Why The Fed Is Terrified Of A Wall Street Hissy...
Ben Bernanke explained this clearly in his famous Washington Post editorial in 2010. Asset prices are thus a tool for policymakers to get economic results.. “…lower mortgage rates will make housing...
View ArticleThe Fed’s Deflation Bugaboo Is Infectious: The Keynesian Commentariat Has Now...
“Who can print money, will print money” is how my friend Patrick Barron put it succinctly the other day. This adage is worth remembering particularly for those periods when central bankers occasionally...
View ArticleOn Martin Wolf’s Pompous Keynesian Prattle
Since the financial crisis broke in 2008, the Financial Times’ resident economic expert and leading commentator, Martin Wolf, has decidedly veered to the left. Having rediscovered the Keynesian faith...
View ArticleThe a priori method in economics – In defence of Ludwig von Mises (essay)
The laws of economics provide a searchlight, a type of X-ray, that illuminates the bony structure underlying all economic phenomena, the patterns and regularities that are at work in all human action...
View ArticleKeynesian madness: central banks waging war on price stability, savers
There is apparently a new economic danger out there. It is called “very low inflation” and the eurozone is evidently at great risk of succumbing to this menace. “A long period of low inflation – or...
View ArticleWhy The ECB Should Do Nothing But Won’t
So if you have to have central bankers you can do much worse than having such types as crusty old Helmut Schlesinger in charge. In my book, inactivity is a virtue in a central banker.....
View ArticleDraghi’s Big Fat Monetary Zero
Europe has many problems. High interest rates and lack of interbank liquidity are not among them, and neither is low inflation....What will the impact of all of this be? – Pretty much nothing, I believe.
View ArticleWhy These Fake Rallies Will End In Tears: Central Bank Create Bubbles, Not...
Investors and speculators face some profound challenges today: How to deal with politicized markets, continuously “guided” by central bankers and regulators? To what extent do prices reflect support...
View ArticleQE will come to the eurozone – and, like elsewhere, it will be a failure
The data was not really surprising and neither was the response from the commentariat. After a run of weak reports from Germany over recent months, last week’s release of GDP data for the eurozone...
View ArticleThe Monetary Stimulus Obsession: It Will End In Disaster
The latest crisis should provide a warning. As David Stockman pointed out, it did not arrive on a meteor from space, but had its origin in distortions in the housing market in the US – and the UK,...
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