Why output gap is an empty abstraction
byAccording to popular thinking the key cause behind either inflation or deflation is the difference, or the gap, between what an economy is producing…
June, 2016
Safety in (the right) numbers
by“Gross: Global yields lowest in 500 years of recorded history. $10 trillion of neg. rate bonds. This is a supernova that will explode…
A Letter to the Left: The Gold Standard Will Restore Upward Mobility
byAbout a year ago, Stan Sorscher, Labor Representative, Society for Professional Engineering Employees in Aerospace, published a frighteningly important blog at The Huffington Post (where…
Paul Krugman Has Gone Too Far This Time: Let’s Re-Train Him As a Cosmonaut
byI admit it: I have never been a big fan of Paul Krugman. I do not care for his vulgar Keynesianism or his vulgar…
bawerk.net: Tough Choices: Peg or Banking Crisis?
byDuring the reign of the mighty petro-dollar standard, it was necessary for major oil exporters to recycle their dollar holdings back into the dollar-based…
Central Bankers Claim: Things Are Better than You Think
byIn our time, the greatest source of money chaos is now the global 2%-inflation standard. Deflation-phobic central bankers, led by the FOMC at the…
Is deflation about decline in prices?
byThe majority of economists view deflation as a general decline in prices of goods and services. This is viewed as a major threat to…
Benn Steil: Is the Fed Losing Credibility? A Response to Kocherlakota
byFormer Minneapolis Fed president Narayana Kocherlakota says that the Fed has a credibility problem. Investors, he argues, have lost faith that the Fed will…
Chapter 7: Secrets, Ignorance and Lies: Money, Credit and Debt.
by“The tyranny of fraud is not less oppressive than that of force.” John Taylor of Caroline, Virginia, 1814. Our system of money-creation…
Blockchain and Healthcare Possibilities: Optional Medical Licensure and Healthcare Vouchers
byMilton Friedman provided an exemplary explanation of how a publicly-funded healthcare system (through healthcare vouchers) in a free(r) market where consumers have the choice…