Currency swaps – the beginning of a ‘solution’?
By far the most important event of the week was the joint announcement by the world’s leading central banks that they were extending existing…
Euroland: an Austrian view
In the last two weeks the headlines have switched from Greece to Italy. Financial and economic commentators who dismissed Greece as a small cog…
The Chinese and the eurozone
The basic market problem is there is too much sovereign borrowing for the money available, which would normally drive interest rates sharply higher. Some…
Inflation and German sensibilities
Angela Merkel told the German Bundestag last Wednesday that in the absence of a deal on the eurozone debt crisis, “Nobody should take for…
US money supply growing fast
This article was previously published at GoldMoney.com. For an explanation of the different Austrian measures of the money supply (AMS, TMS, and MA), see…
Reasons to support sound money
Speech to the Committee for Monetary Research and Education At the Fall Meeting, 20th October 2011. Before addressing the consequences of today’s macro-economic policies…
Monetary fallacies
One rationale for quantitative easing is that it encourages economic growth. This must be based on the belief that monetary inflation is good for…
Quantitative easing: when there’s nowhere left to run
Over the last few weeks there has been a growing realisation that the weaker members of the eurozone are caught in debt traps. When…
EU elite lost at sea
Since I last wrote about the euro crisis, events have taken a predictable turn for the worse. In my GoldMoney article dated September 17…