Do robots reduce wages?
byIn the early days of automation, machines ruthlessly decimated workers’ place in the commercial order, and in return, only proffered employment which many of…
Economics
Mont Pelerin Society at Bretton Woods
byEarlier this month I gave a speech at the Mont Pelerin Society at Bretton Woods, to mark the eightieth anniversary of the inception of…
The Federal Reserve is Running Losses. Does This Cost Anyone Anything?
byFinancial statements of the US Federal Reserve, which consists of the board of governors in Washington and twelve district reserve banks across the country, indicate that…
The Interest Rate Shock Will Blow Up the Government’s Ponzi Game
byIn the international fixed-income markets, interest rates are rising, and the decades-long trend of declining bond yields has undoubtedly been broken. On August 2,…
Constructive and Destructive Roles of Credit
byThis article defines credit, a subject upon which there is a lack of public knowledge. What people call money is in fact credit, and…
A Review of the Book A History of Money and Banking in the United States: The Colonial Era to World War II
byA Review of the Book A History of Money and Banking in the United States: The Colonial Era to World War II by Murray…
Heading Toward Another U.S. Government Default
by“How did you go bankrupt?” Bill asked. “Two ways,” Mike said. “Gradually and then suddenly.” Ernest Hemingway, The Sun Also Rises, 1926. The financial position…
The Dangers of a “Cashless” Economy
byBefore delving into the dangers of eliminating cash and mandating that all transactions be conducted by digital means, let us briefly discuss the legal…
Guest writer Bernardo Decoster: The Monetary roller-coaster of the 1890s in post-imperial Brazil
byThe Monetary roller-coaster of the 1890s in post-imperial Brazil The Republic of Brazil in the 1890s tasted two opposite monetary systems. By Bernardo Decoster…
The Fed and the shape of the yield curve
byBy Dr Frank Shostak For many commentators, a change in the shape of the differential between the long-term interest rate and the short-term interest…