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Tag: Federal Reserve

New Book Exposes the ‘Terrible 10′ Worst U.S. Economic Policy Mistakes »

Despite enjoying impressive economic growth over the past century, Americans have also been the victims of scores of stupid government mistakes that have made them poorer. For many the blunders led only to temporary setbacks, but for others the errors created life-altering disasters from which they never recovered. In the new book The Terrible...
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Fannie Mae, Freddie Mac, and Feddie Sue: What Should We Do with Them? »

Mortgage Intermediation Mortgage intermediation is an important and legitimate business, much like grocery intermediation: In theory, urban consumers could drive to the country to buy groceries directly from farmers, or farmers could go door to door selling produce, but in practice it’s usually more convenient if farmers sell their products wholesale to intermediaries who...
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Latin America and the Fed Factor »

We recently got a glimpse of what will happen to Latin America once the Federal Reserve stops printing money like crazy. Ben Bernanke’s mere suggestion, back in May, that he might begin to slow the purchase of securities (“tapering,” in financial parlance) was enough to cause $1.5 trillion to evaporate in emerging markets as...
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Toward a Better Balanced Budget Amendment »

On Wednesday morning President Obama unveiled his 2014 budget and urged the nation to reduce the federal deficit “in a balanced and responsible way.” Predictably, his opponents in Congress are offering a vastly different interpretation of what this sensible-sounding proviso should entail. Some may even reach across the aisle and succeed in recruiting members...
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The Federal Reserve’s First Century »

One factor often cited as contributing to the decline of the Roman Empire was the debasement of the currency. In a period of about 150 years following Emperor Nero’s reign (from 54 to 68 AD) the value of Rome’s currency fell by 50%. By 250 AD, 200 years after Nero, the value of Rome’s...
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Monetary Policy and Heightened Price Volatility in Raw Materials Markets »

Despite the Fed’s breathtaking increase of base money since the autumn of 2008, the money stock as measured by conventional concepts such as M2 has not increased greatly, and hence, as ordinary quantity-theory-of-money thinking would lead us to expect, inflation as measured by conventional concepts such as the consumer price index (CPI) has been...
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Don’t Know Much About History: Colleges Teach U.S. History with Politics Left Out (Is that Good or Bad?) »

The good news from the NAS study of American history survey courses: if Hayek was right, then American college graduates–the next generation–will learn a lot about racial oppression, class, and gender (all from a left-wing perspective) but precious little about State Power. Forget what you think of State Power (force for good or source of evil). Americans will know NOTHING. I’ll venture they know nothing already. . .

What do readers think? Is it better that Americans know little about history? Is it better than having them learn Zinn-style history on issues unrelated to race, class, gender?

A Vulgar Keynesian Visits My Chamber »

I heard a noise that seemed to come from my chamber door. I opened it, and then . . . Deep into that darkness peering, long I stood there wondering, fearing, Doubting, dreaming dreams some Austrians dared to dream before; But recession was unbroken, and the darkness gave no token, And the only words...
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Krugman’s Coin »

Paul Krugman has made a tongue-in-cheek proposal that has set tongues wagging—having the U.S. Treasury Department mint a $1 trillion platinum coin in order to circumvent the federal debt ceiling. Actually, Krugman was not the first to propose this solution he himself calls “silly” but he has given it wider exposure. In these weird...
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Unprecedented Household Deleveraging since 2007 »

For decades, American families espoused the not-quite-Cartesian ontology: I go into debt; therefore I am. Household debt climbed ever higher through good times and bad. Since the onset of the current recession, however, household debt has contracted substantially for the first time in more than half a century. After reaching a peak at $13.82...
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