Money & Banking

Inflation: John Maynard Keynes vs. The Gold Standard (3 of 5)

The government may think that inflation--as a method of raising funds--is better than taxation, which is always unpopular and difficult. In many rich and great nations, legislators have often discussed, for months and months, the various forms of new taxes that were...

Inflation: The Myth of the “Price Level” (2 of 5)

When people talk of a "price level," they have in mind the image of a level of a liquid which goes up or down according to the increase or decrease in its quantity, but which, like a liquid in a tank, always rises evenly. But with prices, there is no such thing as a...

Inflation: An Increase in the Quantity of Money (1 of 5)

If the supply of caviar were as plentiful as the supply of potatoes, the price of caviar--that is, the exchange ratio between caviar and money or caviar and other com­modities-would change considerably. In that case, one could obtain caviar at a much smaller...

Monetary Cancel Culture

Whether the bank sanctions hurt Putin or not, they will have far-reaching effects on many innocent people, and not only in Russia. To understand these effects, consider what happens when a bank account is “frozen.”

Unmasking Inflation

The Fed’s fixation on consumer prices disguises the real inflation rate.

False Profits

Record profits are not the sign of a resilient economy but an inflationary effect of reckless money creation

A Tragic Half Century Without Gold Money

The gold standard wasn’t suspended because it caused the Great Depression or bank failures, nor did it disappear in 1971 because it “didn’t work.” It’s been gone because fiscal alchemists couldn’t expand the gold supply as they expanded government.

Inflation Is a Dangerous Way to Get Rid of Debt Burdens

Inflation is a form of tax, under which portions of the citizenry’s income and wealth is taken from them through reducing the real buying power of money held by all those in the private sector and the general public.

The New Deal and Recovery, Part 8: The NRA

The 1933-37 recovery fell far short of reversing the collapse the U.S. economy suffered between 1929 and 1933, and that this disappointing outcome was the result of New Deal policies aimed at boosting wage rates. The resulting higher wage rates prevented the revival of spending from sponsoring a corresponding revival of employment.