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.
The causes of the gold inflow that fueled the post-1933 recovery, and especially the part played by FDR’s decision to devalue the dollar.
During the opening days of March, 1933, the U.S. economy resembled a stricken body slowly bleeding out, its organs failing one by one. The Federal Reserve System was hemorrhaging gold, and entire state banking systems were shutting down one after another. I
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Any official effort to link the dollar to gold today would be just another act of monetary central planning.
Blame the Bankers, Not Freedom in Banking
That there was widespread support for the Scottish bank suspension did not, however, mean that the suspension left the Scottish public unscathed.
Does the Scottish suspension suggest that fractional reserve banking is, inconsistent with genuine freedom in banking, including the consistent honoring of bank customers’ property rights?
If we can’t kill it entirely, we should be thinking about ways to make the Fed less political, not more.
The financial crisis of 2008-9 — accompanied by the Great Recession was caused by government intervention, mainly in mortgage finance and the housing sector.
I don’t trust politicians, generally, but I especially don’t trust them with money. Since the U.S. went off the gold standard, the dollar has lost 80 percent of its value.
At a time when the appeal of and demands for a new “democratic” socialism seem to have caught the imagination of many among the young and are reflected in the promises of a good number of political candidates running for high office, there is one already-existing...
The creation of money doesn’t create wealth, unless money itself is wealth — as it was when it was gold and silver.
How the government fundamentally caused the financial meltdown of 2008.
Government planners fail to “manage” market economies as the indicators they use are themselves false signals hiding from view the reality of the complex market system.
In the middle of July 2018, President Donald Trump said in an interview that he was “not happy” with the Federal Reserve nudging up interest rates and threatening economic growth in the United States. At the recent Jackson Hole, Wyoming, meeting of global central bank...
What is the fundamental issue is: monetary central planning – with its embarrassingly awful one hundred year track record with paper monies – or getting government’s direct or indirect hand off the handle of the monetary printing press.
Banks to stop financing fossil fuel development: Sound investment decisions vs. virtue signaling?
The essential moral case for finance that Brook and Watkins present is that finance is good by the standard of human flourishing.
The phantom of “inflation targeting.”
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
Greater monetary freedom would not only give every citizen a legal right to protect and secure his income, wealth and market transactions from abusive mismanagement of the government’s monopoly monetary printing press. It could also serve as a check on the degree of such government abuse.
The real lessons to be learned from Canada’s 19th-century currency system.
The real lessons to be learned from Canada’s 19th-century currency system.