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The Causes of the Economic Crisis (1931)


From an address by Ludwig von Mises in 1931, published in The Causes of the Economic Crisis and Other Essays Before and After the Great Depression (PDF) (emphasis mine): According to the circulation credit theory (monetary theory of the trade cycle), cyclical changes in business conditions stem from attempts to reduce artificially the interest rates on loans through measures of banking policy—expansion of bank credit by the issue or creation of additional fiduciary media (that is banknotes and/or checking deposits not […]

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Embrace Default! » The Cobden Centre


Via Embrace Default! » The Cobden Centre: There is a myth circulating, and I am not sure whether it has its origin in sloppy thinking or devious manipulation. It is this: sovereign default in the euro-area is the biggest threat to the euro’s survival. Really? Why? The euro is a form of paper money, just as the dollar, the pound and the yen is paper money. Paper money is backed by – nothing. It is an irredeemable piece of paper. It […]

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Thatcher: This is what we believe.


This week, I was glad to hear David Cameron say ”I’d rather be a child of Thatcher than a son of Brown” but what does that mean for policy and society? Famously, Lady Thatcher settled a discussion by taking a book from her handbag and banging it on the table, declaring, “This is what we believe.” Read the rest of my article at ConservativeHome’s Platform.

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Spoke in the backbench banking debate this evening


I enjoyed speaking in the banking debate this evening – it was held in an atmosphere of considerable thoughfulness and dignity, for the most part. Michael Meacher thought it one of the best in his long career, which seems to me quite a complement to this Parliament. I will post the text of my speech when available, but in the meantime, here is a section from Mises’ Theory of Money and Credit which inspired me: It is impossible to grasp the […]

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Mises on inflation and destructionism


In researching a piece on QE, I found this from Mises’ Socialism, which can stand alone for the moment. Here, by “inflation”, Mises means an increase in the money supply, which causes price rises. For Mises, “Destructionism” is the socialist strategy of tearing down the existing order in the hope that the socialist utopia will emerge. The work dates from 1932 and it tells us most of what we need to know today. Inflation is the last word in destructionism. […]

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