Home » Posts tagged "Money" (Page 10)

Tag Archives: Money

British banks highly vulnerable to future shocks, Bank of England warns – Telegraph


Via British banks highly vulnerable to future shocks, Bank of England warns – Telegraph: Britain’s banks remain over-indebted, highly vulnerable and harbour growing funding gaps which leave them susceptible to future shocks, the Bank of England has said. … In a sign of the strain facing nations’ public finances – including the UK’s – the report also revealed that the threat of a sovereign debt default has become one of the biggest concerns for investors. A survey put together for the […]

Tags: , , ,

The Cobden Centre: for honest money and social progress


Post Image

I am delighted to report that I have established The Cobden Centre, an educational charity for honest money and social progress, together with founder Toby Baxendale. You can find out more at our web site. The Cobden Centre provided this site’s previously-published reading list, Rethinking Economics. Over the coming months, The Cobden Centre will provide a number of insight articles drawing on our extensive base of literature and covering, as a beginning, the scope of de Soto’s Money, Bank Credit […]

Tags: , , , ,

Yet more new money


Present economic circumstances seem perilously close to those described by scholars of the monetary theory of the trade cycle: The Bank of England has pledged to pump another £50bn into the economy as it steps up efforts to haul the UK from its worst recession in at least two decades. via Bank of England to pump another £50bn into economy as it steps up recession fight – Telegraph. China has given its clearest warning to date that emergency monetary stimulus […]

Tags: , , ,

“The Pretence of Knowledge”: how economists come to make astrologers look good


Post Image

(Update: This post is attracting significant traffic, so I have indicated three Austrian-School primers throughout the text. Please click the images for the publications.) It seems everyone is talking about swine flu and the financial crisis, but they seem to be most persistently interested in what has gone wrong with the economy. After I explained the key points of this Nobel Prize Lecture by F A Hayek to my hairdresser this morning, she had confirmed in her mind what she […]

Tags: , , , , ,

Quantitative easing explained: “Who would be a central banker at the moment?”


Post Image

From the FT, Quantitative Easing Explained provides an approachable description of the process. However, Dr Anthony Evans writes: Despite the confusing terminology, quantitative easing is nothing new. It is simply an exotic label for a discredited policy. And: The amount of currency in circulation was growing at 12% in January 2009, has consistently been expanding at a faster rate than GDP, and the Bank of England is responsible for this monetary expansion. What’s more, the consensus view of economic commentators […]

Tags: , , , ,

The Revolution: Ron Paul vs Alan Greenspan


Post Image

Ron Paul’s manifesto, The Revolution, is a remarkable read, not least for his account of Alan Greenspan: Few Americans during his tenure knew that Greenspan had once been an outspoken advocate of the gold standard as the only monetary system that a free society should consider. Not long after my return to Congress in the election of 1996, I spoke with Greenspan at a special event that took place just before he was to speak in front of the House […]

Tags: , , , , , ,

The Credit Crunch Explained


Post Image

An explanation of the financial crisis for everyone: Linda is the proprietor of a bar in Cork. In order to increase sales, she decides to allow her loyal customers – most of whom are unemployed alcoholics – to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans). Word gets around and as a result increasing numbers of customers (still mostly unemployed alcoholics) flood into Linda’s bar. Taking advantage of […]

Tags: , , , , , , , ,

Banks, economic interventionism and the cause of the credit crisis


Post Image

(This post is a precis of Huerta de Soto’s Money, Bank Credit and Economic Cycles pp650-653, presenting an argument which was famously expounded by von Mises in Socialism. Among the young idealists who were attracted to socialism after the Great War, who came through these arguments expressed in full to understand that they “had been looking for improvement in the wrong direction”, was F A Hayek, Author of The Road to Serfdom, Nobel Prize winner and proponent of the denationalization […]

Tags: , , , , , , , , , , ,

Gordon Brown, the G20, hyperinflation and economic incompetence


Post Image

Gordon Brown promises increased economic intervention by the G20, including sales of gold reserves, and the emergence of “a new world order”: Janet Daley looks for comfort: Gordon Brown has announced – in his best portentous tones – that the G20 summit concluded that “global problems require global solutions”. What the summit actually proved was, to adapt Margaret Thatcher, you can’t buck national electorates. There will be no World Government today, thank heavens. The critique of Mr Brown’s summit (as it presumably must […]

Tags: , , , , , , ,

The End of Mainstream Economics: An Interview with Gunnar Tómasson


Post Image

From an interview with ex-IMF economist Gunnar Tómasson: Does this mean that generations of students have been brought up on nonsense ideology? For this is ideology, of course. Gunnar: Yes, nonsensical ideology. The root of the problem goes back to a point made in the mid-19th century by John Stuart Mill, one of the sharpest minds of all time, in an overview article on unresolved methodological aspects of economics. Mill viewed economics as a branch of logic and noted that […]

Tags: , , ,

← Older posts Newer posts →