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Measures of the money supply

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A dynamic chart showing the various measures of the money supply is available at mises.org: The True Money Supply (TMS) was formulated by Murray Rothbard and represents the amount of money in the economy that is available for immediate use in exchange. It has been referred to in the past as the Austrian Money Supply, the Rothbard Money Supply and the True Money Supply. The benefits of TMS over conventional measures calculated by the Federal Reserve are that it counts [...]

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Anthony Evans: Quantitative easing is an exotic label for a discredited policy

Leading British Austrian-school economist Anthony Evans writes on QE: Economists tend to define QE as when the central bank conducts open-market operations to buy government and corporate securities using newly created money. Many economics textbooks fail to mention QE, suggesting that this is a new and extreme form of monetary policy. Indeed one of the reasons the Bank is keen to refer to QE rather than its colloquial name – printing money – is to distance itself from negative connotations. [...]

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“QE” via Stephanie Flanders’ Stephanomics

Via BBC NEWS | The Reporters | Stephanie Flanders’ Stephanomics: Later today, all the signs are that the MPC will release a statement saying that they have authorised the Bank of England to start buying government and corporate securities on its behalf – paid for with money it has created for itself. And so the new money will be injected far from the ordinary person, and a new cycle of widening economic inequality will begin. And yet it appears, according [...]

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Bank of England set to pump cash into economy

With the Bank of England set to create new money out of nothing, I offer pointers to two articles which explain how this increase in the money supply will further impoverish the poor and those on fixed incomes, and how the move will diminish the chances of a sustained recovery. The Bank of England is set this week to begin “printing money” in a ground-breaking move that will mark its most forceful action yet to curb the slump in the [...]

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The road to hell is paved with…

Good intentions, of course. Chris Huhne proposes to introduce a bill to repeal the legislation that has stripped away our rights. So far, so good: There has always been a problem for civil libertarians. The sacrifices of freedoms made by successive governments often seem small, particularly when they are pushed through at times of panic about terrorism. Each time, the government argues that you only need to give up a modest amount of freedom or rights to win greater security. [...]

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Money, Bank Credit and Economic Cycles

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Jesus Huerta De Soto’s book, “Money, Bank Credit and Economic Cycles” arrived today, all 875 pages of it. It is, apparently: by far the most thorough treatment in print of Austrian ideas on banking and the business cycle  It looks insightful already (from the preface to the second, 2001, edition): While governments and central banks have reacted to the terrorist attack on New York’s World Trade Center by manipulating interest rates, reducing them to historically low levels … the massive [...]

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Testing Times for Central Banks — Baxendale and Evans

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Yesterday, I had lunch with two of the UK’s leading Austrian-school economists, Toby Baxendale and Anthony J. Evans, the authors of the IEA article “Testing Times for Central Banks — Is there room for Austrian ideas at the top table?” The article is a fascinating read, explaining how Austrian economic ideas can offer a fresh perspective on the system of money which sometimes complements, sometimes supplements, the prevailing Keynesian and Chicago-school ideas. Relatively simple reforms could offer stability and sustainable [...]

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The Losing Battle to Fix Gold at $35

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 Why the G-word is taboo? Reviewing this period in gold’s history makes evident the extreme difficulties experienced by the monetary authorities in controlling the price of gold. The typical flat $35 line on charts gives the illusion that the dollar was a stable store of value. In actuality, market prices diverged from $35 — and dramatically so in 1960. The attempt to fix the dollar at 0.888671 grams and gold at $35 — this while the dollar’s purchasing power had [...]

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FT.com / UK – UK tax-take to reveal depth of crisis

On the tax-take and on the risk to the nation’s finances, via FT.com / UK – UK tax-take to reveal depth of crisis: A dramatic deterioration in the public finances is expected to be revealed on Thursday morning as official figures show extremely weak tax revenues in the crucial month of January and lay bare the cost of the government’s capital injections into Britain’s banks. The Treasury is bracing for investor disappointment given expectations for a cash surplus of £16bn for [...]

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Britain’s bankers plumb new depths – Times Online

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Via Britain’s bankers plumb new depths – Times Online : Jon Moulton, the private equity chief, warned a City lunch this week that he feared serious civil unrest. There was, he said, a 25 per cent chance of one of the 15 member countries of the eurozone pulling out of the currency club. That, he said, would be a catastrophic shock leading to a “far greater financial crisis” than the current one. But thinking is established in this area: we are not [...]

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