It is often discussed how central banks saved the world economy following the 2008 Global Financial Crisis. In reality, monetary policy has created an even larger bubble than that which burst in 2008. But the trend has now been going on for a generation – from the 1980s onwards, every […]
Read MorePost Tagged with: "Hayek"
Book review – The Fatal Conceit: The Errors of Socialism
I frequently enjoy Hayek’s writing less than anticipated. The Fatal Conceit: The Errors of Socialism was no exception. The book is mercifully brief and its substance is insightful and yet it was a dull read. It begins by explaining that tradition arises between instinct and reason. Hayek destroys the case for […]
Read MoreThree videos to start the Autumn
On levels of debt: On the madness of QE and the current economic consensus: On the battle of economic ideas:
Read MoreHayek’s neglected truths about credit, capital and the trade cycle
Last night, I caught up with Martin Wolf’s November programmes for Radio 4 Analysis, which you can find here. He offered a predictable blend of commentators calling for more money printing, world central banking and greater global governance. It prompted me to look out Monetary Theory and the Trade Cycle […]
Read MoreThe Rule of Law
Please note: this post was written at my request by Michael Dowsett, after yet another European policy which breached the Rule of Law, as classically understood. – Steve The rule of law is a phrase which is widely used but perhaps little understood. Far from being merely the sum total […]
Read MoreRemember, remember, the 5th of November
As CNN reports, the V for Vendetta-style Guy Fawkes mask has inspired Occupy protesters around the world. CNN points out: Ironically Fawkes, far from being the anti-establishment hero he has come to be seen as in the years since his death, was a monarchist who merely wanted to replace the […]
Read MoreBBC Radio 4 Programmes – Keynes Vs. Hayek
What caused the financial mess we’re in? And how do we get out of it? Two of the great economic thinkers of the 20th century had sharply contrasting views: John Maynard Keynes believed that government spending could create employment and longer term growth. His contemporary and rival Friedrich Hayek believed […]
Read MoreThe consequences of the impending national bankruptcies » The Cobden Centre
A fascinating perspective from Robert Thorpe at The Cobden Centre – The consequences of the impending national bankruptcies: The governments of Portugal and Ireland are waiting for Greece to default. If that happens then it will likely trigger the bankruptcy of several European banks*. This is the “Second Lehmann Brothers” the […]
Read MoreParliament, the EU, Keynes and Hayek
Last night in debate, Keynes and his disciples were invoked and rebutted in relation to EU economic surveillance. One Labour MP wanted to print the money we need… Today, via The Cobden Centre, I find EconStories have followed up their superb Keynes vs Hayek rap, Fear the Boom and Bust, with Fight […]
Read MoreThatcher: 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 […]
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