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Helping a Spanish team explain the crisis: Fraud


I recently gave an interview to fraudedocumental.com towards their forthcoming documentary on the crisis. A good number of my colleagues in the UK and Europe will be appearing in the film: Fraud. Why the Great Recession (Official Trailer) from amagifilms on Vimeo. One of the stars is Jesús Huerta de Soto, author of the brilliant Money, Bank Credit, and Economic Cycles , which set out, from a sound theoretical basis, the mechanisms of this crisis as long ago as 1998 […]

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LSE Hayek Lecture 2010: Prof Jesús Huerta de Soto


LSE Hayek Lecture 2010: Professor Jesús Huerta de Soto from Cobden Centre on Vimeo. See also his books: Money, Bank Credit and Economic Cycles (PDF, buy) Socialism, Economic Calculation and Entrepreneurship (buy)

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Honest Money and the Future of Banking


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As reported by The Cobden Centre, on Thursday, Jesús Huerta de Soto gave the 2010 Hayek lecture at the London School of Economics. You can find the text of his speech here and a podcast of his preview interview here. A video will follow in due course. Yesterday, I gave a talk at the Libertarian Alliance Conference 2010 entitled Honest Money and the Future of Banking. Please click the image below for the slides. Video footage of my presentation will be […]

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“The Austrian School” by Jesús Huerta de Soto


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I have discovered that the IEA have relaunched “The Austrian School” by Jesús Huerta de Soto: It has become increasingly clear that interventionism played a significant role in precipitating the 2008 financial crisis. The Austrian School is more than capable of providing the free market theoretical framework needed to understand why governments and central banks helped bring about the bust. Jesus Huerta de Soto’s book offers a comprehensive yet concise overview of the Austrian school, an increasingly influential branch of economics. […]

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The manic depressive and the chronic depressive economy


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A couple of quotes from De Soto, pp 456-474. From “Effects the business cycle exerts on the banking sector”: Hence we can conclude that an inherent trend in the privileged exercise of fractional-reserve banking leads to bank consolidation and encourages bankers to develop and maintain close relations with the central bank as the only institution capable of guaranteeing banks’ survival in moments of crisis, situations banks themselves create regularly. Furthermore the central bank directs, orchestrates, and organizes credit expansion, making […]

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The Credit Crunch Explained


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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 […]

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Banks, economic interventionism and the cause of the credit crisis


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(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 […]

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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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