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 […]
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The Losing Battle to Fix Gold at $35
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 […]
Read MoreFT.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 […]
Read MoreBritain’s bankers plumb new depths – Times Online
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 […]
Read MoreRisk and reward as the Bank cuts the base rate to 1.5%
Via Bank of England cuts base rate to 1.5% | Business | guardian.co.uk : The Bank of England’s monetary policy committee (MPC) has cut interest rates by half a percentage point to 1.5% – their lowest level since the central bank was founded more than 300 years ago. And so […]
Read MoreMoney, the free market, circulating credit, deflation and sound money
Via A Golden Way Out of the Monetary Fiasco – Thorsten Polleit – Mises Institute, essential reading for anyone interested in the financial crisis, its causes and a route out (despite its use of the G-word!): The government-controlled monetary regime — the most destructive force set into motion by state interventionism […]
Read MoreOn money and borrowing
In checking the news this morning, I bookmarked a number of pages related to money and borrowing. Their titles tell the story: The next bubble – government borrowing — John Redwood MP Money for Nothing — mises.org Can Friedman’s Money Rule Stabilize the Economy? — mises.org The Fed’s Prescription for […]
Read MoreDominic Lawson: It all went wrong when we left the gold standard
Thanks to Graham for pointing out this article by Dominic Lawson promoting Austrian-school economics: As the chief economic advisor to the Austrian government in the 1920s, Mises put his theories into practice and slowed down inflation in his native country (which, as a Jew, he later fled). He used his […]
Read MoreIf this is Capitalism then I am a Communist — Samizdata
Do people remember the newspaper headlines every so often between 1987 and 2007? Specially the “Alan Greenspan saves the world” stories? Ever wondered what the great Alan Greenspan, Chairman of the Federal Reserve, had actually done? What he had done is as follows… read more | digg story
Read MoreA Free-Market Monetary System
An interesting, if out-there, read from Hayek in 1977: When a little over two years ago, at the second Lausanne Conference of this group, I threw out, almost as a sort of bitter joke, that there was no hope of ever again having decent money, unless we took from government […]
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