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“To alleviate the global recession, the G-20 group of nations recently agreed to authorize the International Monetary Fund to allocate $250 billion worth of Special Drawing Rights — the IMF’s unit of account — to its member states. This sparked
“After a month of wrangling, Argentine President Cristina Kirchner succeeded in sacking central bank President Martin Redrado last week. In his place she named Mercedes Marcó del Pont, a Yale-trained economist who has expressed the view that central bank autonomy
“We are now more than two years into the Great Recession, which began in December 2007. In the Great Depression, this was the point where the Fed decided to raise interest rates to keep the dollar from depreciating (after Britain
Our friends at the Foundation for Economic Education have started a From The Archives blog. The intent is to pull content from their substantial archives (featuring many famous economists such as F.A. Hayek, Henry Hazlitt, Murray Rothbard and more) and
“As policymakers confront the ongoing U.S. financial crisis, it is important to take a step back and understand its origins. Those who fault “deregulation,” “unfettered capitalism,” or “greed” would do well to look instead at flawed institutions and misguided policies.”
“Mr. Bernanke has become something of a lightning rod for critics on the left, who think his response to the financial crisis that triggered the recession has been too timid, and for those on the right, who charge that the
“This Policy Analysis explains the antecedents of the current global financial crisis and critically examines the reasoning behind the U.S. Treasury and Federal Reserve’s actions to prop up the financial sector. It argues that recovery from the financial crisis is
“China hopes cooling the pace of lending will keep its economy growing without creating inflation and overheating.” See the CNN video here. “China Cools Lending Pace” CNN, January 25, 2010.
“Federal Reserve Chairman Ben Bernanke has explained his exit strategy to prevent future inflation. The Fed recently began to pay interest to banks on the reserves they hold in their vaults. Using this new tool, it claims the ability to
“A history of the Federal Reserve is a history of the decisions made and the ideas that prompted them. The chapters that follow allow the participants to explain their action and the reasons for them, in their own words. These
“Prices rise soonest, fastest, and highest where the money is being loaned out. During the realestate boom until 2007, much of the lending went to real estate, and land values zoomed up. The Federal Reserve money monopoly does not just
“In all countries of the so-called ‘free world,’ money represents nowadays a government controlled irredeemable paper, or ‘fiat,’ money standard. The widely held view is that this money system would be compatible with the ideal of a free society and
The Obama administration thinks it has found the cure all for its economic woes. The solution: regulate, restrict and play God in the economy. (Not exactly a new strategy for government.) In usual fashion, government regulations and Fed policies bring
“The U.K.’s economic policy puzzle just got harder. Inflation was expected to rise in December, but not by a full percentage point to 2.9%. That is well above market expectations of 2.6% and the Bank of England’s forecast of about
“Examples of the move from piecemeal to comprehensive intervention are found in the 1930s after the collapse of social democratic policies in Weimar Germany and in the United States after the failed interventions of the Hoover administration. Both events heralded
On February 5, 2010, our friends at the Cato Institute will be hosting a Capitol Hill Briefing, “Greed, Irresponsibility, or Policy Mistakes: What Caused the Recession?”. Go here for more information and registration. The deadline to register is Thursday, February
Mike Van Winkle interviews Professors Peter Boettke and Steven Horwitz, co-authors of the recent FEE monograph “The House That Uncle Sam Built,” about what led to the financial meltdown and the Great Recession of 2008. Go here for more.
“I use the term to mean laissez-faire banking — banking without any special government regulations or restrictions. Like free trade, it’s an ideal concept. It doesn’t refer to any specific or actual banking system, although some, like Scotland’s in the
“This uptick triggers the Sahm Rule, a real-time recession indicator, suggesting that the US economy is in, or is nearing, a recession.” ~Peter C. Earle
“Thanks to a complex web of CSR initiatives, aid and development programs, progressive intergovernmental agencies, and the do-good posturing of political elites, businesses will further be ensnarled to ESG.” ~Kimberlee Josephson
“The prospects for market liberalization in the EU aren’t good. We can expect more business as usual, if with some important marginal cuts (notably on the EU’s aggressive and expensive environmental agenda).” ~Nikolai Wenzel
“We have seen the rise of the military-industrial complex, the creation of the national security state, and a bloated military that is second to none, but with a price tag to match.” ~Andrew Byers
“Overturning Chevron should encourage lower courts to police agency assertions of power more closely, but it will not constrain the administrative state so long as Congress persists in enacting broad, poorly written statutes.” ~Jonathan H. Adler
“The American edition of her memoir is a warning Liz Truss extends to Americans — don’t let the administrative state get out of control and do your level best to reduce the powers it already has.” ~Iain Murray
“The arrogance of those who wish to unleash the dogs of antitrust on CurrentlyDominant, Inc. prevents them from asking important follow-up questions.” ~Donald J Boudreaux
“Minimum wages and workplace regulations protect some people, alright, but not the workers. Instead, these rules protect anyone who provides a substitute for the labor that workers bring to the table.” ~Art Carden
“If you care about poverty, then you should encourage positive views about high levels of wealth. A country with people who think positively about the wealthy is more likely to implement market reforms which will make it easier for people to generate wealth.” ~James Hartley
“Instead of taking two percent (say) of the liquidated value of the wealth, the state would simply take ownership of the wealth, in place… In a relatively short time, the government literally takes substantial ownership of all successful private businesses.” ~Michael Munger
“The bottom line is that fast food prices are high because demand for fast food remains high, despite those higher prices.” ~Jon Miltimore
“Prices today are 8.9 percentage points higher than they would have been had the Fed hit its 2-percent inflation target since January 2020.”
“Perhaps Trump’s goal is simply to eliminate the federal income tax. If so, then he should advocate for doing that and only that. Eliminating the income tax would, in fact, make Americans richer in after-tax dollars.” ~David Hebert
“Raising economic growth prospects through policy is difficult. But Britain is now so far behind the United States and the technological frontier, that removing self-imposed barriers to growth could have delivered a meaningful boost to the country’s GDP level.” ~Ryan Bourne
“Blaming high housing prices on private equity because they ‘bought up all the available homes’ is like blaming high food prices on grocery stores because they bought up all the available food.”
“The battle for safeguarding individual rights over financial information and freedom from undue government control must encompass all forms of financial transactions, whether digital or physical.” ~Nicolás Cachanosky
“Regulations often have significant compliance costs and operational challenges. The regulatory burden can stifle innovation and deter investment, particularly in industries struggling with economic headwinds.” ~Vance Ginn
“Those of us who want to keep government small and strictly limited — and, hence, who want individuals to make whatever peaceful choices they wish — are far outnumbered by individuals who distrust markets to deliver enough of the goods to enough of the people.” ~Donald J. Boudreaux
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