Business Cycles

Fiat money is the fuel of the modern Leviathan state. If we wish to have freedom, we must have sound money.

For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.

By all measures, the economic downturn that began in 1920 was worse than what occurred in 1930, yet the economy recovered quickly in 1921. Why the difference?

For nearly two decades, business, academic, and political elites have spread the fiction that central banks can engineer prosperity by printing more money. Markets now are discrediting that fairy tale.

An upcoming recession likely will lead to falling asset prices. But these price decreases do not cause recessions, but rather are a result of them.

A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.

Ending the string of economic crises that have occurred the past two decades will happen only when economies can depend upon sound money.

Ending the string of economic crises that have occurred the past two decades will happen only when economies can depend upon sound money.

A serious political discussion at the federal level would center on structural problems of war and peace, debt and the dollar, and entitlements. But America in 2022 is a deeply unserious country.

As the economy moves into recession, we should understand how we got there and what is needed to bring about a quick and lasting recovery.