China Needs More Economic Freedom—Not a Bigger Welfare State
Mainstream economists claim China needs more consumption and a bigger welfare state. They think China's high savings rate is a bad thing. These economists are wrong.
Mainstream economists claim China needs more consumption and a bigger welfare state. They think China's high savings rate is a bad thing. These economists are wrong.
Mainstream economists claim China needs more consumption and a bigger welfare state. They think China's high savings rate is a bad thing. These economists are wrong.
"I am not against bank notes as such … I want to give everybody the right to issue his own banknotes. The problem then would be to get other men to accept such private banknotes; maybe nobody will take them."
Regardless of how knowledgeable we are and regardless of various technological ideas, without an expanding pool of real savings, expansion in economic growth is not going to emerge.
That Bretton Woods was called a gold standard was an exercise in obfuscation. It happened for the same reason that NAFTA was called free trade. The state has long used the language of the market economy as a plow to push through its opposite.
Just as kings debased coins to help pay for their wars, the Fed used inflation to help pay for US participation in World War I. It did so by creating and issuing dollars in return for government debt.
More state lawmakers than ever are introducing sound money legislation in the opening days of the 2021 legislative session.
The Swiss state should end antigold regulations, end negative interest rates, and return to zero rates on bank reserves. These are small steps on their own, perhaps, but would be progress away from the brewing mess that is the eurozone.
The Swiss state should end antigold regulations, end negative interest rates, and return to zero rates on bank reserves. These are small steps on their own, perhaps, but would be progress away from the brewing mess that is the eurozone.
Since the present monetary system is fundamentally unstable, there cannot be a "correct" money supply growth rate. The present monetary system emerged because money creation was politically necessary to sustain the fractional reserve banking system.