asked Tony Durden at Zero Hedge the other day. His answer: the Treasury Borrowing Advisory Committee to the US Treasury chaired by Matt Zames of J.P. Morgan. Durden discovered the following passage by Friedrich Hayek quoted in the TBAC’s quarterly refunding presentation made at the beginning of May. Here it is as found on p. 86 of the appendix of
In an interview on The Lew Rockwell Show , economist Harry Veryser of the University of Detroit-Mercy and author of It Didn’t Have to Be This Way shared the following recollection: I remember being in a conference with Ludwig von Mises in the sixties at FEE [the Foundation for Economic Education]. And I asked him about Friedman and economics. And
Responding to a question after his speech in Stockholm earlier today, Federal Reserve Bank of Philadelphia President Charles Plosser admitted that the Fed’s policy of targeting a zero interest rate “is increasingly troubling to many people on the Fed.” Plosser went on to state, “We’re very conscious of the fact that keeping rates at zero for very
You would not think that there would be any worthwhile ideas in an article entitled “Bring on the ‘Helicopter’ Money.” Written by hedge-fund manager Daniel Arbess in today’s Wall Street Journal, the article contains a very good idea buried among many bad ones. Arbess argues that quantitative easing is failing because there is a lack of demand for
The Mises Institute will be hosting the David Stockman Seminar in New York City on Tuesday May 21. Lew Rockwell, Judge Andrew Napolitano, and myself will be in attendance. Mr. Stockman will be talking about his hard-hitting new book on crony capitalism, The Great Deformation . The Great Deformation is an indispensable book, packed with insights
The Fed has committed itself to maintaining its zero interest rate policy as well as quantitative easing for as long as the unemployment rate remains above 6.5 percent (and inflation rate below 2.5 percent). James Bullard, the President of the Federal Reserve Bank of St. Louis, heroically dissents from this policy of unemployment targeting, which
Yang Jisheng, a Chinese journalist, is the author of the 2012 book Tombstone , a meticulously researched and definitive history of the Great Chinese Famine engineered by Mao Zedong from 1958 to 1962, during which 36 million Chinese perished from starvation. In an interview with the Wall StreetJournal Mr Yang now reveals that he was greatly
In an interview on CNBC’s European Closing Bell show , George Selgin presents an eloquent and compelling defense of deflation that is caused by increasing productivity in the economy. He refers to this as “good deflation.” Indeed, Selgin argues that such deflation is “desirable,” because any attempt by the Fed to offset it by monetary expansion
George Selgin has written a response to my blog post criticizing his expression of support in a TV interview for quantitative easing (QE) and for a Fed target for nominal gross domestic product (NGDP). In it, he makes a number of fair points that deserve a reply. I will take these one at a time, placing his statements in quotation marks and then
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The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
