Monetary Policy

Continued bailouts undermine the entire economy by rewarding financial failure and discouraging productive economic activity.

Contrary to Milton Friedman’s thesis that the decline in the money supply caused the Great Depression, the real reason was the collapse of real savings, which was due to loose monetary policies by the Federal Reserve.

Economics textbooks describe monetary policy as though it were administered by experts who know how to fix problems in the economy. In truth, there is no such thing as “monetary policy”; what we have is the Federal Reserve engaging in wealth transfers.

Responding to economist Juan Ramón Rallo's critique of Ludwig von Mises's The Theory of Money and Credit in Una crítica a la teoría monetaria de Mises, Bagus demonstrates that Mises's supposed errors are not errors at all.

Stephanie Kelton, the most visible promoter of MMT, is being derelict in her academic duties by not replying to Per Bylund’s critique of her theories in the Quarterly Journal of Austrian Economics.

What does the state do when in a financial fix? Unlike the rest of us, it legally counterfeits. By so doing, it transfers wealth to those who are politically connected—and then lies about it.

Commercial real estate in the USA is facing a major crisis which could not have been possible without the enabling of the Fed and the draconian restrictions imposed during covid. As commercial real estate prices collapse, the usual suspects call for even more bailouts.

Stephanie Kelton, the most visible promoter of MMT, is being derelict in her academic duties by not replying to Per Bylund’s critique of her theories in the Quarterly Journal of Austrian Economics.

Contrary to Milton Friedman’s thesis that the decline in the money supply caused the Great Depression, the real reason was the collapse of real savings, which was due to loose monetary policies by the Federal Reserve.

Alexander Salter argues that “there’s no good reaso