Money and Banks

Mises's firm anti-inflation view—and his recommendation for a return to sound money (that is, free market money)—rested on his awareness of the disastrous consequences of an inflationary policy.

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

Mises's firm anti-inflation view—and his recommendation for a return to sound money (that is, free market money)—rested on his awareness of the disastrous consequences of an inflationary policy

There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press than The Ethics of Money Production.

Rothbard: "At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends."

Corporate cost cutting sets the stage for future gains in profitability and productivity, and there is no resulting "paradox of thrift" requiring easy money policies to "fix" the problem.

For people who remain mystified as to how populists like Donald Trump get elected, they need not look much further than this.

While it took the Federal Reserve almost six years to create 3.5 trillion in new US dollar liquidity after 2008, this time around, it took only ten months to unleash a monetary tsunami of $3 trillion, with the projection of at least another $1.8 trillion next year.

Phishing for Phools provides confusion, and few benefits that go beyond age-old warnings to “be careful, someone might try to take advantage of you.” Many consumer advocates offer far more practical help.

The dollar has benefited mightily from the abandonment of commodity money, the Bretton Woods system, and the rise of competing fiat currencies. This is partly why the dollar has come to dominate international trade.