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The Cobden Centre has been established to promote social progress through honest money, free trade and peace. We endorse Richard Cobden's view that:
Peace will come to earth when the people have more to do with each other and governments less.

Recent articles

FMQ carries on growing…

1 August 14 by Alasdair Macleod

June’s FMQ components have now been released by the St Louis Fed, and it stands at a record $13.132 trillion. As can be seen in the chart above, it is $5.48 trillion more than an extension of the pre-Lehman crisis exponential growth trend. At this point readers not familiar with the construction of FMQ and [...]


Understanding Argentina’s Coming Default

31 July 14 by Max Rangeley

[Editor's note: this piece first appeared on mises.org]

At the time of this writing, Argentina is a few days away from formally defaulting on its debts.How could this happen three times in just twenty-eight years?

Following the 2001 default, Argentina offered a debt swap (a restructuring of debt) to its creditors in 2005. [...]


Is This China’s QE?

30 July 14 by Max Rangeley

[Editor's note: this piece was first published at Zero Hedge, which has had several excellent articles tracking the effusions of the PBOC and their effect on credit markets]

Shortly after we exposed the real liquidity crisis facing Chinese banks recently (when no repo occurred and money market rates surged), China (very quietly) announced CNY [...]


The Coming Slump

29 July 14 by Alasdair Macleod

Governments and central banks have made little or no progress in recovering from the Lehman crisis six years ago. The problem is not helped by dependence on statistics which are downright misleading. This is particularly true of real GDP, comprised of nominal GDP deflated by an estimate of price inflation. First, we must discuss [...]


Has Fractional-Reserve Banking Really Passed the Market Test?

28 July 14 by Max Rangeley

[Editor's note: the following piece was originally published by World Dollar at zerohedge.com]

In 2003, Jörg Guido Hülsmann, a senior fellow of the Mises Institute, published the essay “Has Fractional-Reserve Banking Really Passed the Market Test?” in a Winter edition of The Independent Review. The key conclusion drawn was that it is the obfuscation [...]