Accommodative Monetary Policy is Encroaching on Fiscal Policy
byWe believe that the ECB is presently using monetary policy in effect to conduct fiscal, as well as monetary policy. Elected politicians should be…
The mystery behind economic growth
byWith sound money and free markets, the evolving production of businesses increases the purchasing power of money over time. We learn, out of the…
The Consumer Price Index, a False Indicator of Our Individual Costs-of-Living
byFor years the Federal Reserve and many other central banks around the world have declared that a key element of monetary policy is the…
Ambivalence toward Monetary Freedom is ubiquitous – Why?
byThe vast majority of people would either be up in arms or completely confused if the government suddenly said that all private bread producers…
What should be the correct money supply growth rate?
byMost economists believe that a growing economy requires a growing money stock, on grounds that growth gives rise to a greater demand for money,…
US 30yr Swaps have yielded less than Treasuries since 2008 – does it matter?
byWith 30yr Swap yields below T-bond yields arbitrage should be possible Higher capital requirements have increased the cost of holding T-bonds Central clearing has…
The Next Step in Europe’s Negative-Interest-Rate Experiment
byThe European Central Bank (ECB) pushed its deposit rate to minus 0.4 percent in April 2016: Since then, euro area banks must pay 0.4…
Give us another Oil boom
byDear Lord, Y’all give us another oil boom… If there is one sector of the US economy where an Austrian-style Boom-and-Bust bust has taken…
Benn Steil: RMB Globalization, Once “Unstoppable,” Heads Into Reverse
by“The globalisation of the [Chinese RMB] seems remorseless and unstoppable,” the Economist pronounced in April 2014. A year later, a research-grant foundation asked me…
Auditing the Fed Is Now More Important than Ever
byBy Jonathan Newman Last week, the House Committee on Oversight and Government Reform approved a bill submitted by Thomas Massie (R-KY) to allow Congress to…