Benn Steil: Did Russia Really Dump Its U.S. Debt?
byRussia dumped 84% of its American debt,” blared a July CNN headline. Russian central-bank head Elvira Nabiullina said the sales were just part of “diversifying the entire structure…
What causes the acceptance of paper money?
byDemand for a good arises because of its perceived benefit. For instance, people demand food because of the nourishment it offers them. This is…
Who Would Invest in a Gold Bond?
byBerkshire Hathaway CEO Warren Buffet famously dismissed gold. “Gold has two significant shortcomings, being neither of much use nor procreative.” I have recently written…
Why Bolivia Is Not a Socialist Success Story
byby Brittany Hunter Venezuela is a disaster; this is an indisputable fact. When people are eating their pets to avoid starvation, something has gone horribly…
The Blockchain Is a Tempting Target for Central Banks
byFor the past several years, one of the most consistent themes in the world of of central banking has been the ongoing drive to…
The Fed and interest rates
byMost experts agree that through the manipulation of short-term interest rates, the central bank by means of expectations regarding future interest rate policy can…
Speaking truth to power
by“Ron Steigler: Mr. Gardner, uh, my editors and I have been wondering if you would consider writing a book for us, something about…
The Dangers of Totalitarian Planning, Past and Present
byLiberty is a delicate idea and institution. While people say they want freedom, fight under the banner of freedom, and even sometimes die for…
Does a fall in unemployment lead to stronger economic growth?
byIn July, the US unemployment rate fell 0.1% from the month before to 3.9%. The number of unemployed individuals fell by 284,000 to 6.280…
Macroeconomics Has Lost Its Way
byThe father of modern macroeconomics was Keynes. Before Keynes there were macro considerations, which were firmly grounded in human action, the personal preferences and…