Inflationary financing and GDP
This article demonstrates that only government borrowing in the US and UK drives GDP growth. This surprising conclusion is confirmed by long-run statistics. GDP…
Deeply negative nominal rates are on their way
Growing evidence of a severe global recession is sure to provoke more aggressive monetary policies from central banks. They had hoped to have the…
For those who don’t understand inflation
This article is a wake-up call for those who do not understand the true purpose of monetary inflation, and do not realise they are…
The Financial War Escalates
Behind the scenes, the financial war between America and China is escalating dangerously into a war to secure global financial resources. At a time…
Forget velocity of money circulation
If there is one concept that illustrates the difference between a top-down macro-economic approach and the reality of everyday life it is the velocity…
In praise of Hayek’s masterwork
Friedrich von Hayek first published The Road to Serfdom in 1944. His book was subsequently popularised by a condensed version in The Reader’s Digest….
In Defence of Free Markets
Why is it that no one defends free markets, and socialism, despite all the evidence of its failures, comes back again and again? Unsurprisingly,…
Why monetary easing will fail
The major economies have slowed suddenly in the last two or three months, prompting a change of tack in the monetary policies of central…
The Arrival Of The Credit Crisis
Those of us who closely follow the credit cycle should not be surprised by the current slide in equity markets. It was going to…
Time Is Money, Money Is Time
Life’s but a walking shadow, a poor player who struts and frets his hour upon the stage and then is heard no more. -Macbeth…