Interest Rates Need to Tell the Truth
In the middle of July 2018, President Donald Trump said in an interview that he was “not happy” with the Federal Reserve nudging up…
Read Moremonetary policy
James Madison’s Essay on Money
The following is by James Madison, the primary author of the US Constitution and fourth president. For those who wish to get a…
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The Deflation/Inflation Debate
“Naïve inflationism demands an increase in the quantity of money without suspecting that this will diminish the purchasing power of the money.” ― Ludwig von…
Read MoreWhen will the next credit crisis occur?
The timing of any credit crisis is set by the rate at which the credit cycle progresses. People don’t think in terms of the…
Read MoreWhat Is Optimal Monetary Policy, Anyway?
Ever since the important contributions of new classical economists Finn E. Kydland and Edward C. Prescott during the 1970s and 80s, modern macroeconomics seeks…
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Cobden Centre Seminar at the OECD and Meeting at the IMF
Last Wednesday I gave a seminar at the OECD on the Austrian School of Economics. I presented with Professor Gunther Schnabl from Leipzig University,…
Read MoreHere we go again…
As world stock markets continued to climb to cyclical – if not all – time highs, it became almost the norm for industry talking…
Read MoreRegulatory Perspectives on Virtual Currencies
This piece was kindly produced for The Cobden Centre by Sean F. Ennis and Gert Wehinger at the OECD as part of the The Cobden…
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Zero Hedge: The ECB Has Almost Run Out Of German Bonds To Buy
Source: http://www.zerohedge.com/news/2017-06-06/ecb-has-almost-run-out-eligible-german-bonds-buy One month ago, when looking at the sudden change in ECB bond purchasing patterns, especially of German Bunds, we reported that the central…
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Business cycles are credit cycles
This article gets to the heart of why central banks’ monetary policy will never succeed. The fundamental error is to regard economic cycles as…
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