Politicians will always falsely blame inflation on businessmen’s “greed.” But only government deficit spending using fiat money can create inflation. Inflation consists in increasing the money supply faster than the increase in production of goods that people want, the condition we endure today, in spades. If it were true, as liberal-progressives and politicians of...
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Inflation that affects the entire economy originates with government action. Price increases that arise from temporary imbalances between supply and demand in specific product markets are not examples of general inflation. If bad weather or other factors reduce the yield of food crops like wheat or corn, the lowered supply (or anticipation of reduced...
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Stock market exuberance is symptomatic of a rapidly expanding money supply’s corrosive effect. In the last two trading days of the week ending January 23rd, the Dow Industrial Index plummeted 430.170 points, the worst decline in a year. Major factors, according to Street gossip, were continuing weakness in corporate sales and growing fears that...
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Procrustean regulation of banks and other financial institutions, passed by the House and pending in the Senate, will not prevent the next credit debacle and economic recession. The House of Representatives has just passed a bill, primarily the brain child of Congressman Barney Frank, that expands the scope and detailed depth of financial markets’...
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Federal Reserve chairman Ben Bernanke is a devotee of Keynesian economics, which is to say that he is incapable of learning from experience. Either he can’t comprehend that the Fed’s excessive fiat money creation always precedes bubbles of economic exuberance, or he insanely proposes to continue repeating the Fed’s cheap money policies, ever hopeful...
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Since the advent of the Federal Reserve System in 1913, monetary authorities have repeatedly upped the narcotic dosage as a remedy for the pains of easy money and credit addiction. An exceptionally clear and insightful analysis of the precipitating and sustaining causes of the twelve-year-long Great Depression is to be found in Banking and...
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