Homines libenter quod volunt credunt
Posted in Money, Regulation on Jun 12th, 2009
The major problem with government intervention in Money and Banking over the centuries has really been the fact that each new round of regulation is laid over the existing pool of regulations – themselves typically responsible for the crisis that triggered the call for new regulation. So while I was sure that whatever the Obama […]
Even though empirical research casts doubt on the quantity theory of inflation, there has always been a strong correlation between the rate of money growth and the rate of price level changes within the US and also across OECD Countries. However, something seems to have changed since the early 1990s. The first two charts show […]
Posted in Money on May 19th, 2009
My brother had to tell me why! He’s much better looking than I am!
Why does the Federal Government (via the IRS) NOT accept its own currency as payment of taxes? I have my own ideas, which I’ll share later. But this seems strange particularly given the views of heterodox monetary economists that argue the only reason a particular thing is money or has value as money is because […]
Posted in Money, Regulation on May 12th, 2009
In an excellent interview with the Richmond Fed, George Selgin writes: Secondly, the tendency for banking systems to suffer failures, especially big clusters of failures, depends on the regulatory environment. Had we had nationwide branch banking all along in the United States, that alone would have allowed us to avoid many of the bank failures […]
Posted in Macroeconomics, Money on May 11th, 2009
The Government Budget Identity can be written as G = T + delta D + delta B, where G is government spending, T is tax revenues, delta D is the amount of new borrowing done by the government, and delta B is the amount of new “money” created.
Posted in Money on Apr 24th, 2009
Akerlof, Shiller and the rest of the looters that think “good government” is anything but the most hilarious oxymoron in etymological history should be fed to the lions.
Posted in Corporatism, Money on Mar 19th, 2009
This in today’s news: The head of Kellogg Co., the world’s largest cereal maker, planned to urge Congress on Thursday to revamp how the government polices his industry. Kellogg lost $70 million in the recent salmonella outbreak, after it had to recall millions of packages of peanut butter crackers and cookies. Chief executive David Mackay […]
Posted in Corporatism, Money on Mar 13th, 2009
“whatever advantages are to be derived from banking operations all citizens would be free to enjoy alike … the system is odious to the free spirit of our civil institutions … and detrimental to sound banking because confidence supposedly induced by the supposed sanctity of charter, enables the unworthy and dishonest managers of a bank’s […]
Posted in Money on Mar 12th, 2009
And let’s guess which Administration allowed this to happen: Pass a law that allows out-of-state bank holding companies to acquire banks in any state Pass a law allowing banks to branch across state lines, and legally allow them to consolidate holding companies into one (in order to save on legal and regulatory costs) Allows individual […]