Money and Banking

Capone_Arrest_Record_Card

The Left’s New Straw Man: The Shareholder as Mafia Boss

In a recent Washington Post op-ed, Harold Meyerson, an avowed socialist, compares corporations who buy back their own shares to Las Vegas mafia bosses who used to skim casino profits.  The basis for his smear is “a recent paper by J.W. Mason, an economist at the City University of New York and a fellow at […]

federal-reserve

A Parable on The Deception of Central Banking

Central banking requires that government bureaucrats act in a way to distort the entire economic system by introducing counterfeit credit into the monetary system in such a way that businessmen are continually fooled into acting in a way that mimics the behavior of businessmen operating in an actual economic boom.

Line Extrapolation Gold

Monetary Metals Brief 2015

Anyone in the world buys gold when they don’t like the interest rate offered on paper, and especially when they don’t like the rising risks.

gold

Switzerland Wins As Its Central Bank Surrenders

The situation that forced the Swiss to abandon the peg will soon be faced by bankers of much larger countries in the coming years, the implications of which can have more profound implications for global financial markets.

Bitcoin

Free Banking and The Dollar

While I’m all for monetary freedom and competition, I’m also for reforming the U.S. dollar, which for me means freeing it from control by discretionary central bankers.

gold

We Are All Free Banking Theorists Now*

If even economists who’ve never heard of free banking, or who dismiss both it and the people who take it seriously, nevertheless subscribe to some free banking theories of their own, where do their theories come from?

urgent

Why is the Gold Standard Urgent?

After President Nixon’s gold default in 1971, many people advocated a return to the gold standard. One argument has been repeated: consumer prices are rising. While this is true, it wasn’t compelling in the 1970’s and it certainly doesn’t fire people up today. Rising prices—what most people think of as inflation—is a dead-end, politically. People […]

interest-spread

The Wrong Idea About Inflation

I write often about inflation, and often emphasize that it is not about rising prices. It is important that we define our concepts correctly. Inflation is monetary counterfeiting. Here is a quick graph I made to underscore the point that although the quantity of dollars may be rising, crude oil is falling. I was making two points. […]

federal-reserve

William Jennings Bryan and the Founding of the Fed

William Jennings Bryan, the most stalwart enemy of both private currency and currency monopoly since Andrew Jackson, helped to create a currency monopoly far more powerful than any that Jackson could ever have envisaged, and far more capable of gratifying Wall Street, at the expense of the rest of the nation, than Wall Street alone, […]

How The FED Taxes The Poor

One of the biggest, and one of the oldest, taxes is inflation. Governments have stolen their people’s resources this way, not just for centuries, but for thousands of years.