Monetary Policy

Time to Rein in Federal Spending

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The debate in Congress over the extension of the Bush tax cuts has obscured the issue of government spending. After all, it is because members of Congress love to spend money that isn’t theirs that we “need” an income tax to begin with. Government spending is out of control. The federal budget is fast approaching $4 trillion. The budget deficit ... [click for more]

Lessons from a Bloated Budget

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President Obama has just sent to Congress the largest federal budget ever in U.S. history. His $3.518 trillion budget is also the most unbalanced in history, with a built-in deficit of $1.413 trillion. The United States has rarely in its history had a balance of receipts and outlays. Deficit spending has been the norm, with the last real budget surplus ... [click for more]

The Distortions Wrought by the Corporatist State

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“What kind of society gives that kind of money to people who create ... nothing?” That was Chris Matthews’s comment on his MSNBC program Hardball after reporting that “the top 25 hedge fund managers made $25 billion last year.” Most libertarians will have a natural reflex against a statement like that. Indeed, Matthews packs lots of fallacies into a few ... [click for more]

Lessons for America from Germany’s Hyperinflation, Part 2

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Part 1 | Part 2 By November 1922, the German economy was collapsing. Industries shut down. The government committed itself to paying money to the thousands of workers who became unemployed. Within six months, the government was providing a trillion marks a month in emergency credits to failing banks, railroads, manufacturing businesses, and agricultural cooperatives. On July 1, 1923, ... [click for more]

Lessons for America from Germany’s Hyperinflation, Part 1

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Part 1 | Part 2 Many Americans may be inclined to assume that Germans were barbaric because they supported Hitler, and whatever happened there couldn’t possibly apply to the United States. But the Germans have had much more in common with Americans than we might realize. Germans were educated and industrious. Germany had world-class universities. Germans long led the world ... [click for more]

Bernanke Has the Whole World in His Hands

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Federal Reserve Chairman Ben S. Bernanke has a big task ahead of him. He has to withdraw most of the $2.2 trillion the Fed created and pumped into the banking system since 2007 before a monster inflation strikes and robs of us our purchasing power. But he has do it without sending the economy back into a recession in ... [click for more]

Obama’s Phony Populism

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President Obama likes to portray himself as a man of the people. But a look behind the veil shows this to be a deception. Take the financial regulatory overhaul brewing in Washington. I know what you’re thinking: What could better illustrate Obama’s bona fides as a champion of the people? He wants to regulate the banking industry after the recent ... [click for more]

Government Caused the Meltdown

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Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse by Thomas E. Woods (Regnery, 2009); 194 pages. Thomas Woodss Meltdown is a truly radical book. That is to say, it probes to the root ... [click for more]

Gold, Freedom, and the Fed

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The following is a non-verbatim transcript of a speech I delivered on November 23, 2009, at the End the Fed rally in Philadelphia. With the possible exception of the Internal Revenue Service, the federal agency that is the greatest threat to the financial well-being and freedom of the American people is the Federal Reserve. This is the agency that has ... [click for more]
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