Monetary Policy

Postmodern Government Budgets

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If President Bush’s bureaucracy were as capable as the bureaucracy in George Orwell’s great novel, Nineteen Eighty-Four, Lawrence Lindsey, the president’s former economic advisor, would have been airbrushed out of every photograph he appeared in while holding that post, and every reference to his estimate of the cost of the ... [click for more]

A Rare Moment of Candor

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President Bush says he’s got the economy under control. That’s supposed to comfort us. I’d feel better if he said he had the federal government under control. It’s spending wildly — and it can’t blame the “war on terrorism” for it all. That’s just the latest spending. ... [click for more]

Book Review: Should We Have Faith in Central Banks?

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Should We Have Faith in Central Banks? by Otmar Issing (London: Institute of Economic Affairs, 2002); 53 pages; $12. One of the momentous events of the new century has been the establishment of a single, common currency for many of the member nations of the European Union. The German mark, the French franc, the Austrian schilling, the Italian lira, the Irish ... [click for more]

Legal Tender and the Civil War

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FACED WITH A LACK of Northern enthusiasm for his war against the South, President Lincoln resorted to drastic means to finance his war effort. If Lincoln had resorted to a traditional method of government finance — taxation — he knew that he might be faced with tax riots among the people of the North. And he knew that if ... [click for more]

Alan Greenspan’s Inflation Problem

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Federal Reserve Chairman Alan Greenspan has informed the American people that they can expect to see higher interest rates for the rest of the year. In his recent testimony before the Congressional Committee on Banking and Financial Services, Greenspan stated that the unprecedented growth in production and employment in ... [click for more]
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