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There is no means of avoiding a final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency system involved.
Ludwig von Mises
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Monthly Archives: September 2011
The illegitimacy of government debt
While we’re in a serious sovereign debt crisis, I’d like to play a little thought experiment. Imagine that Ben takes out a loan in my name, to fund his own spending that I do not consent to. The nature of … Continue reading
What of the euro?
I recently spent a very enjoyable 5 days travelling around the Low Countries of Northern Europe with a friend of mine. We drove through abandoned border posts, and used one currency across 5 borders – quite amazing! Our language skills … Continue reading
2 minute explanation of boom and bust
I haven’t had time for any detailed blogging over the past few days, so here’s a snappy summary of how booms and busts are caused by government’s control of the money supply. It comes from Learn Liberty, who have lots … Continue reading
Carswell calls for currency competition
Douglas Carswell MP, a Tory backbencher, today called for a Commons debate on legal tender laws and currency competiton. From the BBC: Parliament is to debate a call for foreign currencies to be made legal tender in the UK. Such … Continue reading
Legal tender laws
Government coercion is pervasive in modern society, and seems to be growing daily. Whilst governments of old would not have cared to regulate your diet or how long you left your horse and cart at the market, states have always … Continue reading
Centrally set interest rates as price controls
In a previous post, I argued that setting interest rates by government fiat is akin to price controls. But why are price controls harmful? Let’s take the example of the price of oil. Without government intervention, prices would be set … Continue reading
What is money?
The primary function of money is that of a medium of exchange, and secondarily as a store of value. It allows us to progress beyond barter, and buy and sell goods we otherwise not be able to. Money is a … Continue reading
