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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: October 2011
Reverting to national currencies won’t save the euro
It’s often assumed by those listening to critics of the euro, that we desire a return to national currencies, such as the franc or deutschmark. Certainly, some do, but from the perspective of the Austrian school of economics, they are … Continue reading
This is why I became a libertarian
When I was in school, I remember the whole class being punished (eg work in silence) unless a guilty one or two owned up to what they’d done. Surprise, surprise, nobody owned up and we all suffered the consequences. It … Continue reading
The latest plan to save the euro
There seem to be endless summits of EU leaders these days, trying in vain to solve the debt crisis in the eurozone. Rather than replicate excellent analysis elsewhere, I’ll leave you with an article on the subject. Detlev Schlichter, over … Continue reading
Will the US government ever pay off its debt?
While the eurozone crisis flips between panic and temporary calm after the latest ‘plan’ from European leaders, let’s not forget the mountain of debt the US government has built up. It currently stands at a whopping $14.8 trillion, and there’s … Continue reading
Why sound money is important – and the Bank must go
One of the arguments made defending increases in the money supply, such as the recent quantitative easing in Britain, is that such money inflation does not always result in price inflation. Paul Krugman, a Nobel prize winning Keynesian economist, argued this recently … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, central banks, econ, economics, inflation, Paul Krugman, Quantitative easing
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Occupy Wall Street or Occupy the State?
Apologies for the lack of recent posting – real life has a habit of getting in the way! There’s been a large number of protests in financial districts across the world – including in London where I live and work – … Continue reading
Posted in Uncategorized
Tagged Bank of England, central banks, economics, libertarianism, occupy wall street
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Why the state creates central banks
Over at the Mises Institute, Hans-Hermann Hoppe has a great article explaining why states create central banks and control the money supply. He reminds us that inflation always enriches those connected to the state at the expense of those who … Continue reading
A little (on topic) light relief
Whoever said “if you don’t laugh, you’ll cry”, certainly was on to something. I think I would paraphrase it as “if you don’t laugh, you’ll go mad with incandescent rage”, but heh. The following youtube video was created a year … Continue reading
Posted in Uncategorized
Tagged central banks, economics, Humour, Quantitative easing
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The monetisation of debt continues
Today, the Bank of England announced another £75bn of quantitative easing in an effort to boost the economy [BBC]. Much of this is likely to be used to purchase government debt, as the politicians are presumably too afraid to tax us directly. Why do … Continue reading
Posted in Uncategorized
Tagged Bank of England, central banks, economics, fiat money, Quantitative easing
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Abolish the Bank of England 