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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: February 2013
Real interest rates already are negative
Today it was announced that the Deputy Governor of the Bank of England was considering lowering the base rate further still, beyond the current 0.5% into negative terrority. Quite how this is supposed to solve our economic problems isn’t clear. … Continue reading
Posted in Uncategorized
Tagged Austrian school, Bank of England, central bank, interest rates, negative rates, Paul Tucker
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More on interest rates
On similar themes to my recent post on interest rates, Detlev Schlicter has written more on the topic. He explains that interest rates are key to co-ordinating consumption and investment: One of the important challenges of coordination for any economy … Continue reading
Posted in Uncategorized
Tagged Austrian school, central banks, coordination, detlev schlicter, interest rates, time preference
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Quote of the Day
If a ten pound note had shrunk over my lifetime in line with its purchasing power, I would need a magnifying glass to find it in my wallet. Simon Rose, Save our Savers
Tautology and the bank
One of the major works of departing Bank of England Governor Mervyn King was the Inflation Report – a quarterly report on what inflation is and what caused it. It is here that economists earn their stereotype for obfuscation, blaming inflation … Continue reading
Posted in Uncategorized
Tagged Bank of England, inflation, Mervyn King, Quantitative easing
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Time and money
Interest rates around the world are today set by central banks, by committee. Is this the best way to do it? This depends on what interest rates are. Are they variables we can tinker with to provide the best economic output? … Continue reading
Posted in Uncategorized
Tagged Austrian school, business cycle, central banks, economics, housing boom, interest rates, time preference
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Argentina imposes supermarket price controls
The Argentine government is clearly getting worried about the effects of the constant money printing on everyday purchases: Today, in a futile attempt to halt inflation, the government of Cristina Kirchner announced a two-month price freeze on supermarket products. The … Continue reading
Posted in Uncategorized
Tagged Argentina, Cristina Kirchner, economics, IMF, inflation, price controls
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Should we end the Fed?
Posted in Uncategorized
Tagged Austrian economics, economics, End the fed, Federal Reserve
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