[Editor’s Note: This article is adapted from Joseph Salerno’s foreword to the new third edition of Brendan Brown’s book Euro Crash: How Asset Price Inflation Destroys the Wealth of Nations .] Brendan Brown is a rara avis — a practicing financial economist and shrewd observer of financial markets, players, and policies, whose prolific writings are
The Analyst , published by the Institute of Chartered Financial Analysts of India ( ICFAI ), interviewed Joseph T. Salerno, editor of the Quarterly Journal of Austrian Economics , concerning the financial and banking chaos in Argentina: Q : Are proposed reforms enough to justify having the IMF lend a helping hand to Argentina? SALERNO : To begin
[Introduction to the Third Edition of A Tiger by the Tail by F.A Hayek. An MP3 audio version of this article, read by Floy Lilley, is available for free download .] The small book you are holding in your hands is unique. It is perhaps the finest introduction to the thought of a major thinker ever published in the discipline of economics. What
Several recent blog posts indicate that the modern supporters of “free banking” continue to misconstrue the fundamental theoretical challenge posed by their critics. The main question is not about the ethical-legal issue of whether or not fractional-reserve banking is “fraud” under all circumstances. Nor, ultimately, is it even about
Under cover of its multiplicity of fabricated wars on drugs, terror, tax evasion, and organized crime, the US government has long been waging a hidden war on cash. One symptom of the war is that the largest denomination of US currency is the $100 note, whose ever-eroding purchasing power is far below the purchasing power of the €500 note. US
[This is a revised version of written testimony submitted to the the Subcommittee on Domestic Monetary Policy and Technology of the Committee on Financial Services, US House of Representatives, “Fractional Reserve Banking and Central Banking as Sources of Economic Instability: The Sound Money Alternative,” June 28, 2012.] Chairman Paul and members
Robert Frank is a Cornell University economist who has written a series of books and articles kvetching about the enormous social damage allegedly wrought by competition in American life. One of Frank’s more remarkable arguments is that “expenditure cascades” initiated by the rich have “caused undue harm to others.” An example of such harm occurs
Using Legal Tender Laws Against the State? Posted on Circle Bastiat , Sunday, October 21st, 2012 The relentless war against cash payments waged by governments worldwide has perhaps gone furthest in Scandinavia. The ostensible reason given by our rulers for suppressing cash is to keep society safe from terrorists, tax evaders, money launderers,
The gold “price rule” denotes the monetary reform proposal put forth in various forms by a number of supply-siders, including Arthur Laffer, Robert Mundell, and Jude Wanniski. Laffer’s detailed formulation of the proposal also served as the basis of the Gold Reserve bill, introduced in the Senate by Jesse Helms in January 1981. The scheme has
In this selection from chapter 19 of Reassessing the Presidency (newly available as an ebook from the Mises Store), Joseph Salerno examines one example of how the Federal Reserve and U.S. presidents work together to expand the size and scope of government. ... It was not ultimately budget deficits that allowed Kennedy to initiate the corporatist
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.