It costs money to make money. This fact is not only true for businessmen, investors, and entrepreneurs, but also for the moneymakers themselves — the Department of the Treasury. To print bills or mint coins, the United States Mint and Bureau of Engraving and Printing must purchase all sorts of resources, including paper, ink, equipment, and
In his autobiography , former Randian Alan Greenspan says he has, “always harbored a nostalgia for the gold standard’s inherent price stability--a stable currency was its primary goal.” A stable currency implies that its purchasing power would remain the same. But under a gold standard, there would be a trend for prices to fall as production and
James Grant, Jeff Tucker’s favorite New York Timer , tries to understand “[h]ow...the supposedly “contained” subprime mortgage problem metastasize[d] into a global financial panic.” Given this article’s appearance on Mises.org, is it surprising that Grant places blame on the Federal Reserve? In a speech before he became Chairman of the Fed, Ben
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.