Category Archives: News/ Lessons

The Necessary and Inevitable Recession to Come   by Patrick Barron   Perhaps the most destructive premise of modern, mainstream economics is that a central bank-induced monetary/credit expansion can cause an economy to grow without adverse consequences. Let’s be perfectly … Continue reading →

Re: Low-Inflation Trap That Ensnared Japan and Europe Worries Fed Dear Sirs: I am speechless about the inanity of the Fed’s policy of actually desiring to destroy the purchasing power of the dollar. This mind boggling view of the world is … Continue reading →

Re: The Federal Reserve is Flying Blind on Inflation by Andy Kessler Dear Sirs: What the WSJ and every mainstream economist in the nation refers to as “inflation” is merely an increase in prices. The only true inflation is inflation of the … Continue reading →

Counterfeiting Money Is a Crime, Whether by the Fed or A Private Individual  by Patrick Barron A few years ago, shortly after the 2008 subprime lending disaster, the Fed sent a public relations team around the country to conduct supposedly … Continue reading →

When Britons voted on June 23, 2016 on whether or not to leave the EU there was no discussion of a “hard or soft Brexit”. These terms were invented after Brexit passed by a surprisingly large margin and the mostly … Continue reading →

Re: Don’t Fight the Robots, Tax Them, by Eduardo Porter Dear Sirs: I suppose we should be pleased that Mr. Porter is a Luddite-lite; i.e., he doesn’t want to smash new machinery out of existence but use the tax code to … Continue reading →

Re: How America Learned to Stop Worrying and Love Deficits and Debt by Neil Irwin Dear Sirs: Reading Mr. Irwin’s Doctor Strangelove-esque article about whether or not deficits really matter, I was struck by this sentence, which was a paragraph in itself … Continue reading →

Re: Amid Brexit Strains, Anglo-Irish Relations Are “Fraying” Dear Sirs: This phrase in Mr. de Freytas-Tamura’s article about Irish concern over Brexit should be instructive to Irish statesmen: “But food producers worry most that if Britain crashes out of Europe, it would … Continue reading →

Re: Dollars on the Margin by Matthew Desmond Dears Sirs: Has Mr. Desmond, author of “Dollars on the Margin”, never heard of the “Marginal Productivity of Labor”? How about the “Laws of Supply and Demand”? No? Well, let me explain. If the … Continue reading →

Most of the world takes it for granted that central banks are necessary for the smooth conduct of trade, both foreign and domestic. Nothing could be further from the truth. Let’s be clear. Central banks are unnecessary barriers to commerce, … Continue reading →