It hadn’t happened before, at least not since US presidents started visiting foreign countries after the Second World War. In early September, when President Obama landed at Hangzhoi for ... Read More
Arguments about sound and unsound money often degenerate into a them-and-us dispute, with the supporters of unsound money casting sound money proponents as impractical out-of-date libertarian weirdos. Supporting one ... Read More
We are accustomed to looking at Europe’s woes in a purely financial context. This is a mistake, because it misses the real reasons why the EU will fail and ... Read More
Feudal and mercantilist economic systems were characterised by the lower orders of ordinary people being enslaved by, or subjected to, the commands of an elite. Beyond basic subsistence, serfs ... Read More
One of my regular readers has raised the important subject of Say’s law, the denial of which both Keynesian and modern monetarists are emphatic. They need this fundamental axiom ... Read More
Monetary policy, we are told, is all about staving off recession and stimulating economic growth. However, not only is monetary debasement in any form counterproductive and destroys the personal ... Read More
It is a month after Britain’s surprise vote to leave the EU. A new Conservative Prime Minister and Chancellor are in place, both David Cameron and George Osborne having ... Read More
The earliest signs are developing of hyperinflation, more correctly described as a collapse of the purchasing power of all the major government currencies. Central bankers are almost certainly unaware ... Read More
Brexit is not the most important problem facing markets, it is mounting problems in the European banks. But before looking at that systemic issue, I will summarise the Brexit ... Read More
The British have recently seen two unpleasant examples of the cost of pension fund deficits. A deficit at British Steel, estimated to be about £485m, was followed by a ... Read More
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