By: Robert Murphy In a recent column for the New York Times, the world’s most famous Keynesian, Paul Krugman, attacked Austrian business cycle theory (ABCT). In addition to repeating his decades-old claim that ABCT suffers from an internal contradiction, as well as his charge that the Austrians misdiagnosed the 2008 financial crisis, in his latest piece Krugman argued that the 2020 pandemic really was a […]
Austrian Economics
FINANCIAL REPRESSION: How the government takes from savers
By: Purchasing Power Matters In today’s economy, good luck if you’re a saver. No matter how much you have tucked away inside a general savings account, you are receiving pittance on your deposits. Right now, there are zero signals that policymakers will be raising interest rates above the rate of inflation. So be warned: rates running […]
The Nixon Shock: A Keynesian coup of 1971
By: William Anderson On August 15, 1971, the last remains of what had been a magnificent monetary system died a terrible death, and the American academic, political, business, and media elites led the cheers. The Dow Jones Average jumped by more than 32 points the next day. A de facto national default was spun as a great […]
Joe Biden’s America: Shortages everywhere
By: Andrew Moran Do you need a stiff drink after listening to President Joe Biden speak for 20 minutes? Are you interested in shooting at tin cans in the backyard? Is it bothersome to see the trash not being picked up in your city? Where is that java fix to get you through the day […]
Why the U.S. government needs currency dilution, inflation to survive
Eminent economist Milton Friedman wrote that “inflation is taxation without legislation.” But is inflation even worse than what one of the greatest economists in history stated? Some say it is thievery. Others say it triggers income inequality. Either way, governments have dabbled in currency debasement for centuries. Today, central banks worldwide have printed trillions in […]