Saving Capitalism From Something

During the years of the Great Depression, John Maynard Keynes formalized what he called his General Theory of Employment, Interest, and Capital, which heavily influenced politics of the time and the development of economics in subsequent decades. He is often characterized as the man who single-handedly prevented the collapse of Continue Reading →

The NIRP Has No Clothes

Like the king in the familiar fable, the Negative Interest Rate Policy (NIRP) is being paraded around as some magnificent creation by central banks. Like in the children’s story, people are confused. They know they are supposed to be dazzled by its brilliance, and they are being told by the Continue Reading →

Inflation Versus Productivity Gains

Money is the most important commodity in any advanced society. Because of its characteristics of easy portability, divisibility, durability, and some anticipated value, it is the mediator for transactions of all types. It touches virtually every area of the economy every day. It affects the lives, in some way, of Continue Reading →

Stealing from Our Children

Massive government debt is justified on many grounds, often by highly-credentialed, well-educated, respectable people of good faith and character. The opposite, however, is often proposed by people with the same characteristics. Those qualities don’t, by themselves, impart upon them the prize of ultimate truth. Government finances certainly are complicated, but Continue Reading →