Open Letter to Alexis Tsipras
Dear Prime Minister Tsipras, First, congratulations for mustering the popular support to say “no” to the troika. The euro has long offered Greece a…
THERE’S Your Hyperinflation!
Hyperinflation is commonly defined as rapidly rising prices which get out of control. For example, the Wikipedia entry begins, “In economics, hyperinflation occurs when…
Interest – Inflation = #REF
I have to admit that I derive some pleasure in taking on hoary old myths. For example, some economists assert that the interest rate…
They’re Coming to Take Away Your Cash
The stories are all over the Internet. Governments are forcing us into a cashless society. Supposedly the pretext is terrorism, and the real reason…
How Could the Fed Protect Us from Economic Waves?
Mainstream economists tell us that the Federal Reserve protects us from economic waves, indeed from the business cycle itself. In their view, people naturally…
Falling Yield, Rising Asset
Our monetary system is failing, but explaining that isn’t easy. The most popular argument is that the dollar has falling purchasing power and rising…
Think Different About Purchasing Power
The dollar is always losing value. To measure the decline, people turn to the Consumer Price Index (CPI), or various alternative measures such as…
Ben Bernanke Now Blogs
Ben Bernanke presided over the Federal Reserve for two terms, from 2006 through 2014. A year and half into his first term, he began…
Falling Interest Causes Falling Wages
Interest rates have been falling for over three decades. Conventional economics has two things to say about this. One, inflation expectations are falling. Monetarists…
A Salvo in the Battle for the Gold Standard
I wrote what I thought was a fairly simple article for Forbes on Tuesday. I noticed that some people really got it, and they…