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In his post-crisis memoir, The Courage to Act, Ben Bernanke recalls 'seething' in anger at AIG;

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On February 20, 2004 Ben Bernanke gave one of the most remarkable speeches of his lengthy Fed career; he served at the Fed from 2002-2005 and 2006-2014.  He claimed "improvements in monetary policy, though certainly not the only factor, have probably been an important source of the Great Moderation."  (1)  The Great Moderation was a term economists and central bankers came up with to e

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In last week's article, the hierarchy of economic prices was discussed. (1) There it was described that in an economy ravaged by a monetary inflation, wealth would best be preserved by owning assets.  On the other hand, people whose wealth was measured in goods and wages would fare much worse.  A simple equation was introduced which summarized this result;

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In last week's article, (1), Frederick Bastiat's insight into how inflation - what Bastiat called 'false money' - contributes to the concentration of wealth was discussed.

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In last week's article Charles Holt Carroll's adage of inflation being "the surest way to fertilize the rich man's field with the sweat of the poor man's brow" was discussed.

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