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Fed Slashes and Promises to Make It Stick: Let’s See if Krugman Is Right

The Fed cut the target today down to “0 to 0.25%” and “made an explicit commitment to keeping official interest rates near rock bottom for an extended period.” This is exactly what Paul Krugman has recommended. So let’s see if it works. My point here is that for every period where the standard “cut rates […]

Hayek Tells Bill Buckley That Even Keynes Was Afraid of the Keynesians

Last month Bob Roddis caused a stir when he made available the audio recording of Hayek’s 1975 “Meet the Press” appearance. Well Roddis has done it again. He has provided me with this recording (mp3) of Hayek on Bill Buckley’s Firing Line. Buckley asks Hayek about the popularity of Keynesianism, if (as Hayek claimed) it […]

What Was Madoff’s Exit Strategy?

Econophile asks some good questions: Ponzi schemes are fascinating. Why would anyone do one unless they have a plane to Rio waiting on the runway? They know that they have to get off the train at some point and then it’s all over. Why did Bernie Madoff do it? $50 billion is real money. Aside […]

Dan Mitchell Blows Up Keynesianism

Yeah yeah, this video (HT2 Pete Boettke) from Dan Mitchell is a bit elementary, but it’s not his fault that our society is enthralled by a ridiculous idea. Incidentally, the defender of Keynesianism would argue that Hoover and FDR didn’t do it right; they shouldn’t have raised taxes, just spending. And with Japan, the response […]

Freeman Article on Fannie & Freddie Seizure Now Online

The December issue of the Freeman is up, and it has my article on the F&F seizure. I don’t remember the exact date, but I think I submitted this piece in October. I confess that I was somewhat nervous to read it just now, because so much has changed since I wrote it. Fortunately, I […]

Oops, Base Growth Was Probably Higher in 2001 Than in 2002

In my latest mises.org piece, I argue that the monetary base grew more rapidly in 2002 than in 2001, whereas Henderson and Hummel give the opposite impression. After further review, I think they are probably right. The problem is that the base whipsawed around due to Y2K and the 9/11 attacks. Look at the levels: […]

IER Comments on Scoping Plan for California’s AB 32

Here (pdf) are the comments I submitted on behalf of IER to California’s Air Resources Board regarding the economic analysis contained in the Scoping Plan for AB 32, aka “The Global Warming Solutions Act of 2006.” It would force California greenhouse gas emissions back to 1990 levels by 2020, which would be about a 25% […]