Tag Archives: silver standard

Bubble trouble: not an easy money problem

The notion that “easy money” created asset booms is levelled (famously by Austrian school economists such as von Mises and Hayek) against the 1920s boom and by a range of commentators about the Great Moderation boom. In both cases, the Fed (dominated by Benjamin Strong as New York Fed Governor up to 1928 and by Alan Greenspan as Fed Chair 1987-2006) is held to be to […]

Value and ambit

ADDENDA: I have added in three extra paragraphs, because I came to realise a key part of the argument, and a key relevant distinction, was missing. ADDENDA II: My thinking on these issues is a work in progress, and I would put the transaction utility point somewhat differently now. As economist Frank Mehrling has observed (pdf): […]

The surreal glitter of gold

Blogging at Free Banking, Kurt Schuler wants us to have a debate about gold (as in the gold standard). Let’s not. I will concede that there is, as he states, much superficial dismissal of the utility of a adopting a gold standard. It is also true understanding the dynamics of gold, silver and bimetallist standards are […]

The misbegotten birth of macro

As folks may have noted, I like graphs; they can be very useful illustrations, particularly of historical trends.  Consider this graph, taken from the 2012 US Federal Budget (via). What is striking is the long-run stability of economic growth in the US, apart from one episode which stands out fairly dramatically. Very dramatically (pdf) given that: […]

Going for gold: perils of entering the goldzone

Who would want the global monetary system to be at the mercy of the Bank of China?  Not conservative, free market types in the United States and elsewhere, one guesses. Actually, it turns out lots of them do; all the people who support some sort of return to the gold standard, who think that the […]