With his latest sophomoric outpourings, Ray Dalio confirms our impression that here we have a man who is undoubtedly a first-class money-maker but who has recently quit that lucrative last in order to display his second-rate intellect by peddling distinctly third-hand ideas. [To listen instead to my podcast on this, please go to CantillonCH at […]
Tag Archives: Hayek
The phrase on everyone’s lips at the moment is ‘Yield Curve’ – largely for its supposedly unerring ability to predict a recession if not, as its most extreme devotees seem to imply, actually to cause one. But is that a valid interpretation of what is afoot in financial markets and does that jibe with how […]
Certain schools of thought – among them the so-called ‘Market Monetarists’, as well as George Selgin’s Fractional Free Bankers – believe – in line with the thinking of the later Hayek – that the Fed would be better off effecting policy with regard to the maintenance of a steady rate of growth of nominal GDP. […]
Having just managed to quell a dangerous rebellion among her fellow Committee members, it did not seem the most opportune time for Janet Yellen to start dreaming of the sort of post-war ‘demand management’ that would happily trade a few extra percentage points of price inflation in order to move a little further up the […]
For those who will not take my word for it that banks do create deposits by lending money, let me quote you a little Roepke from a footnote (p113) to his 1936 work, ‘Crises & Cycles’: “The process [of credit creation] is now clearly explained in any text-book on economics, banking or money (especially recommendable […]