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Happy interventionists: The economists’ attack on your property
Confiscation in the olden days: Brueghel's 'Paying the Tax' (wikimedia) Last week, the Deutsches Institut für Wirtschaftsforschung (DIW), or German Institute for Economic Research, an influential think...
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The triumph of politics
"Don't worry. Trust me." -- President Nixon - photo White House Photo Office On August 15, 1971, President Richard Nixon declared that the United States would no longer honour its promise to exchange...
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Draghi: ECB to counter ‘unfounded fears’ with unlimited cash
Yesterday, the ECB pronounced itself the official lender-of-last resort to all Euro-Zone governments. To assure that the state can always borrow at conveniently low rates has been declared an...
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Stimulus, to infinity and beyond
Fed Chairman Ben Bernanke There was a beautiful symmetry to last week’s policy announcement by the Fed. Precisely a week after the ECB had pledged its commitment to unlimited purchases of Euro Zone...
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The fallacy of nominal GDP targeting
In a truly remarkable piece for the Financial Times yesterday, Wolfgang Münchau took another swipe at the Euro-sceptic and ECB-critical community in Germany, which he accuses of inflation-paranoia and...
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We are on the road to serfdom
Image by Dan We are now five years into the Great Fiat Money Endgame and our freedom is increasingly under attack from the state, liberty’s eternal enemy. It is true that by any realistic measure most...
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“But there is no inflation!” – Misconceptions about the debasement of money
"But there is no inflation!" - Really? Photographer Graeme Weatherston. “But there is no inflation!” – This is a statement I hear quite often, sometimes from people who are, in principle, sympathetic...
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It’s a mad mad mad mad world
Mark Carney, governor designate of the printing press of England Shinzo Abe, Japan’s new prime minister, has some exciting new ideas about how to make Japan’s economy grow. How about the government...
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The true significance of the $1 trillion coin
Image by Stuart Miles Under President Obama the debt of the United States government has grown by about 50%, and now stands at close to $16 trillion. Every year, the US government spends between $1.2...
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Bubble trouble: Is there an end to endless quantitative easing?
Ben Bernanke (Photo by U.S. Federal Reserve) The publication, earlier this week, of the Federal Reserve’s Federal Open Market Committee minutes of January 29-30 seemed to have a similar effect on...
View ArticleOxford Hayek Society talk followed by Q and A
The Oxford Hayek Society invited Detlev to give a talk at Christ Church on 14th May 2013. This was followed by a lively discussion afterwards …
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End of QE? – I don’t buy it.
Ben Bernanke (Photo by U.S. Federal Reserve) A new meme is spreading in financial markets: The Fed is about to turn off the monetary spigot. US Printmaster General Ben Bernanke announced that he might...
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Forward Guidance? – Nonsense! Central bankers have no choice.
"Pioneer of guidance" - Mark Carney After two decades of serial bubble-blowing, the world’s central bankers have maneuvered themselves into a corner. They created a monster in the form of an unbalanced...
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