The call for "price stabilization" was part of the recent Republican debate. Despite its attractive appearance, having the Fed try to "stabilize prices" is a very bad idea.
Original Article: Why Stabilization Policy is Destabilizing
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Golf Merger Is Opposed by Congress. This Is Misguided
2023-08-15
The PGA Tour and the Saudi-owned LIV Golf are seeking to move past their cutthroat competition and merge together, but United States regulators are stepping in and framing the potential merger as a threat to US sovereignty and an expansion of Saudi Arabian influence, citing the Saudi regime’s brutality and alleged involvement in the 9/11 attacks.
In questioning representatives of the two companies, Senator Richard Blumenthal stated, “Today’s hearing is about much more than the game of golf. It’s about how a brutal, repressive regime can buy influence—indeed even take over a cherished American institution—to cleanse its public image.”
While the “cleanse its public image” part is not obviously true, does Blumenthal have a point? Senator Rand Paul seems unconvinced, saying that Congress has
Eurodollars as a Fractional Reserve Market
2023-08-14
Austrian economics properly understands the ability of commercial banks to create money by mismatching their depositor liabilities with their issuing of money substitutes (i.e., the creation of credit). One possible place for further exploration is the role that nonbank or foreign financial institutions play in the creation of credit and the broader implications on business-cycle creation.
Let us take the dollar as an example. Say Deutsche Bank operates a branch in the United States. This branch, according to the Federal Reserve’s Regulation D, would be subject to the Fed’s reserve requirements. However, a London branch of Deutsche Bank would not be subject to such a regulation on its US dollar holdings. Similarly, a market mutual fund, acting as a creditor, is not subject to the reserve
The Bombing of Hiroshima: The Crime and the Cover-Up
2023-08-12
How do you cover up an atomic bomb? The same way you cover up anything else: you don’t allow people to know what really happened. Of course, the magnitude and power of a mushroom cloud are plainly unmistakable. However, the effects of that bomb can be concealed and obfuscated from the general population.
For over a year after the nuclear destruction of Hiroshima and Nagasaki, the full extent of the bomb’s killing power was kept secret from the world. While little known today, the truth was only revealed due to the actions of a single war correspondent and the stories of six individuals who were forever scarred by what they saw.
On August 6, 1945, a nuclear weapon was used in war for the first time in history against the city of Hiroshima. Just hours after the bombing of Hiroshima,
CBDCs: The Ultimate Tool of Financial Intrusion
2023-08-08
“Experts” at the Federal Reserve and other central banks proudly broadcast the potential “financial inclusion” that could be achieved with a central bank digital currency (CBDC). In the Fed’s main CBDC paper, “Money and Payments: The U.S. Dollar in the Age of Digital Transformation,” they make it clear: “Promoting financial inclusion—particularly for economically vulnerable households and communities—is a high priority for the Federal Reserve . . . a CBDC could reduce common barriers to financial inclusion.”
The term has a ring to it that signals support for progressive goals. “Inclusion” is part of the Orwellian trio of terms “diversity, inclusion, and equity,” which, as Dr. Michael Rectenwald writes, means “surveillance, punishment of the ‘privileged,’ sacrifice of national citizens to
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