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1. The Message of the Mid-Term Elections
(Commentaries)
... y voting bloc from Hispanics, to blacks, to the rich and the poor, there was a move away from the progressive political philosophy of Barack Obama and Liberals, toward a more limited, less intrusive gove ...
Created on November 10, 2014
2. What Can Go Wrong?
(Commentaries)
... , falling prices, falling assets, and rising unemployment. Financial panics, currency crises, and bank runs will dot the economic landscape throughout the world in the years to come. Like I said, I give this ...
Created on February 12, 2014
3. What Gold Is Telling Us Now
(Commentaries)
... al breakdowns. In times of severe economic contractions, gold in  one's possession provides safety and liquidity. In times of financial panics,  gold remains safe and valuable in an unsafe world. In t ...
Created on October 9, 2013
4. Collapse as Moral
(Commentaries)
... ions to economics, Friedman revolutionized our understanding of the Great Depression by pointing out that the worst of the slump could have been averted if only the Federal Reserve had stopped the banking p ...
Created on April 27, 2013
5. Why we can't return to a gold standard--yet
(Commentaries)
... d trading and even banking to a halt. Add to this list “black box” and flash crash events that could lead to market panics, oil shocks that could disrupt world trade, or an outright attack on our ener ...
Created on March 6, 2012
6. In Defense of Alan Greenspan
(Commentaries)
...  by the panics of 1814, 1819, 1837, 1857, 1873, and financial crisis of 1907. At that time there was no Federal Reserve to blame. Even on the gold standard, where money, credit, interest rates and inflatio ...
Created on January 12, 2012
7. Is A Central Bank Necessary?
(Commentaries)
...  panics, recessions, or monetary crises. The Fed has an important role as lender of last resort. It has the ability to prevent a systemic breakdown.  It can work in conjunction with the Treasury to tak ...
Created on August 26, 2011
8. News And Views 2010
(Commentaries)
... ously raising reserve requirements. China is the latest to increase capital requirements.  Increased reserve requirements equals reduced leverage.  Lesson: it was excessive leverage that led to financial pa ...
Created on November 27, 2010
9. Bretton Woods 2
(Commentaries)
... he blame again.   The gold standard requires free markets, free trade, and governments that abide by the rules they establish.  When this is the case, money holds its value.  Many claim that we had pan ...
Created on November 20, 2010
10. Are The Fiat And Gold Standards Converging?
(Commentaries)
...  The fact is, we have had financial panics under both the gold standard, such as in 1907, and the government controlled fiat standard of today.  But, under the gold standard the value of the dolla ...
Created on September 4, 2010
11. The Anatomy of A Crisis
(Commentaries)
...  or for worse.  My view is that we will avoid a recession.  But recessions are being replaced by panics and crises in various forms into the future as far as the eye can see.  This opens a new world of v ...
Created on September 4, 2010
12. The Crack-Up Boom
(Commentaries)
... denly value a tulip bulb at the same price as a house, or why investors value a share of stock at a hundred times earnings -- but they do.  Panics, crises, and recessions exist and always will under capi ...
Created on September 4, 2010
13. Why Gold?
(Commentaries)
...  that led to panics and crises. When a government imposes legal tender laws compelling its citizens to accept paper claims, which amount to floating promises, then and only then, does money become tie ...
Created on April 13, 2010
14. Why Prices Are Not Skyrocketing
(Commentaries)
... ernment replaced the gold standard with the Federal Reserve System and to this day we still have panics and severe recessions. For sure, we know that in all things monetary and economic, context change ...
Created on March 4, 2010
15. On Bubbles, Booms, And Creative Destruction
(Commentaries)
... ever happening again. Saying that monetary panics and economic crises will never happen again is like saying if we reformed our legal system crime will never happen again. We know that all the laws, r ...
Created on January 4, 2010
16. The making of an international monetary crisis
(Commentaries)
... f a century of prosperity. These crises can all be traced to excessive supplies of money and credit. The U.S. panics of 1814, 1819, 1837, 1857, 1873, 1893, 1907 and the international monetary crises of  ...
Created on March 3, 2009
17. Regulations In A Free Society
(Commentaries)
... idual responsibility was the first, and many times the only, line of defense.  In the last analyst, it will always be so. Down through history there has always been mania's, panics, crises, and booms and ...
Created on October 4, 2008
18. Central Banking In The 21st Century
(Commentaries)
... didn't have panics or recessions -- we did. But, they were short lived and things returned to normal quickly. But, in 1909 the US experienced a rather severe banking crisis. Major banks went under and dep ...
Created on July 4, 2008