BankNotes – October 2014

It should be evident to most people that the last 100 years have been very violent in the financial world. Why? What happened to cause all this turbulence? During this period we have witnessed the bloodiest century of all time. Two World Wars. Endless smaller wars all over the earth. An influenza epidemic after WWI.

Read More »

BankNotes – September 2014

Today, capitalism is blamed for our current disastrous economic and financial situation and a history of incessant booms and busts. Support for capitalism is eroding worldwide. In a recent global poll, 25 percent (up 2 percent from 2009) of respondents viewed free enterprise as “fatally flawed and needs to be replaced.” The number of Spaniards who hold this view increased from 29 percent in 2009 to 42 percent, the highest amongst those polled.

Read More »

BankNotes – July 2014

The production of money in a free society is a matter of free association. Everybody from the miners to the owners of the mines, to the minters, and up to the customers who buy the minted coins — all benefit from the production of money. None of them violates the property rights of anybody else, because everybody is free to enter the mining and minting business, and nobody is obliged to buy the product.

Read More »

BankNotes – June 2014

How Inflation Drinks Your Milkshake And why it is, as Mises called it, “the most radical revolutionary institution in the world.”
In the denouement of the film There Will Be Blood, the antihero Daniel Planview dramatically reveals to his nemesis that he has secretly siphoned away all of the latter’s underground oil.

Read More »

BankNotes – May 2014

The least of the problems with income tax is that it takes your money. The really big problem is that the income tax takes your life. It gives the government direct access to the things you own and sets up the political-bureaucratic sector to be the final arbiter of what you can and cannot consider to be yours.

Read More »

BankNotes – April 2014

This article is adapted from Joseph Salerno’s foreword to the new third edition of Brendan Brown’s book Euro Crash: How Asset Price Inflation Destroys the Wealth of Nations.] Brendan Brown is a rara avis — a practicing financial economist and shrewd observer of financial markets, players, and policies, whose prolific writings are informed by profound theoretical insight.

Read More »

BankNotes – February 2014

Despite admitting that the National Security “vacuums up information about virtually every telephone call to, from, or within the United States,” William Pauley, a federal judge on the United States District Court for the Southern District of New York, decreed last week that the NSA’s dragnet approach is constitutional because, well, he believes that it is necessary. As William Pitt the Younger observed, “necessity is the plea for every infringement of human freedom. It is the argument of tyrants; it is the creed of slaves.”

Read More »

BankNotes – January 2014

The only way I know to get at the roots of the mess we are in is to keep probing in every way until the last sustaining feeder is cut. And one of those feeders, I believe, is apathy. The impulse to run the lives of others – the little-god syndrome – flourishes to the extent that the others are apathetic. To curb the dictocratic impulse calls for alertness, thinking for self, vigilance, virtuousness, a genuine care for God and man.

Read More »