The introduction of a complete paper money system has transformed the factors that drove the business cycle into factors that drive decline of the overall system. Imbalances and dislocations get bigger, and in desperate quest for short-term relief, policy makers are bound to accelerate this trend of monetary disintegration.

In a world of limitless paper money and lender-of-last-resort central banks, whenever the dislocations created by easy money and artificially low interest rates begin to derail the economy, a credit correction is avoided by a renewed administritive lowering of rates by the central bank and, if required, further injections of money. The idea behind this […]

Living standards of the poor and middle class rose much faster during the 19th than the 20th century. The main differences were taxes, redistribution, and the Federal Reserve.

In the 20th century, we replaced the free-enterprise ideas of Adam Smith and Thomas Jefferson with the notions of Karl Marx and John Maynard Keynes. Given that we still retain a good deal of our entrepreneurial spirit and at least some of the benefits of true capitalism, these ideas have not been nearly as destructive […]

We need to protect nature in order to maintain our standard of living; environmentalists sometimes think we need to sacrifice our standard of living in order to protect nature.

More species are extinct than still exist. In fact, scientists estimate that 99.9 percent of all the species that ever existed are already extinct. Extinction is a natural part of evolution. The world is in constant state of flux. Those species that cannot adapt die out, making room for those who can. The antimarket, pro-government […]

Abolish the Income Tax!

The income tax is one of the worst laws in America. It’s hard to imagine a tax more destructive of productivity, more destructive of entrepreneurship, more destructive of our lives, more difficult and costly to comply with, more subject to gaming, or more absurd in its logical consequences. Peter Schiff, The Real Crash