Monetary System

Austrians and MMTers should be on the same side. After all, both camps understand the relationship between money and credit, and both understand the full ramifications of having fiat money. They should be on the same side arguing against…

George Soros makes the case for economics as a social science using his theory of reflexivity. Here are some additional thoughts to help understand why markets fail.

These Hayek – Keynes videos are hilarious (hat tip Barry Ritholtz). This one is called "Fight of the Century" - sort of like Marvelous Marvin Hagler against Sugar Ray Leonard.

Bernanke’s QE2 program has hurt savers, done nothing for banks, and eviscerated middle class living standards.

By Rick Bookstaber M&A activity is showing signs of life, activity reaching its highest levels since 2007. What more appropriate symbol of the renewal of the economy, of the emerging spring-time of our business cycle, than the merger…

The claims about “unsustainable deficits” gained new urgency this week as S&P warned that it was downgrading US federal government debt from stable to negative (see here for recent debate). This appeared to be a blatantly political…

By William K. Black cross-posted from New Economic Perspectives In the Savings and Loan (S&L) debacle Speaker Wright became enraged at the Federal Home Loan Bank Board and the Department of Justice when he learned that the FBI was…

I can no longer say that not a single senior executive of one of the major nonprime lenders whose frauds hyper-inflated the housing bubble and caused the Great Recession has been convicted of his frauds. A single senior executive of one of…

Given S&P's decision to downgrade the U.S. credit rating to outlook negative, it bears remembering how we got here. I think the key word is deleveraging.

Michael Tanner is a Cato Institute Senior Fellow and L. Randall Wray is Professor of Economics, University of Missouri, Kansas City. The two discussed opposing views on how to deal with the U.S. federal deficit in a radio interview…