Currently viewing the tag: "The Euro"

Every Monday morning the readers of the UK’s Daily Telegraph are treated to a sermon on the benefits of Keynesian stimulus economics, the dangers of belt-tightening and the unnecessary cruelty of ‘austerity’ imposed on Europe by the evil Hun. To this effect, the newspaper gives a whole page in its ‘Business’ section to Roger Bootle […]

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On August 15, 1971, President Richard Nixon declared that the United States would no longer honour its promise to exchange US dollars held by foreign central banks for gold at a fixed price of $35 an ounce. The innocuous term ‘Nixon closed the gold window’ that is now widely used to describe this act does […]

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I was thinking of starting this blog with a cynical comment along the lines of, last week equity markets came off, I think we need another EUR1 trillion from the ECB! – Okay, maybe it wasn’t the greatest joke but you get the idea. But then the Wall Street Journal beat me to it, and […]

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Anybody with any knowledge of economics should feel uneasy at the sight of a country where half of recorded economic activity is conducted by the state. Are such semi-socialist societies operable, and if so, for how long? That complete socialism is impossible and that any attempt to establish it must fail, we know for sure […]

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 The pathetic state of the global financial system was again on display this week. Stocks around the world go up when a major central bank pumps money into the financial system. They go down when the flow of money slows and when the intoxicating influence of the latest money injection wears off. Can anybody really […]

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 Apologies to my readers that no new contributions have appeared on the Schlichter Files for two weeks, and in particular that I did not get around to responding to some of the questions and comments on my blog.  I hope to rectify this shortly. I was committed to a few speaking engagements in connection with […]

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“The government can always pay.” This is a statement that has no basis in fact. Any rational analysis will quickly expose it to be a fallacy. Economic theory, economic history, and plain good old horse sense can demonstrate effortlessly that this statement is an illusion. Yet, it is today a widely held and deeply cherished […]

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Jacob Wolinsky of the US website ValueWalk.com conducted an extensive interview with me that covered a wide range of topics, from my own background and the appeal of Austrian School Economics to what I think Obama and Bernanke should do. You can read it here or here.

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As you know, my expectations were low to begin with. I did not expect the EU summit on the debt crisis to provide a solution. There is no solution. The situation is beyond repair and the crisis will continue to unravel. What struck me most when reading the first responses to the EU summit was […]

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The Ludwig von Mises Institute in Auburn, Alabama, has kindly invited me to host a webinar for the Mises Academy on the topic of  “The Fiat Money Crisis: The Market, the Central Banks, and the Coming Monetary Breakdown” tonight at 6 pm U.S. Eastern time (11 pm British Summer time). If you are interested in […]

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