Weekly update: financial crisis underway; it's the Fed, stupid; tribute to Mises; October stock market swoon?
Kamala and Trump ignore the federal government's reckless spending
The Mises Institute’s Circle will meet in Fort Myers on November 9. The theme, Elections and the Economy: Do They Really Matter? will feature speakers Tom DiLorenzo, Mark Thornton, Wanjiru Njoya, and yours truly. To register please visit this page.
For a discount use code Sabrin24.
Order a free copy of Rothbard’s money and banking classic monograph. Or, you can read it online here.
Randall Forsyth on the gold rally and the national debt.
Lew Rockwell’s tribute to Ludwig von Mises.
Kimberley Strassel on Trump, the economy and government.
My letter to Strassel re inflation.
I enjoyed your column today. This sentence is spot on, "The country
is reeling from failed big-government management". The next sentence
is incorrect, "Americans know government spending caused inflation."
Price inflation is caused by the Fed's easy money policies--a
euphemism for "printing" money.
Attached are two slides (see below) from the presentation I made yesterday at our
independent living campus in Naples, "When will the next
financial/economic hurricane hit America?" One reveals the explosion
in the Fed's balance sheet (image 7) during Covid from $4 trillion to
$9 trillion--a massive increase in money that translated into a huge
increase in M2 (image 9) from $16 trillion to $22 trillion. In short,
the jump in consumer prices to 9% was the direct result of the Fed's
cranking up the printing press.
My presentation will be uploaded to a private YouTube channel that I
would be happy to send you. In the meantime, all journalists who
write about public policy should get a free copy of Murray Rothbard's
classic money book. Here is the link to order it.
https://mises.org/form/webform-64723.
If Trump is a true "populist," he would attack the Fed's easy money
policies for causing inflation and the boom/bust cycle. Instead, he
wants lower interest rates, which means more Fed money printing. In
short, Trump is missing an opportunity to win the election in a
landslide.
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To compel a man to furnish funds for the propagation of ideas he disbelieves and abhors is sinful and tyrannical. Commerce with all nations, alliance with none, should be our motto. Thomas Jefferson
WAR is a racket. It always has been. It is possibly the oldest, easily the most profitable, surely the most vicious. It is the only one international in scope. It is the only one in which the profits are reckoned in dollars and the losses in lives.
― Smedley Butler, War Is a Racket
The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists. Ernest Hemingway
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Every Wednesday at 11:05am talk show host Gary Nolan and I discuss the economy and politics. The Fort Myers Mises Circle presentations are available online. My Ludwig von Mises Lecture at the Institute is also online.
Latest podcast on healthcare with host Johnathan Westover; Incentivizing wellness podcast with Bernadette Pajer; the Human Action podcast with Bob Murphy on my American journey; Joseph Cotto and I discuss Argentina and the US, and the Human podcast with Bob Murphy on healthcare; Robert Scott Bell and I discuss healthcare on the second hour of his podcast.
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Murray Sabrin, PhD, is emeritus professor of finance, Ramapo College of New Jersey. Dr. Sabrin is considered a “public intellectual” for writing about the economy in scholarly and popular publications. His book, The Finance of Health Care: Wellness and Innovative Approaches to Employee Medical Insurance (Business Expert Press, Oct. 24, 2022), and his other BEP publication, Navigating the Boom/Bust Cycle: An Entrepreneur’s Survival Guide (October 2021), provides decision makers with tools needed to help manage their businesses during the business cycle. Sabrin's autobiography, From Immigrant to Public Intellectual: An American Story, was published in November, 2022.