Ayn Rand famously defended money. In Atlas Shrugged, Francisco D’Anconia says:
“So you think that money is the root of all evil? . . . Have you ever asked what is the root of money? Money is a tool of exchange,...
It is easy to think of government interference into the economy like a kind of friction. If producers and traders were fully free, then they could improve our quality of life—with new technologies, better products, and lower prices—at a rate...
Last week, in part I of this essay, we discussed why a central planner cannot know the right interest rate. Central planner’s macroeconomic aggregate measures like GDP are blind to the problem of capital consumption, including especially capital consumption caused...
Monetary Metals leased gold to Quantum Metal, to support the growth of its gold distribution business through retail bank branches. The metal is held in the form of retail Perth Mint bars.
For more information see Monetary Metals’ press release.
Metal: Gold
Commencement...
On January 6, we wrote the Surest Way to Overthrow Capitalism. We said:
“In a future article, we will expand on why these two statements are true principles: (1) there is no way a central planner could set the right rate,...
Newly elected Representative Alexandria Ocasio-Cortez recently said that Modern Monetary Theory (MMT) absolutely needed to be "a larger part of our conversation." Her comment shines a spotlight on MMT. So what is it? According to Wikipedia, it is:
“a macroeconomic theory...
Last week, we joked that we don’t challenge beliefs. Here’s one that we want to challenge today: the dollar doesn’t work as a currency, because it’s losing value. Even the dollar’s proponents, admit it loses value. The Fed itself states...
For years, people blamed the global financial crisis on greed. Doesn’t this make you want to scream out, “what, were people not greedy in 2007 or 1997??” Greed utterly fails to explain the phenomenon. It merely serves to reinforce a...
One of the most important problems in economics is: How do we know if an enterprise is creating or destroying wealth? The line between the two is objective, black and white. It should be clear that if business managers can’t...
Last week, we wrote about the concept of discounting. This is how to assess the value of any asset that generates cash flow. You calculate a present value by discounting earnings for each future year. And the discount rate is...
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