Wednesday For all the glaring faults and failures of paper money, it is the more subtle effects that are the most damaging. The emphatic truth is that paper money only exists because of the desire of politicians to inflate the money supply in order to buy votes and to wage wars. There are no other reasons. The vote-buying passes under the innocuous title … [Read more...]
Central Banks
Sunday Central Banks are the equivalent of the Central Planning Committees of the old USSR and present-day China. They specialise in distorting markets such that sane investing is disincentivized and speculations leading to capital destruction are incentivized. Anger against central banks is rising, and spreading, and rightly so. But they operated with the … [Read more...]