26 October 2013 - 26 January 2014 In short, the delusion of paper riches is working as rapidly in England as it did in America. A young and inexperienced Minister, like a young and inexperienced Congress, may suppose that he sees mines of wealth in a printing press, and that a nation cannot be exhausted while there is paper and ink enough to print paper money. Every new … [Read more...] about Leithner Letter Nos. 167-170
Uncategorized
Leithner Letter Nos. 163-166
26 July 2013 - 26 October 2013 During every preceding period of stock speculation and subsequent collapse there has been the same widespread idea that in some miraculous way, endlessly elaborated but never actually defined, the fundamental conditions and requirements of progress and prosperity have been changed, that old economic principles have been abrogated, … that business … [Read more...] about Leithner Letter Nos. 163-166
Leithner Letter Nos. 159-162
26 February 2013 - 26 June 2013 recession. On Wednesday, Chairman Ben Bernanke declared that this has worked so well that the Fed must keep easing money for as long as anyone can predict in order to save a still-sputtering recovery. That’s the contradiction at the heart of the Fed’s latest foray into “unconventional policy,” which is a euphemism for finding new ways to print … [Read more...] about Leithner Letter Nos. 159-162
Leithner Letter Nos. 155-158
26 November 2012 - 26 February 2013 Is lying considered an appropriate mode of communication for euro-zone leaders? Asked whether deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, [Guy Schuller, the spokesman for Luxembourg Prime Minister Jean-Claude Juncker, the man who is the head of the Eurogroup council of euro-zone … [Read more...] about Leithner Letter Nos. 155-158
Leithner Letter Nos. 151-154
26 July 2012 - 26 October 2012 At the same time that China’s economy no longer benefits from these three favourable conditions, it must recover from the dislocations – asset bubbles and inflation – caused by Beijing’s excessive pump priming in 2008 and 2009, the biggest economic stimulus program in world history (including $1 trillion-plus in 2009 alone). Since late September, … [Read more...] about Leithner Letter Nos. 151-154
Leithner Letter Nos. 148-150
26 April 2012 - 26 June 2012 Is lying considered an appropriate mode of communication for euro-zone leaders? Asked whether deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, [Guy Schuller, the spokesman for Luxembourg Prime Minister Jean-Claude Juncker, the man who is the head of the Eurogroup council of euro-zone finance … [Read more...] about Leithner Letter Nos. 148-150
Leithner Letter Nos. 144-147
23 December 2011 - 23 March 2012 I consider economic laws comparable to natural laws, and I have just as much faith in the principle of the division of labor as I have in the universal law of gravitation. I believe that while these principles can be disturbed, they admit of no exceptions. “De la production de la sécurité” Journal des Économistes (February 1849) Will Our … [Read more...] about Leithner Letter Nos. 144-147
Leithner Letter Nos. 140-143
26 August 2011 - 26 November 2011 alone for the reduction of the administration of our government to the genuine principles of its Constitution; I mean an additional article, taking from the federal government the power of borrowing. Thomas Jefferson Letter to John Taylor 26 November 1798 Credit expansion cannot increase the supply of real goods. It merely brings about a … [Read more...] about Leithner Letter Nos. 140-143
Leithner Letter Nos. 136-139
26 April 2011 - 26 July 2011 re and from coal, but they are going to last for some time. I think that the prices of those goods, given the growth in Asia, given the demand in Asia, given the fact there’s a construction boom in Asia which will last for a long time. That will mean that the prices will be permanently higher. They may not be as high as they are now and they will … [Read more...] about Leithner Letter Nos. 136-139
Leithner Letter Nos. 131-135
26 November 2010 - 26 March 2011 I am aware that many object to the severity of my language; but is there not cause for severity? I will be as harsh as truth, and as uncompromising as justice. On this subject, I do not wish to think, or to speak, or write, with moderation. No! no! Tell a man whose house is on fire to give a moderate alarm; tell him to moderately rescue his … [Read more...] about Leithner Letter Nos. 131-135