Ever since the Housing Bubble of 2008 imploded, many Austrian economists, authors, and spokesmen have come out to announce that hyperinflation was just around the corner. The concerns of a hyperinflation scenario had much to do with the Federal Reserve’s policy of Quantitative Easing (QE). The Fed had exploded its balance sheet to unprecedented levels since the…
A country dies slowly. Those living during the decline of Rome were likely unaware that anything was happening. The decline took over a couple of hundred years. Anyone living during the decline only saw a small part of what was happening and likely never noticed it as anything other than ordinary. Countries don’t have genetically…
Janet Yellen recently gave her first press conference as the new Fed Chair-person. Being the stalwart Keynesian that she is, emphasis was given on the Fed’s targeted inflation rate. One of the problems here being in how modern economists define inflation. Over the course of history inflation has gone through a type of metamorphosis as…
Main stream economics teaches that deflation is a bad thing, while inflation is beneficial if held to a certain level. How this arbitrary level is ascertained is known only by those who believe in their macroeconomic models. Just what is inflation and deflation? Inflation Truths In recent history the term “inflation” has taken on new…
Any scientist can tell you that all things physical are under a state of decay. Whether it’s as small as an atom or as large as a planet, all matter is in decay. What physicists referred to as entropy or the 2nd Law of Thermodynamics, is in all energy exchanges, if no energy enters or…
The Blue Collar Economist 