fiat money Archives - Emile Woolf writes

ECONOMIC DISTORTION, COURTESY OF CENTRAL BANK

“GOING POSTAL” 25-2-19         [ECONOMIC PERSPECTIVES no. 50: EMILE WOOLF] ECONOMIC DISTORTION, COURTESY OF YOUR CENTRAL BANK Governments rarely set out to take responsibility for every single issue, but that usually happens anyway. As a result there is a growing expectation by citizens that, whatever the problem, it is the government’s job to sort it out […]

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DEBUNKING ECONOMIC MYTHOLOGY – PART 2  

GOING POSTAL – 15 OCTOBER 2018 DEBUNKING ECONOMIC MYTHOLOGY – PART 2   <EP4> THE INFLATION CONUNDRUM Typically, the general public confuses any economic phenomenon with its manifestation. Both are thought of as the same thing. For example, the phenomenon “inflation” is assumed to mean the same thing as its manifestation, which is rising prices. The […]

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ECONOMIC PERSPECTIVES – 8 -‘The dollar is not forever’

Economic Perspectives – 8 THE DOLLAR IS NOT FOREVER [This follows on from my previous essay in this series, and explores alternatives to dollar hegemony, and possible outcomes, in a little more detail. I am again indebted to Professor Patrick Barron for the insights expressed in his March 2016 ‘podcasts’ that inspired these two essays […]

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Economic Perspectives – 5 – The true interest rate story

ECONOMIC PERSPECTIVES 5 “Death by 1,000 cuts” This was the name given to the ancient Chinese method of torture and execution. It survives today as the role model for central bankers whose insidious cuts – in interest rates – are relentlessly destroying the life-blood of savings throughout the world. Collateral damage caused by this folly […]

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Economic Perspectives 4 – The Inflation Conundrum

The inflation conundrum As an economic term, “inflation” is shorthand for “inflation of the money supply”. The general public, however, usually takes it to mean “rising prices” which is not surprising since one of the common effects of an increase in the money supply is higher prices. However, supporters of government policy often say, “If […]

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Prudence returns to accounting, but not to the economy

  International accounting standard-setters have at last recognised the error of their ways and relented on the question of prudence, which they plan to re-instate as a fundamental accounting principle. Bank auditors will have to form an independent view on loan recoverability, rather than rely on the potentially biased judgements of management. A regime that […]

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EU membership, in or out? Think it through but tread warily

“Expert” is defined as a  person whose research, knowledge and experience accords them the respect of  their peers in a well-distinguished domain. Economics is just such a domain, yet the degree of diversity in the views of  so-called experts can be astonishing. Take one of today’s most topical issues: will a UK exit from the […]

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EU membership – in or out? Think it through, but tread warily

“Expert” is defined as a  person whose research, knowledge and experience accords them the respect of  their peers in a well-distinguished domain. Economics is just such a domain, yet the degree of diversity in the views of  so-called experts can be astonishing. Take one of today’s most topical issues: will a UK exit from the […]

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