Monetary Theory / Philipp Bagus

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Our Monetary System Favors the Rich and Hurts the Poor

Business CyclesMonetary Theory


Our monetary system encourages debt and punishes saving. It also benefits those who already have money at the expense of those who do not.

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Why Austrians Are Not Neoliberals

History of the Austrian School of EconomicsMonetary TheoryOther Schools of ThoughtValue and Exchange

01/04/2016Mises Wire
In his book Never Let a Serious Crisis Go to Waste , Philip Mirowski correctly diagnoses many problems with neoclassical economics. The reader soon notices, however, that Mirowski doesn't know the difference between Austrian economists and neoliberals.
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Is "Free Banking" Stable?

Free MarketsInterventionismMonetary TheoryMoney and Banking

Recorded at the Mises Institute in Auburn, Alabama, on 24 July 2015.
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The Danger of External Debts

Global EconomyInterventionismMonetary TheoryMoney and Banking

06/05/2012Mises Daily Articles
High public (external) debts and persisting import surpluses are signs of a weak currency.
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The Fed's Swap Bailout of the Eurozone

The FedGlobal EconomyInterventionismMonetary Theory

04/10/2012Mises Daily Articles
The highest cost of the Fed policy may be liberty in Europe.
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Why Is There a Euro Crisis?

Global EconomyInterventionismMonetary TheoryMoney and Banking

11/11/2011Mises Daily Articles
Today's banks are not free-market institutions. They live in a symbiosis with governments that they are financing.
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The Fed and the ECB: Two Paths, One Goal

The FedGlobal EconomyMonetary Theory

09/09/2011Mises Daily Articles
Both the Federal Reserve and the European Central Bank are owners of the printing press. They produce base money.
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The EMU as a Self-Destroying System

Global EconomyMonetary Theory

06/21/2011Mises Daily Articles
When property rights in money are poorly defined, negative external effects develop. The institutional setup of the euro, with its poorly defined property rights, has brought it close to collapse and can be called a tragedy of the commons.
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The Bailout of Greece and the End of the Euro

Global EconomyInterventionismMonetary TheoryOther Schools of Thought

02/11/2010Mises Daily Articles
"The future of the euro is dark because there are such strong incentives for reckless fiscal behavior, not only for Greece but also for other countries."
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The Insolvency of the Fed

The FedMoney and BanksGold StandardMonetary Theory

02/05/2009Mises Daily Articles
Only two things can save the Fed at this point. One is a bailout by the federal government. This recapitalization could be financed by taxes or by monetizing government debt in another blow to the value of the currency.
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