Take Fed Taper With Grain Of Salt
As Austrian economist Dr. Murray Rothbard reminded in what Manuel S. Klausner, Ford Foundation Fellow in Comparative Law at New York University, described in New York University Law Review as “no more readable treatise and no more forthright case for freedom and free enterprise,” Man, Economy, and State:
For more clarity, we could use monetary deflation and price deflation to signify the difference between a reduction in total supply of dollars and a general decrease in price.
This piece addresses what has occurred in the metals markets through much of 2013. Below we quote German economist Jörg Guido Hülsmann’s Deflation and Liberty (audio), a rare accurate voice cited often in our more foundational piece on the subject (What Are Speculation and Deflation, Just More Capitalism?)
As the level of debt slows, there is nowhere for our debt-addicted monetary system to go but down.