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Doug French

Douglas E. French is a Director of the Ludwig von Mises Institute of Canada. Additionally, he writes for Casey Research and is the author of three books; Early Speculative Bubbles and Increases in the Supply of Money, The Failure of Common Knowledge, and Walk Away: The Rise and Fall of the Home-Owenrship Myth. French is the former president of the Ludwig von Mises Institute in Auburn, Alabama

Articles by Doug French

The Plan to Save the the Postal Service by Making It Even Worse

1 day ago

There is likely no more loathsome federal bureaucrat than the aptly named Louis DeJoy, who, despite supposedly being a successful businessman, has the surefire winner of a business plan to resurrect the United States Postal Service (USPS)—raise prices and slow service. Sounds perfect.  DeJoy (translated as ”lose happiness”) plans among other things to raise stamp and shipping …

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Big Debt Plus Rising Interest Rates = Big Danger

8 days ago

“Because there’s so much debt today relative to 10, 15 years ago, a small debt, a small move in yields, 50 basis points in yields today is equivalent to 2% 15 years ago.” Original Article: “Big Debt Plus Rising Interest Rates = Big Danger” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated …

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Can Las Vegas Recover from Covid?

11 days ago

In Las Vegas, airline passengers plummeted 64 percent during 2020, and the convention business has collapsed. For Vegas, there are troubling signs that the world is not in a hurry to spend freely on extravagant face-to-face meetings.  Original Article: “Can Las Vegas Recover from Covid?​” This Audio Mises Wire is generously sponsored by Christopher Condon. …

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Big Debt Plus Rising Interest Rates = Big Danger

13 days ago

If there is anything Wall Street banks crave is relief. Primarily relief from the potential for failure and, next, relief from holding much, if any, equity capital. These banks like their capital tiny and their profits huge. Losses should be socialized. After all, we want the ATMs to keep spitting out cash.  The SLR will be …

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Can Las Vegas Recover from Covid?

18 days ago

The Clark County Commissioners voted recently to rename McCarran Airport to Harry Reid International Airport. The vote was unanimous among those who rule the Las Vegas Strip. The public doesn’t understand why Las Vegas International Airport wouldn’t do if McCarran’s past is so perturbing. Not everyone is so wild about Harry. There was a time when …

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Commercial Real Estate: Too Much Debt, Not Enough Assets

March 13, 2021

It’s hard to crack the headlines of the financial pages, what with GameStop, bitcoin, Tesla, and squeezes of one sort or another. There is a squeeze in commercial real estate that won’t shock anyone, or shouldn’t. That squeeze is tenants unable to pay owners and owners unable to pay lenders.  It’s possible the pandemic will …

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The Dollar’s Reserve Currency Status Won’t Last Forever

February 3, 2021

Americans have benefited mightily by holding and trading with the world’s reserve currency, though most people haven’t given it a thought. No one remembers when the pound sterling held this distinction a hundred years ago.  Original Article: “The Dollar’s Reserve Currency Status Won’t Last Forever” This Audio Mises Wire is generously sponsored by Christopher Condon. …

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The Dollar’s Reserve Currency Status Won’t Last Forever

January 28, 2021

The Federal Reserve and the confederation of central banks which follow Chair Powell and his lieutenants at the Eccles Building have flooded the world with fiat script which is only limited by Keynesians’ and modern monetary theorists’ imaginations. In this flurry of metaphorical printing, one country, Russia, has loaded its central bank balance sheet not with …

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The Upside of Lockdowns: More Saving

January 17, 2021

Rothbard: “At the outset of every step forward on the road to a more plentiful existence is saving….Without saving and capital accumulation there could not be any striving toward nonmaterial ends.” Original Article: “The Upside of Lockdowns: More Saving​” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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Low Rates and Limited Liability Mean Hot Markets

January 15, 2021

The taxpayer is backstopping more credit risk than ever. The Post reported that nearly 30 percent of the loans Fannie Mae guaranteed were to borrowers whose house payment exceeded half of their monthly income, up from 14 percent in 2016.  Original Article: “Low Rates and Limited Liability Mean Hot Markets” This Audio Mises Wire is …

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The Upside of Lockdowns: More Saving

January 14, 2021

Something good is coming out of the covid lockdowns. Economist David Rosenberg released a special report via the eponymous Rosenberg Research, concluding “the pre-COVID-19 ‘norm’ of a 7% personal savings rate will morph into a post-COVID-19 norm of 10%.” Rosenberg makes frequent TV appearances after he was chief North American economist at Merrill Lynch in New York …

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Low Rates and Limited Liability Mean Hot Markets

January 12, 2021

Listen to the Audio Mises Wire version of this article. What clear-eyed mortgage underwriter would sign on to a thirty-year loan at less than 3 percent? After all, in Las Vegas, for instance, the unemployment rate in November was 11.5 percent, second highest in the country. The city’s main engine, tourism, has been stymied by covid. But, as if …

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Today’s Negative Rates Are the Path to Poverty

December 30, 2020

Murray Rothbard wrote, “The rate of interest is the price of ‘time.’” It’s safe to say the world’s central banks have manipulated and mispriced what time is worth. Original Article: “Today’s Negative Rates Are the Path to Poverty” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.  

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The Weirdest, Most Distorted Economy Ever

December 18, 2020

The Fed is not allowing the economy to heal, but instead induces more distortions and weirdness. The explosion in orders for new trucks is perhaps just the latest example. Original Article: “The Weirdest, Most Distorted Economy Ever​​”. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.  

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Central Banks Put Wind at Bitcoin’s Back

December 12, 2020

The central banks can be thanked for all bubbles, including those in cryptocurrencies. Original Article: “Central Banks Put Wind at Bitcoin’s Back​”. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros.  

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The Weirdest, Most Distorted Economy Ever

December 12, 2020

Between the Federal Reserve, Congress, and covid, navigating the business cycle is equivalent to sneaking through a house of mirrors. The stock market is making new highs as unemployment rates do the same. Thousands line up for free food and soon will do the same to be vaccinated. The nation’s governors tighten restrictions by the …

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Central Banks Put Wind at Bitcoin’s Back

December 10, 2020

“Russia, Russia, Russia,” the current president used to sarcastically chastise opponents for wondering about 2016 election tinkering from Putin’s principality. Recent MAGA rallies featured “Covid, covid, covid,” with President Trump complaining that the press could think of nothing else. In investmentland, it’s “Bitcoin, bitcoin, bitcoin,” again knocking on dollar door number twenty thousand, where it …

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The Rise of Mega–Gambling Facilities: A New Skyscraper Curse?

December 3, 2020

Circa casino’s new three-story, 78 million–pixel, high-definition screen in its sportsbook gambling compound may represent a new frontier in mega–building trends similar to those of skyscrapers. Original Article: “The Rise of Mega–Gambling Facilities: A New Skyscraper Curse?”. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.

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The Rise of Mega–Gambling Facilities: A New Skyscraper Curse?

November 6, 2020

“This place is amazing,” gambler Steve Rogers from Tuscon told the Las Vegas Review-Journal. “If you’re into sports, this place is like Disneyland. That’s a wall of TV right there. I didn’t expect it to be this big.” The “wall” Rogers refers to is the new Circa casino’s three-story, 78 million–pixel, high-definition screen. “We’ve been …

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The Fed’s Balance Sheet May Be Headed to $40–$50 Trillion

November 5, 2020

If the current thinking continues, the world’s central banks will buy whatever paper governments issue. The result by the end of the decade will be a Federal Reserve balance sheet totaling $40 to $50 trillion.  Original Article: “The Fed’s Balance Sheet May Be Headed to $40–$50 Trillion”. This Audio Mises Wire is generously sponsored by …

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The Fed’s Balance Sheet May Be Headed to $40–$50 Trillion

October 30, 2020

President Trump has said often that he had “created the greatest economy the world has ever seen, until the China virus came.” Maybe some people believe that, but if the economy was so great why did the Fed keep interest rates at zero and its balance sheet at $4 trillion?  The president is bragging about …

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Can the Stock Market Protect Wealth Better Than Gold and Silver?

October 2, 2020

Trying to stay ahead of the government printing press is the modern citizen’s constant worry. There are no hard money central bankers, let alone politicians. Central bankers have stood the idea of present value on its head in attempts to stimulate dead economies and zombie enterprises while providing interest bills to governments with the possibility, although …

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How the CARES Act Is Still Kicking the Can

September 4, 2020

Despite double-digit unemployment rates, banks are keeping loan-loss provisions low, no doubt assuming Uncle Sam will keep everyone’s boat afloat. But all good things come to an end. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “How the CARES Act Is Still Kicking the Can​​”

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Why Homeowners Hate Real Estate Developers

September 3, 2020

Homeowners believe their property rights extend far beyond their property lines. They want to dictate who lives near them, how much money their neighbors make, and what the houses in their neighborhood look like. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Why Homeowners Hate Real Estate …

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Monetary and Fiscal Sorcery Make Home Price Magic

September 3, 2020

Make the money cheap enough and government intrusive enough, and incongruous headlines appear side by side. For instance, from the Las Vegas Review-Journal comes this head-scratcher: “Las Vegas Housing Market ‘on Fire’ as Economy Limps Along.” Almost Daily Grant’s reminds us the Federal Reserve is on the job 24/7/365, There’s more where that came from. Last week’s release of …

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How the CARES Act Is Still Kicking the Can

August 27, 2020

During Real Vision’s Daily Briefing of August 13, Ed Harrison asked rhetorically, “How is it possible for you to have a bull market, a new leg up in the business cycle when bank stocks, the traditional value cyclical trade are 30% off their highs? That’s not a signal of bull, it’s a signal of secular stagnation.” The …

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Why Homeowners Hate Real Estate Developers

August 26, 2020

On August 12 the president tweeted “The ‘suburban housewife’ will be voting for me. They want safety & are thrilled that I ended the long running program where low income housing would invade their neighborhood. Biden would reinstall it, in a bigger form, with Corey Booker in charge!” Commentators on MSNBC and CNN took issue …

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Stocks Always Go Up. Until They Don’t.

July 15, 2020

When confidence is extreme, there’s no scrutiny. There’s always a “this time it’s different” mindset, the belief that anything is possible. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Stocks Always Go Up. Until They Don’t.​​”

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Stocks Always Go up. Until They Don’t.

July 8, 2020

Economist Irving Fisher famously said just before the 1929 stock market crash, “Stock prices have reached what looks like a permanently high plateau.” Whoops. Fisher wasn’t just any old economist. Joseph Schumpeter called him “the greatest economist the United States has ever produced.” Milton Friedman and James Tobin agreed. After the sharp March COVID crash, …

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