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Robert Blumen



Articles by Robert Blumen

Yes, QE Creates Wealth Effects

12 days ago

According to Keynesians, wealth effects result from money creation, and they have a beneficial impact. The Keynesians are right that wealth effects exist. But they’re wrong about who benefits. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Yes, QE Creates Wealth Effects​”.

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MMT’s Very Odd Definition of “Savings”

13 days ago

Modern monetary theory, which is now experiencing its fifteen minutes of fame, contains a number of strange and counterintuitive propositions.1 Proponents claim that these propositions are not an economic theory, only an accounting identity. One of these is that the private sector can save only if the government runs a deficit. Within the self-consistent, tail-chasing world of MMT, …

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Yes, QE Creates Wealth Effects

19 days ago

QE (quantitative easing) is the primary means that the Fed uses to cause asset price inflation. “The Ben Bernank,” Fed governor at the time, later chair, in an October 2003 speech endorsed the use of monetary policy to create wealth effects. easier monetary policy not only raises stock prices; as we have seen, it also lowers risk …

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Are Fractional Reserve Bank Deposits Money?

July 3, 2020

It is possible to conceive of a world where fractional reserve banking is understood by both banker and depositor and involves no deception or fraud. But in that world, deposits cease to be money and become complex credit securities. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: …

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Are Fractional Reserve Bank Deposits Money?

June 26, 2020

The issue of fractional versus 100 percent bank reserves has been much debated. One of major disputes is whether fractional reserve banking (FRB) is inherently fraudulent, or whether the mix of cash and other assets to be held against liabilities is a business decision, to be made by banks and customers? This article will show that attempts …

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Inequality is Overstated—and Overrated

June 19, 2020

Measures of wealth inequality overstate actual inequality in terms of the standard of living of wealthy people relative to the rest. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian Quinteros. Original Article: “Inequality is Overstated—and Overrated”.

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Inequality is Overstated—and Overrated

June 15, 2020

Whining and complaining about inequality is a growth industry. Thomas Piketty’s book (or perhaps a large virtue-signaling paperweight), about how the rich are getting richer, achieved bestseller status and is now a movie. Understanding the flaws in the wealth inequality argument is increasingly important, because the communist wing of the Democratic Party is now openly advocating …

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We’re All in This Together. But Not in the Way You Think.

May 22, 2020

Some claim “the rich” will be fine—or even better off—after the COVID panic destroys the economy for most of us. But there’s a problem: the wealthy depend heavily on an economy fueled by the production and consumption of all workers and entrepreneurs. This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Millian …

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We’re All in This Together. But Not in the Way You Think.

May 20, 2020

We are all in this together. No, by that I do not mean what Andrew Horney calls “all those cloyingly saccharine, feel-good public service announcements being delivered by famous faces on television and social media platforms, telling us “we’re all in this together.” We are all interdependent through the production of goods and services that constitutes the …

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La Ley de Say y la recesión permanente

February 28, 2014

Lea esto en Español
02/28/2014Robert Blumen[Publicado originalmente el 28 de febrero de 2014]La explicación del panorama económico por parte de los grandes medios de comunicación es algo así: “Cuando hay una recesión, la Fed debería estimular. Sabemos por la historia que la recuperación se produce unos 12-18 meses después del estímulo. Estimulamos, imprimimos un montón de dinero, esperamos 18 meses. Así que la economía se ha recuperado ipso facto. O está a punto de recuperarse, en cualquier momento”.Pero por citar al comediante Richard Pryor, “¿A quién vas a creer? ¿A mí o a tus ojos mentirosos?” Un economista marciano que llegara la Tierra tendría que admitir lo siguiente: la economía de EEUU ha experimentado un crecimiento real cero desde 2000. Eso es lo que llamó la

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