• Italy wants other European nations to pay its unemployment bills

    From today’s Open Europe news summary: Italy to propose Eurozone joint unemployment insurance scheme La Repubblica reports that Italian Finance Minister Pier Carlo Padoan will later this month submit to his Eurozone counterparts a draft plan for a joint unemployment insurance scheme. Eurozone countries would contribute gradually to the tune of 0.5%...

  • There is no such thing as a negative interest rate

    We Austrian economists are used to having terms corrupted, misused and redefined by statists and others who love and advocate strong central control of money and power. The term “inflation” is a prime example. We Austrians refer to “inflation” as creating new fiat money–as in inflation of the money supply. This is...

  • Can You Trust US Economic Data?

    Reprinted from SprottMoney.com This morning, Canada released GDP data which showed the economy shrank by 1.6% on...

  • Blowing Hot Air on the Wrong Target

    Professor Pierre Desrochers, who will be lecturing this week during Rothbard University, sets the record straight on the Fossil Fuel Divestment Movement: The fossil fuel divestment campaign has become this generation of idealistic students’ defining cause who have pressured academic trustees and administrators to  sell or part way with stocks and other...

  • A wonderful new book about Austrian economics for the layman

    Blind Robbery! How the Fed, Banks, and Government Steal Our Money by Andreas Marquart and Philipp Bagus Reviewed by Patrick Barron   The purpose of this book is nothing less than to foment a revolt against the economic and monetary status quo, which, if continued, will destroy civilization as we know it....

  • The Real Lesson of Brexit

    The Real Lesson of Brexit by Patrick Barron   Following the surprise vote by the UK to leave the European Union, most commentators are trying to understand the rationale behind the British vote. Let me be a contrarian and ask, why does it matter? Undoubtedly there is no single reason that millions...

  • Wrong solution to a misunderstood problem

    From today’s Open Europe news summary: Business Secretary says growth must take priority over deficit as Carney warns Brexit risks beginning to ‘crystallise’ Bank of England Governor Mark Carney yesterday warned that the financial risks of Brexit “have begun to crystallise” and relaxed rules on banking capital, with the aim of releasing as much...

  • The consequences of leaving the party

    Reprinted from Goldmoney.com The collective decision of the British electorate is to reject the recommendation of its...

  • My letter to the Philadelphia Inquirer in defense of Brexit

    Dear Sirs: Trudy Rubin claims that “Brexit would be a huge step backward”, but she never explains why. Oh, she does correlate the growth of the EU regulatory state with the collapse of the Soviet Union, but this is not cause-and-effect. The Soviet Union collapsed because NATO stood guard over the Western democracies until...

  • Puerto Rico needs better advisors

    Re: House passes bill to restructure Puerto Rico’s $70 billion debt The US House of Representatives has passed a bill to appoint a special commission to restructure and renegotiate Puerto Rico’s unsustainable debt. The hubris of Congress that it and its appointed commissioners have superior knowledge regarding public finance is farcical. It...

  • The problem with cap and trade

    This morning Ontario Premier Kathleen Wynne announced more details of her government’s climate change action plan. Among...

  • Trade negotiations are not necessary

    From today’s Open Europe news summary: WTO chief warns of “complex and drawn-out” trade negotiations after Brexit Roberto Azevêdo, Director-General of the WTO, has warned that it could take Britain decades to disentangle its trading relations with the EU and negotiate new ties with the rest of the world after Brexit. He told...

  • A Raw Deal for Raw Milk Suppliers

    Yesterday, raw milk producers were protesting again on Parliament Hill. The issue causing consternation this time is the...

  • Defending property rights cures the bathroom controversy

      The current tempest in a teapot among the “rights” advocates is that no one should be restricted from using the gender specific bathroom of his choice. The “rights” advocates want to use the police power of the state to ensure this outcome. The federal government has come down on the side...

  • Another reason to get rid of the euro

    From today’s Open Europe news summary: European Commission considering new tools to prevent cash outflows from failing banks According to a document seen by the Financial Times, the European Commission is considering proposing a new ‘moratorium tool’ that would give national regulators the power to freeze payments to bondholders and potentially halt depositor...

  • My response to an email blast by Roger Helmer, member of the European Parliament

    Per your recent email: “But the key point is that the UK is a massive importer (and net importer) of EU goods.  We will in fact be the EU’s largest export customer.  Bar none.  This is undesirable from a balance-of-payments point of view, but it gives us enormous negotiating clout.” Dear Roger, One...

  • Is an increase in German exports a good thing for Germany?

    From today’s Open Europe news summary: German exports rise unexpectedly German exports rose by 1.9% month-on-month in March 2016, according to new data released by the National Statistics Office (Destatis) yesterday. It was the largest monthly increase in half a year, and came as a surprise to analysts who did not expect...

  • Another step toward cash confiscation in Europe

    From today’s Open Europe news summary: ECB to halt production of €500 note, but it will retain its value The European Central Bank announced yesterday that it would stop printing the €500 note from the end of 2018 due to, “concerns that this banknote could facilitate illicit activities.” However, the bank confirmed...

  • Draghi espouses the old “excess savings” nonsense

    From today’s Open Europe news summary: Draghi rebukes ECB German critics In a speech on Monday, the President of the European Central Bank, Mario Draghi, delivered a blunt rebuke to German criticism of the ECB’s low interest rate policy saying “There is a temptation to conclude that…very low rates…are the problem… But...

  • A carbon tax is bad for Alberta

    Yesterday, Alberta Premier Rachel Notley asserted that Canada was “absolutely” closer to a new pipeline due to...