The Gold Standard 

Today’s policy makers—particularly Ben Bernanke and Barack Obama—are students of the economic and political history of the 1930s.

Federal Reserve Chairman Ben Bernanke authored a paper in 1983 on the cost of credit intermediation (i.e. cost of transferring funds from savers to borrowers) during the Great Depression. He found that recovery corresponded with the rehabilitation of the financial system. The increased cost of lending translated into the fewer loans which resulted in consumers reduce their demand for goods Read more

Today’s policy makers—particularly Ben Bernanke and Barack Obama—are students of the economic and political history of the 1930s.

Federal Reserve Chairman Ben Bernanke authored a paper in 1983 on the cost of credit intermediation (i.e. cost of transferring funds from savers to borrowers) during the Great Depression.  He found that recovery corresponded with the rehabilitation of the financial system. The increased cost of lending translated into the fewer loans which resulted in consumers reduce their demand Read more

On March 11, the president of the New York Federal Reserve, William Dudley, attempted to explain how the Fed calculates inflation.  Dudley used the example of the newly released iPad2 which is both a better product and sells at a lower price than its first-generation predecessor.  The working-class public was outraged at this comparison and one of the participants quipped, "Yes, but I cannot eat my iPad."

Rep. Walter B. Jones (R-NC) recalled these sentiments during his opening statement at an historic hearing Read more

John Sherman, younger brother to Civil War General William Tecumseh Sherman, was born in 1823 in Mansfield, Ohio. Trained as an engineer through his work on canals, he later studied law and was admitted to the bar in 1844. Thereafter, he took an interest in politics and held public office for the better part of his adult life.

In 1854, he was elected as a Representative Read more