Business Cycle Archives - Michael DeVinney

Centralized Credit, Private Facades

Many people—both free-market advocates and outright statists—don’t understand how modern banking actually works. They argue about “private banks” versus “state … Read the rest

Cheap Money, Costly Mistakes

When governments and central banks inject new fiat money into the economy, they create the illusion of prosperity rather than … Read the rest

Statism and the Permanent Depression

It’s often said that depressions are a failure of capitalism. That when the market is left alone, greed and chaos … Read the rest

The Mirage of Consumption

There is no growth through consumption. I repeat, there is no growth through consumption. Growth happens through production. You can’t … Read the rest

The Fantasy of Economic Mastery

The illusion of economic control is shattered by the simple fact that man acts. The economy isn’t a machine to … Read the rest

Stability by Force

Many believe government intervention is necessary for economic stability. In reality, government intervention is the cause of instability. It distorts … Read the rest

Strings Attached

The idea that capitalism inherently causes business cycles is a persistent myth. Critics often blame free markets for the economic … Read the rest

Violent Changes in the Value of Money

The changes in value haven’t come from gold. The change is due to fiat money and the printing press. Gold … Read the rest

Covert Parasitism

There are no booms and busts in the free market. I repeat, there are no booms and busts in the

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Failure of the New-New Economics

What is being thrown around today aren’t new ideas. They’re old ideas that have failed before, and will fail again.

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