Money and Banks

A strong GDP growth rate, in most cases, is likely to be associated with the intensive squandering of the pool of real wealth.

Rothbard: "if proponents of the higher minimum wage were simply wrongheaded people of good will, they would not stop at $3 or $4 an hour, but indeed would pursue their dimwit logic into the stratosphere."

As the credit expansion turns to bust, many capital goods remain unused, many investment processes cannot be completed, and capital goods produced are used in a manner not originally foreseen. A large portion of society’s scarce resources has been squandered.

New York Fed Chief Dudley recently suggested asset bubbles "emerge from the way market participant’s process information and trade" — thus ignoring the role of the central bank.