YAL in Action

Check out YAL activities on campus and updates from around the liberty movement.

Tag: John Galt
  • Currency Manipulation

    Does anyone else find this headline absolutely ridiculous? U.S.: No Country Manipulates Currency, Yuan `Undervalued’ To the contary, any country with a central bank manipulates its currency. To my knowledge, that is just about every country in the world.

  • The Federal Reserve and Junk-Bonds

    Ludwig von Mises once wrote: “Economics, as a branch of the more general theory of human action, deals with all human action, i.e., with man’s purposive aiming at the attainment of ends chosen, whatever these ends may be.” Essentially, market participants act in their self-interest. For this reason, I find it hard to believe that …

  • The CPI

    Depending on who you talk to (the federal government or a like-minded individual), the Consumer Price Index (CPI) is either an accurate or inaccurate measure of price inflation, respectively. What is important to understand is that each side stands to benefit from its position. The government tends to understate inflation while a like-minded individual tends …

  • Build America Bonds

    Recently, I stumbled across an article entitled, “BABs saves issuers $12 billion, Treasury says.” According to the Treasury, “state and local governments will save $12.3 billion in borrowing costs by issuing federally subsidized taxable bonds, called Build America Bonds, during the first year of the program.” Up until now, I had never heard of BABs, …

  • Government Borrowing (Continued)

    In my last article, I showed that the government is often borrowing more money in a given timeframe than it appears to be. This is because past debts incurred by the government become payable each year, and oftentimes, the government opts to delay payment by issuing additional Treasury securities (i.e., rolling the debt over). If …

  • Government Borrowing

    One naïve idea concerning government borrowing is that the amount being borrowed by the government in a given year is approximately equal to its budget deficit for that year. However, those who commit to such an idea are ignoring an important part of the equation. Typically, past debts incurred by the government through borrowing become …

  • Obama’s Misguided Proposals for Financial Institutions

    In a speech given Thursday, President Obama demonized financial institutions while failing to acknowledge the role of the government in creating the conditions that led to such poor behavior: [R]ules … allowed firms to act contrary to the interests of customers; to conceal their exposure to debt through complex financial dealings; to benefit from taxpayer-insured …

  • Price Controls in Venezuela

    After a number of currency devaluations, the Venezulean government has begun enforcing price controls. The most recent devaluation was 50%. This devaluation was regarded as a break from the two-year-old “strong bolivar” policy Chavez had previously adopted. However, as to why Chavez or the media would refer to his previous policy as strong for the bolivar …

  • Strike 1 — Price Deflation Camp

    The price inflation camp can add one more piece of evidence to its argument today, as the release of the Producer Price Index for November was much worse than expected by mainstream economists. However, it is worth noting that numerous people were expecting this sort of jump, see here, here, and here. The first link …

  • Expansion of the Money Supply

    I’m not sure how I stumbled upon this article (as it is rather old) a few days ago, but it left me perplexed for quite some time. Specifically, this part: While in the last year the size of the Federal Reserve’s balance sheet has grown from a little less than $1 trillion to around $2 …