No, business cycles are caused by artificially low interest rates.
What’s the cause of artificially low interest rates?
I’m afraid that would be like saying that since A and B are now neighbors, and A’s time preference is Neanderthal-high, B’s time preference too will rise.
That ain’t the case, and time preferences are indipendent. As for foreign rates influencing a CB-less economy, note that in time such an economy would move back to commodity currency, the exchange value of which would be boosted each time the other fellows inflated. Fluctuating exchange rates would thus insulate the economy.
If not, no one would have bothered to establish Central Banks after the Bank of England had been established: other nations would have been influenced by the BoE-induces low interest rates.
Maybe some people on this board do. But the central premise of libertarianism is the NAP. The state inherently violates the NAP and so it must be eliminated. Now, libertarians have spent an enormous amount of time trying to show why undesirable social phenomena are inextricably linked to the state. But I think this is a consequence of the state’s violation of the NAP. In other words, they simply want to eliminate the state because it violates the NAP. They don’t really need any other reason but they realize a lot of people do.
I certainly don’t. I think adultery is a social problem, so is out of wedlock births, as are a myriad of other issues. They’re not the result of statism, but statism certainly isn’t the best solution to solving them.
Inter-bank clearance mechanisms between the US banks and foreign banks would force those foreign banks to severely limit their own credit expansion. If the US ever went to a hard money free banking system, then the world would probably have to follow suit.
No we don’t. CLearly you can’t blame the gov for some issues.
The gov will always make a problem worse or replace one problem with a worse problem.