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Michael Rozeff

Michael Rozeff

Contributor since: 26 Feb 2010


Michael S. Rozeff is a retired Professor of Finance living in East Amherst, New York. He is the author of the free e-book Essays on American Empire.

  • When Is Fractional-Reserve Banking Inflationary?

    Published 30 August 2012 | viewed 0 times

    The takeaway here is that fractional-reserve banking is not inflationary per se. Fractional-reserve banking is inflationary when combined with central banks with unconstrained fiat money…

  • Ben and QE3

    Published 06 February 2012 | viewed 0 times

    Ben, if you and the other members of the FRB are thinking of the factors that I shall mention, then you are likely not to…

  • Constructive Steps Toward Free Markets in Currency

    Published 17 July 2011 | viewed 0 times

    Economically, it's not hard for America to transition to free markets in currency without disrupting the economy. I already outlined steps in Chapter 13 of…

  • Our 'Money' Is Credit

    Published 12 July 2011 | viewed 0 times

    We call such things as dollar bills and demand deposits "money". But existing "money" is not Money at all. It is credit. The term Money…

  • Gold, Goodwill, and Growth

    Published 08 June 2010 | viewed 0 times

    A correspondent suggested to me an idea about government balance sheet goodwill that's worth sharing. That led me to a few further thoughts about gold…

  • Gold's Value and Government Balance Sheets

    Published 07 June 2010 | viewed 0 times

    Sometimes people ask me about valuing gold by taking into account the assets that a government owns, like land, bridges, and highways. Maybe they are…

  • Gold's Fundamental Value

    Published 05 June 2010 | viewed 0 times

    The estimate of gold's fundamental value reported in this article won't be much different from earlier estimates of mine or others. What's new here is…

  • The Bigger They Are

    Published 11 May 2010 | viewed 0 times

    Once again the leaders of the western world have engineered a bailout Who pays for it? We hicks and dupes and taxpayers. Once again the…

  • Central Bankers Dream of Decoupling

    Published 08 May 2010 | viewed 0 times

    It begins with government fiat. Money is mostly electronic. It is mostly "e". It is mostly a series of 0s and 1s in memory banks.…

  • The Fiat Money End Game

    Published 05 May 2010 | viewed 0 times

    Jim Sinclair has a slogan "QE to infinity." That's "Quantitative Easing to infinity." That's inflation to infinity. That's the case for gold and silver in…

  • Differences Between Lehman Bros. and the U.S. Government

    Published 17 March 2010 | viewed 460 times

    The report of Anton R. Valukas, Examiner, in the bankruptcy case of Lehman Brothers is out, and it provides much food for thought, of which…

  • Will China Buy the IMF Gold?

    Published 13 March 2010 | viewed 2,203 times

    I assign a low probability to China buying gold from the IMF near or even 10-15 percent below current prices. All opinions in this article…

  • Sticker Shock

    Published 10 March 2010 | viewed 2,327 times

    The U.S. Senate is close to passing a new spending package after a preliminary 66 to 34 vote. It is called the AMERICAN WORKERS, STATE…

  • The FED Won't Deflate or Even Seriously Disinflate

    Published 07 March 2010 | viewed 2,652 times

    The FED, in my opinion, is a price taker in the security markets. While its control over the interest rate in the inter-bank market for…

  • Nightmare Macroeconomics

    Published 14 February 2010 | viewed 4,715 times

    An incubus weighs us down - a nightmare. It is the macroeconomics of smart (high IQ) macroeconomists who have been miseducated into economic ignorance, usually…

  • Obama's Latest Push - Neither New Nor Helpful

    Published 28 January 2010 | viewed 2,015 times

    The central issue that faces the American political economy, and which has ramifications for investing in American stocks, is whether it can set itself on…

  • Can America Come Through with Wealth Creation and Good Jobs?

    Published 23 January 2010 | viewed 2,754 times

    A correspondent not versed in economics admitted to being confused over consumerism vs. saving. He thinks that it is good for the economy that people…

  • Can America Produce Genuine Long-Term Growth?

    Published 03 January 2010 | viewed 2,623 times

    Genuine means authentic which means "conforming to fact and therefore worthy of belief and trust" (as the thesaurus says), and the antonym is counterfeit, false,…