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The art of economics consists in looking not merely at the immediate hut at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups—Henry Hazlitt

Showing posts with label Philippine banks. Show all posts
Showing posts with label Philippine banks. Show all posts
Sunday, July 12, 2026

Stagflation, Part 12: The Philippines' Balance-Sheet Origins of Inflation

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    What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general ...
Monday, June 22, 2026

Stagflation Part 10: The Politics of Contradiction—Rate Hikes, Liquidity Addiction, and External Constraint Under Balance-Sheet Stress

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  Economic interventionism is a self-defeating policy. The individual measures that it applies do not achieve the results sought. They bring...
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