Richard Salsman
Senior Fellow
AIER Senior Fellow Richard M. Salsman is president of InterMarket Forecasting, Inc. and a visiting assistant professor of political economy at Duke University. Previously he was an economist at Wainwright Economics, Inc. and a banker at the Bank of New York and Citibank. Dr. Salsman has authored the books Gold and Liberty (1995), The Collapse of Deposit Insurance and the Case for Abolition (1993) and Breaking the Banks: Central Banking Problems and Free Banking Solutions (1990), all published by AIER, and The Political Economy of Public Debt: Three Centuries of Theory and Evidence (2017). His fifth book – Where Have all the Capitalists Gone? Essays in Moral Political Economy – was published by AIER in 2021.
Dr. Salsman earned a B.A. in economics from Bowdoin College (1981), an M.A. in economics from New York University (1988), and a Ph.D. in political economy from Duke University (2012). His personal website is https://richardsalsman.com/
Books by Richard M. Salsman
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A Tragic Half Century Without Gold Money
“Fifty years without a gold-based monetary system is not only unprecedented in human history but unfriendly to economic prosperity.” ~ Richard M. Salsman
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From Fast Growth to No Growth to De-Growth
“Whereas some anti-capitalists wish earnestly for capitalism’s end and yearn for a future utopia of non-capitalist wealth (a contradiction), others of them yearn for the world known before capitalism, the non-capitalist world that was fundamentally feudal and medieval.” ~ Richard M. Salsman
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Higher Inflation Depresses Equity Valuation
“The CPI will probably increase by 3-5% for all of 2021. That is not nearly as bad as the 1970s, when the rate averaged 7.4% p.a. (and peaked at 13.3% in late 1979), but it’s still bad for equity valuations.” ~ Richard M. Salsman
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Supply-Side Neoliberalism Sure Beats the Alternative
“The near-phobic disdain for supply-side economics and neoliberalism this century is part of a new wave of anti-capitalist sentiment. We have seen this movie before. It is a horror film. The true friends of rationality, liberty, and prosperity should wake up, stand proudly, and contend boldly.” ~ Richard M. Salsman
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Lots of New Money, But Still-Low Inflation. What Gives?
“Just because a reckless central bank foists tons of fake money on banks, businesses, and households does not mean any of them must spend it. Fiscal-monetary recklessness itself can signal private-sector actors not to part with safe, liquid assets. Eventually, of course, they may choose to flee the money and the debt, bringing higher inflation…
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Equity Performance Amid One-Party Rule in America
“If history (especially more recent history) is a guide, U.S. equity gains over the next two years of full Democratic control will be inferior, a result that is more probable given that the party is currently more anti-business, anti-profit, and anti-capitalist than at any other time since 1970.” ~ Richard M. Salsman
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Yes, Follow the Science – in Every Field
“If science had been followed in 2020 – in all fields – we’d be much healthier and wealthier than we now are. But control freaks have used Covid-19 to justify still more government controls, still more statism. In every field they’ve cited chaos as an (alleged) reason to ‘reimagine’ (i.e., sabotage) capitalism – a system…
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Funding American Law Enforcement
“If any legitimate public service (like the rule of law and law enforcement) fails, it should be mended, not ended, reformed, not scorned. Indeed, that has been the general (and positive) trend in American law and law enforcement over the past century.” ~ Richard M. Salsman
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Japan’s Three Decades of Depressive Stimulus Schemes
“The U.S. and Japan are old welfare states that can’t afford what they’re doing; nonetheless, their politicians can’t seem to succeed electorally without persisting in their profligacy. Japan’s history signals the likely outcome for copycats: prolonged stagnation.” Richard M. Salsman
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The Plan to Have Red States Bail Out Blue States
My exhibit reveals a distinct, positive relationship between state politics and debts. The more a state was governed by Democrats in recent decades, the larger is its current debt burden; the more it was governed by Republicans, the smaller is its current debt load.
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•
A Tragic Half Century Without Gold Money
“Fifty years without a gold-based monetary system is not only unprecedented in human history but unfriendly to economic prosperity.” ~ Richard M. Salsman
-
•
From Fast Growth to No Growth to De-Growth
“Whereas some anti-capitalists wish earnestly for capitalism’s end and yearn for a future utopia of non-capitalist wealth (a contradiction), others of them yearn for the world known before capitalism, the non-capitalist world that was fundamentally feudal and medieval.” ~ Richard M. Salsman
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•
Higher Inflation Depresses Equity Valuation
“The CPI will probably increase by 3-5% for all of 2021. That is not nearly as bad as the 1970s, when the rate averaged 7.4% p.a. (and peaked at 13.3% in late 1979), but it’s still bad for equity valuations.” ~ Richard M. Salsman
-
•
Supply-Side Neoliberalism Sure Beats the Alternative
“The near-phobic disdain for supply-side economics and neoliberalism this century is part of a new wave of anti-capitalist sentiment. We have seen this movie before. It is a horror film. The true friends of rationality, liberty, and prosperity should wake up, stand proudly, and contend boldly.” ~ Richard M. Salsman
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•
Lots of New Money, But Still-Low Inflation. What Gives?
“Just because a reckless central bank foists tons of fake money on banks, businesses, and households does not mean any of them must spend it. Fiscal-monetary recklessness itself can signal private-sector actors not to part with safe, liquid assets. Eventually, of course, they may choose to flee the money and the debt, bringing higher inflation…
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•
Equity Performance Amid One-Party Rule in America
“If history (especially more recent history) is a guide, U.S. equity gains over the next two years of full Democratic control will be inferior, a result that is more probable given that the party is currently more anti-business, anti-profit, and anti-capitalist than at any other time since 1970.” ~ Richard M. Salsman
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•
Yes, Follow the Science – in Every Field
“If science had been followed in 2020 – in all fields – we’d be much healthier and wealthier than we now are. But control freaks have used Covid-19 to justify still more government controls, still more statism. In every field they’ve cited chaos as an (alleged) reason to ‘reimagine’ (i.e., sabotage) capitalism – a system…
-
•
Funding American Law Enforcement
“If any legitimate public service (like the rule of law and law enforcement) fails, it should be mended, not ended, reformed, not scorned. Indeed, that has been the general (and positive) trend in American law and law enforcement over the past century.” ~ Richard M. Salsman
-
•
Japan’s Three Decades of Depressive Stimulus Schemes
“The U.S. and Japan are old welfare states that can’t afford what they’re doing; nonetheless, their politicians can’t seem to succeed electorally without persisting in their profligacy. Japan’s history signals the likely outcome for copycats: prolonged stagnation.” Richard M. Salsman
-
•
The Plan to Have Red States Bail Out Blue States
My exhibit reveals a distinct, positive relationship between state politics and debts. The more a state was governed by Democrats in recent decades, the larger is its current debt burden; the more it was governed by Republicans, the smaller is its current debt load.