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Crises, Real and Exaggerated

A Talk by Dr. Richard M. Salsman
Senior Fellow at AIER / Professor at Duke University

Sat Oct 30th 12:00pm - 2:00pm (PDT)

The Bastiat Society of San Francisco invites you to join a discussion with Dr. Richard M. Salsman, President of InterMarket Forecasting and Professor of Political Economy at Duke University, on Crises, Real and Exaggerated. 


Crises are often invoked by tyrants to expand improper state power, even when such power causes crises. In 2008 Obama chief-of-staff Rom Emanuel said that “you never want a serious crisis go to waste; it’s an opportunity to do things you think you could not do before” because crises “lend themselves to ideas from both parties for the solution.” The “things” he alluded to were not liberty-enhancing things derived from calm reflection or cool reason, but illiberal things imposed amid phobias and panics, with uniform political support. Tyrants are adept at dodging responsibility for the crises they cause, to maintain or enhance their power; they also tend to contrive crises and exaggerate minor ones.  Dr. Salsman examines this problem – drawn from a section of his new book, Where Have All the Capitalists Gone? Essays in Moral Political Economy (AIER, 2021) – focusing on the crises of 2001-02, 2008-09, and 2020-21.




About the Speaker:

Dr. Salsman is president of InterMarket Forecasting, Inc., a professor of political economy at Duke University, a senior fellow at the American Institute for Economic Research, and a senior scholar at The Atlas Society. In the 1980s and 1990s he was a banker at the Bank of New York and Citibank and an economist at Wainwright Economics, Inc. He is the author of numerous books, chapters and articles, including Breaking the Banks: Central Banking Problems and Free Banking Solutions (AIER, 1990), The Collapse of Deposit Insurance – and the Case for Abolition (AIER, 1993), Gold and Liberty (AIER, 1995), “America at Her Best is Hamiltonian” (TOS, 2017), The Political Economy of Public Debt: Three Centuries of Theory and Evidence (Edward Elgar Publishing, 2017), and Where Have All the Capitalists Gone? Essays in Moral Political Economy (AIER, 2021). His work has appeared in the Georgetown Journal of Law and Public Policy, Reason Papers, the Wall Street Journal, the New York Times, Forbes, the Economist, the Financial Post, the Intellectual Activist, and The Objective Standard. Dr. Salsman earned his B.A. in economics from Bowdoin College (1981), his M.A. in economics from New York University (1988), and his Ph.D. in political economy from Duke University (2012). His website is

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