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Greece illustrates 150 years of socialist failure in Europe

Wednesday, June 24th, 2015 by posted in Capitalism, Economics, Socialism.

Greece cannot pay its debts…ever. Nor can several other members of the European Union. That’s why Europe’s elite are loath to place Greece in default. If Greece is allowed to abrogate its debts, why should any of the other debtor

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Austrian Business Cycle Theory: Answering the Critics

Thursday, June 18th, 2015 by posted in Banking, Capitalism, Economics.
Austrian Business Cycle Theory: Answering the Critics

According to the economists of the Austrian School, artificial credit expansion is the primary factor behind the business cycle. Critics have tried to poke holes in the theory, but David Howden shows those holes are just an illusion. https://www.youtube.com/watch?v=oVR79OJgGvA&feature=youtu.be

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Millions in Brazil Follow a Teen Leader to Freedom

Thursday, June 18th, 2015 by posted in Capitalism, Economics, Politics, Regulation.
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Reprinted from the Freeman “I like a little rebellion now and then,” Thomas Jefferson famously wrote. The primary author of the Declaration of Independence and America’s third president regarded rebellion as “like a storm in the atmosphere.” It clears the

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The Government and the Currency

Thursday, June 11th, 2015 by posted in Banking, Capitalism, Economics.
currency teaser

[Human Action (1949)] Reprinted from Mises.org Media of exchange and money are market phenomena. What makes a thing a medium of exchange or money is the conduct of parties to market transactions. An occasion for dealing with monetary problems appears to

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The Man Behind the Hong Kong Miracle

Monday, June 8th, 2015 by posted in Capitalism, Economics, Regulation.
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Reprinted from the Freeman Three cheers for Hong Kong, that tiny chunk of Southeast Asian rock. For the twentieth consecutive year, the Index of Economic Freedom—compiled by The Wall Street Journal and the Heritage Foundation—ranks Hong Kong (HK) as the

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Paul Krugman: Three Wrongs Don’t Make a Right

Friday, June 5th, 2015 by posted in Capitalism, Economics.
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Reprinted from the Freeman One of the running themes throughout Paul Krugman’s public commentary since 2009 is that his Keynesian model — specifically, the old IS-LM framework — has done “spectacularly well” in predicting the major trends in the economy.

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Gold Verses Fractional Reserves Part 2

Wednesday, June 3rd, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Mises.org. Article originally appeared in the Freeman May, 1979 The Harmful Consequences We have now to examine the harm that the system does whether or not the pressure to reduce the reserve requirements is continuously successful. Let us

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Los Angeles Pummels the Poor

Monday, June 1st, 2015 by posted in Capitalism, Economics.
minwage teaser

Reprinted from the Freeman Does anyone on the Los Angeles City Council have a clue about what they have just done? It really is unclear whether reality matters in this legislative body. Rarely have we seen such jaw-dropping display of

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Production Versus Consumption Part 2

Friday, May 29th, 2015 by posted in Capitalism, Economics.
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Technology and Capital Goods This essay originally appeared in the October 1964 issue of The Freeman. An abridged and slightly revised version subsequently appeared in The Objectivist Forum of August 1980. The present, unabridged version incorporates most of the wording

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Production Versus Consumption Part 1

Thursday, May 28th, 2015 by posted in Capitalism, Economics.
factory teaser

PRODUCTION VERSUS CONSUMPTION This essay originally appeared in the October 1964 issue of The Freeman. An abridged and slightly revised version subsequently appeared in The Objectivist Forum of August 1980. The present, unabridged version incorporates most of the wording changes

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Greece Needs a Magic Formula

Wednesday, May 27th, 2015 by posted in Capitalism, Economics.
greece_banks_teaser

Originally appeared at Forbes.com If your only ambition is to go from terrible to mediocre — to get your country off the international business pages so it can suffer in anonymity — then you can perhaps argue that most things

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A Portrait of the Classical Gold Standard

Tuesday, May 26th, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Mises.org “The world that disappeared in 1914 appeared, in retrospect, something like our picture of Paradise,” wrote the economist Cecil Hirsch in his June 1934 review of R.W. Hawtrey’s classic, The Art of Central Banking (1933). Hirsch bemoaned

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Should We Dump the Euro?

Monday, May 25th, 2015 by posted in Banking, Capitalism, Uncategorized.
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The Greek drama continues to unfold with the risk of a “Grexit” becoming increasingly likely. Yet, a large majority of the Greek people want to keep the euro. This would force the Greek government to live within its means, which

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Man’s Greatest Invention. And His Worst.

Thursday, May 21st, 2015 by posted in Capitalism, Economics.
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We normally think of an invention as something we can touch and hold in our hands.  However, an invention can also be a process or a system – a way of doing things.  The greatest of man’s inventions isn’t the

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My letter to the NY Times re: Why laid off American workers can’t find jobs

Re: The Perils of Globalization Dear Sirs: I believe that Binyamin Appelbaum may have unwittingly answered his own question about why American workers who lose their jobs–as illustrated by the former Maytag employees in Galesburg, Illinois–have such a difficult time

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Stones into Bread: The Keynesian Miracle

Tuesday, May 19th, 2015 by posted in Capitalism, Economics.
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[Originally printed in Plain Talk, March 1948, and reprinted in Planning for Freedom]. Reprinted from Mises.org The stock-in-trade of all Socialist authors is the idea that there is potential plenty and that the substitution of socialism for capitalism would make it possible

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Leading German Keynesian Economist Calls For Cash Ban

Sunday, May 17th, 2015 by posted in Banking, Capitalism, Civil Liberties.
printing money

Reprinted from Zerohedge.com It’s official: the world has gone central-planner crazy. Monetary policy, whether in the form of “conventional” methods such as the micromanagement of policy rates or so-called “unconventional” measures such as QE, has proven utterly ineffective when it

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The War on Cash Destroys a Small Entrepreneur

Friday, May 15th, 2015 by posted in Banking, Capitalism, Economics, Regulation.
100-dollar-bills-cash teaser

Reprinted from LewRockwell.com Lyndon McClellan is a small entrepreneur who owns and operates L & M Convenience Mart in Fairmont, North Carolina.  L & M comprises a gas station, convenience store, and a small restaurant serving hot dogs, hamburgers, and catfish

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“Surviving Or Thriving” – What Canada’s 40% Surge In Meat Prices Means

Thursday, May 14th, 2015 by posted in Capitalism, Economics, Regulation.
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Reprinted from Zerohedge: On the surface, Canada’s 1.2% inflation is negligible, and barely enough to keep up with the pace of overall growth as mandated by a few central bank academics. It is below the surface, however, that one finds

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Canada’s Central Bank is Headed by a Comedian

Wednesday, May 13th, 2015 by posted in Banking, Capitalism, Economics.
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Reprinted from Acting-man.org Yet Another Delusional Bubble Blower Canada is home to one of the most egregious housing and credit bubbles in the world – a legacy of its former central bank governor Mark Carney, who is now blowing a

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