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Would Milton Friedman Endorse Today’s “Market Monetarists”?

Saturday, October 25th, 2014 by posted in Economics.
M2 growth

In addition to the (New) Keynesians and the Austrians, a major school of economic thought has been the monetarists in the Chicago School tradition, led of course by Milton Friedman. In recent years, however, a new school has arisen–the so-called

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Europe’s banks are going bust, and accounting tricks will not save them

Saturday, October 25th, 2014 by posted in Banking, Economics.

Europe’s Gong Show at Work: Back Taxes and Busted Banks The EU is doing everything it can to paper over the fact that its policies have turned the banks into what David Stockman likes to call “Roach Hotels”, where bad

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Cass Sunstein Doesn’t Understand Rationality

Friday, October 24th, 2014 by posted in Economics.
sunstein

People are still apparently paying attention to Cass Sunstein and his insidious brand of “nudge” economics, and so it is necessary to continually expose the economic, ethical, and moral fallacies inherent in his philosophy. In brief, Sunstein contends that humans

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Legal Victory for the IRS

Friday, October 24th, 2014 by posted in Capitalism, Economics.

With the IRS scandals of early 2014 all but a distant memory, some closure is coming to the groups that the long arm of the tax law harassed. Unfortunately the verdicts aren´t going the way the affected would like. The

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Einstein, Socialism and the Relativity of Intelligence

Friday, October 24th, 2014 by posted in Economics, Philosophy.
einstein_teaser

(original version in Italian: http://www.movimentolibertario.com/2014/10/einstein-il-socialismo-e-la-relativita-dellintelligenza/ – translation by author) The fact that socialism, in every single one of its expressions (“right”, “left”, “no-global”, incoherently pro-market, etc.), is linked to an objective and specific deficiency of intellectual ability, is well known

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Why Money Doesn’t Measure Value

Thursday, October 23rd, 2014 by posted in Economics.
ruler

Anyone who knows him personally would attest that David Gordon is a troublemaker. He lived up to this label with a recent review of the new book by Steve Forbes and Elizabeth Ames. Gordon took them to task for referring

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There Was No Contagion

Thursday, October 23rd, 2014 by posted in Banking, Capitalism, Economics.

If you use the word “contagion” these days, people are likely to think you’re talking about ebola. Backup five years ago, and contagion was the buzzword to describe the financial crisis. The European government bond market was falling apart, and

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Defending the Gypsy Cab Driver

Thursday, October 23rd, 2014 by posted in Capitalism, Economics.
cab_tea

[Excerpted from Defending the Undefendable.] The taxi business in the United States usually works to the detriment of the poor and minority groups in two ways — as consumers and as producers. As consumers, their plight is well demonstrated by

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Abolish Antitrust Laws

Wednesday, October 22nd, 2014 by posted in Capitalism, Economics.
competition-antitrust_tea

[This essay is excerpted from chapter 3 of Murray N. Rothbard's Power and Market: Government and Economy.] It may seem strange to the reader that one of the most important governmental checks on efficient competition, and therefore grants of quasi

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Disney World and the Real Fantasies of Our Time

Tuesday, October 21st, 2014 by posted in Capitalism, Economics.
disneyworld_tea

Reprinted from Liberty.me My visit to Disney World overwhelmed me with the incredible achievement of this private-property paradise. It only takes one visit to dismiss all the dismissiveness. Despite what you hear, it is not about decadent and superficial consumerism.

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The Tragedy of NATO: Economic Problems Embedded in Collective Security Agreements

Monday, October 20th, 2014 by posted in Economics, Foreign Policy, Politics, Socialism.

The economic phenomenon known as the “Tragedy of the Commons” instructs us that commonly held resources that are insufficiently protected will be plundered to extinction. The phenomenon was recognized in the early nineteenth century to explain why the commons in

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The Misguided Push for STEM

Monday, October 20th, 2014 by posted in Capitalism, Economics, Education.
STEM_logo

The higher education system is a mess, and it seems the more we try to fix it, the worse it becomes. With a parade of unflattering test score comparisons constantly being trotted out, widespread unemployment, and a mismatch of skills

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Hayek’s “Rejuvenating Event”

Monday, October 20th, 2014 by posted in Economics, Education, History.
hayek_nobel_tea

Reprinted from The Freeman Swedish socialist Gunnar Myrdal was not happy about sharing his Nobel Prize with that Austrian “reactionary,” F.A. Hayek. The so-called Nobel for economics, established by the central bank of the world’s leading welfare state, was only five years

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Fractional Reserve Banking, the Euro, and the benefits of a New German Deutsche Mark

Sunday, October 19th, 2014 by posted in Banking, Economics.

In this thirty minute interview on Power Trading Radio I discuss fractional reserve banking, the euro, and the beneficial effect of a reinstated German deutsche mark. Interview with Patrick Barron on Power Trading Radio Patrick Barron is a consultant to

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The Fed’s Price Control and Pavlov’s Traders

Saturday, October 18th, 2014 by posted in Banking, Economics.

Pavlov observed that his dogs would salivate when they saw anything associated with food. He introduced sounds into this association and dogs would salivate upon hearing the sound. And so it goes with the Federal Reserve and stock traders. On

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John Tamny Needs to Stop Lecturing People on Mises’ Monetary Views

Friday, October 17th, 2014 by posted in Economics.
gold bars

John Tamny has an unfortunate habit of criticizing Austrian economists by citing the legacy of Ludwig von Mises, when it is clear that Tamny doesn’t know what he’s talking about. Let me be clear: I am all for people criticizing

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Occupational Licensure Strikes Again

Friday, October 17th, 2014 by posted in Capitalism, Economics.
braiding

It’s that time of year again: the time where I go on and on about a subject nobody but me cares about. That’s right, it’s occupational licensure! This is a subject that does not get nearly enough attention from the

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The IMF and Austrian Theory

Friday, October 17th, 2014 by posted in Banking, Capitalism, Economics.
IMF Greece Financial Crisis

Back in the early 1960s, financial journalist Henry Hazlitt warned against efforts to create an international system to help facilitate the smooth transfer of currencies. Representatives from the world’s leading governments were attempting to increase liquidity in global markets. They

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No Virginia, Reagan Had a Better Economic Record Than Obama

Thursday, October 16th, 2014 by posted in Economics.
reagan

As part of their campaign to deny that large hikes in the minimum wage or federal income tax rates will have any appreciable downsides, a popular move among progressive pundits lately has been to argue that the economic recovery under Obama

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If Something Can’t Go on Forever, It Won’t

Thursday, October 16th, 2014 by posted in Banking, Economics, Regulation.
debt_teaser

Reprinted from the Pembroke Daily Observer There is an old saying that if you owe the bank ten thousand dollars and can’t pay, you are in trouble, but if you owe the bank ten million dollars and can’t pay, the bank

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