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The Minimum Wage and Unemployment in Australia

Friday, February 27th, 2015 by posted in Capitalism, Economics.
australian_business_t

Reprinted from International Man Are things really topsy-turvy down-under? Since people in Australia are already walking upside down on the bottom of the Earth, do the laws of economics operate upside down also? Does the minimum wage in Australia lead

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Fed Independence is a Joke, So Why Not Audit?

Thursday, February 26th, 2015 by posted in Banking, Capitalism, Economics.
Inside The International Monetary Fund's Rethinking Macro Policy Conference

Reprinted from FreedomWorks A whistleblower-hating president, a bureaucrat who illegally targeted conservatives, and the former national intelligence director who lied before Congress walk into a bar. The bartender says: what can I get “the most transparent administration in history”? If

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The futility of bank regulation in a repressed monetary regime

Thursday, February 26th, 2015 by posted in Economics, Regulation.

Re: The Futility of Bank Regulation Under a Monetary Regime of Financial Repression, by Jeffrey P. Snider   I have admired the writing of Mr. Snider for some time now. His latest missive is long and detailed, but I was

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The Myth of Black Swan Market Events

Thursday, February 26th, 2015 by posted in Banking, Capitalism, Economics.
Black Swan_teaser

Reprinted from the New York Times Dealbook As André Gide, the French Nobel laureate in literature, once said, “Everything that needs to be said has already been said. But since no one was listening, everything must be said again.” Indeed,

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The Austrian Solution to Greece

Wednesday, February 25th, 2015 by posted in Economics, Politics, Regulation.
Main-Greece-Pic-Athens2

Arnold Kling asks economists to fill in the blank: “Greece will achieve economic success when ____” There is an answer from the Austrian perspective, but first I want to highlight some thoughts from other prominent bloggers. Option A: Paul Krugman of

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Down and Out in the Middle-Class Economy

Wednesday, February 25th, 2015 by posted in Capitalism, Economics.
middle_class_t

Reprinted the Freeman The president recently boasted of the success of his administration’s economic policies, which he calls “middle-class economics.” He describes his approach as “helping working families feel more secure in a world of constant change.” Who can blame

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The Enduring Rothschild Myth

Tuesday, February 24th, 2015 by posted in Banking, Capitalism, Economics.
Rothschild_Schloss_t

In the world of international financial conspiracy no family name is more vilified than that of Rothschild. The name is central to countless conspiracies and today the family is assumed by certain groups to be in control of many of

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The Greek deal won’t solve anything

Monday, February 23rd, 2015 by posted in Economics, Politics, Regulation.

Since the Greek deal contains absolutely zero pro-market reforms, it won’t fix anything. Raising taxes, cutting down on tax evasion and smuggling, even if successful in raising tax revenue, simply entrench government at its current and possibly higher level. The

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The Government Bundle: Would You Like War with Your Health Care?

Monday, February 23rd, 2015 by posted in Economics, Law, Regulation.
ontario-pc-leader-tim-hudak

A recent business innovation that has seen wide market acceptance is the bundling of goods and services.  For example, telecommunications providers such as Bell and Rogers often bundle their phone and Internet services.  Such bundling provides substantial benefits for both

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My letter to the NY Times re: Why the Fed is perplexed about interest rates

Sunday, February 22nd, 2015 by posted in Economics, Regulation.

Re: Fed Appears to Hesitate on Raising Interest Rates Dear Sirs: Austrian School economists are not at all perplexed about what to do with interest rates, because our understanding of economics and especially monetary policy is superior to that of

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“Gold is a noble metal…”

Saturday, February 21st, 2015 by posted in Economics.

Re: Gold coins, at bottom of sea for millennium, go on display A wonderful little report about a recent discovery of gold coins off the coast of Israel, which confirms why gold is the premier store of value since time

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How Markets Tell the Truth and Politics Tells Lies

Friday, February 20th, 2015 by posted in Capitalism, Economics.
fingers-crossed-t

Reprinted from the Freeman Have you ever tried to work with people you couldn’t depend on to tell you the truth? It isn’t pretty. Without the ability to rely on what you’ve been told (or the assurance that you’ve been

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Scott Sumner and the Lead Up to the Great Recession

Wednesday, February 18th, 2015 by posted in Banking, Economics, History.
Obama Economy

Scott Sumner poses a question, and his answer over at Econlog: 1. What would it look like if it looked as though interest rates fell for some reason other than the Fed cutting interest rates with an expansionary monetary policy?  

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The Common Sense of Progress Part 2

Wednesday, February 18th, 2015 by posted in Economics, Philosophy, Politics.
italian_painting_t

Reprinted from The Constitution of Liberty by F. A. Hayek via Freeman Short-term Gain: Long-term Loss Therefore, there must be two different ways of looking at the possibility of reducing inequality and abolishing poverty by deliber­ate redistribution—that is, from a

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The Common Sense of Progress Part 1

Tuesday, February 17th, 2015 by posted in Economics, Philosophy, Politics.
AnticStore-Large-Ref-27694_02_t

Reprinted from TheConstitution of Liberty by F. A. Hayek via Freeman If today in the United States or western Europe the relatively poor can have a car or a refriger­ator, an airplane trip or a radio, at the cost of

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A Way Forward for Greece

Monday, February 16th, 2015 by posted in Banking, Capitalism, Economics.
greece_banks_teaser

The current Greek crisis is exposing the elephant in the room – a worldwide problem getting progressively worse by the day. It’s a problem that has plagued developed economies for the last two centuries. A problem currently metastasized into a full-blown cancer

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My letter to the Philadelphia Inquirer re: Will a new bomber bring prosperity?

Sunday, February 15th, 2015 by posted in Economics.

Re: Will a new bomber bring boom times? on Page A8 of Sunday February 15, 2015 issue of Philadelphia Inquirer – Philly Edition Dear Sirs: Ignore for the moment whether or not the US actually needs a new stealth bomber, which is

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Pundits: Only a Crazy Person Would Doubt the Fed!

Friday, February 13th, 2015 by posted in Capitalism, Economics.
RandPaul

Senator Rand Paul’s recent speeches against the Fed have elicited scorn from the financial and economic blogosphere. Our technocratic wonks assure us that central banks are quite trustworthy, and only a crank or charlatan would want more accountability for the

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Perhaps Krugman’s Grandson Will Understand Government Debt

Thursday, February 12th, 2015 by posted in Economics.
krugman090421

Oh boy here we go again… In two recent posts, Paul Krugman has once again hoisted up a fallacy in his attempt to educate the masses on the proper way to analyze government debt. This is particularly frustrating since a

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What Economic Elites Don’t Want You to Know about Crashes

Thursday, February 12th, 2015 by posted in Banking, Capitalism, Economics.
Brooklyn-Bridge-New-York-1905-1920_t

Reprinted from the Freeman James Grant. The Forgotten Depression: 1921: The Crash That Cured Itself. Simon & Schuster, 2014. 273 pages. The Great Recession drags on everywhere except for Wall Street, Washington, DC, and Ben Bernanke’s consciousness. “By stabilizing the

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