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A World Without The Welfare State

Monday, April 13th, 2015 by posted in Capitalism, Economics.
welfare_state_teaser

Reprinted from EpicTimes We live in an era in which few can even conceive of a world without the welfare state. Who would care for the old? How would people provide for their medical needs? What would happen to the

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Will the New Banking Proposals in Iceland Save it from Economic Instability?

Monday, April 13th, 2015 by posted in Banking, Capitalism, Economics, Politics.

A recent proposal out of Iceland has been making the waves around economics blogosphere. In it, Frosti Sigurjonsson critiques the current fractional-reserve banking system and proposes instead a system he calls “Sovereign Money”. But what is “sovereign money”, how is

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Out, Out Damn Depression: FDR in 1938

Thursday, April 9th, 2015 by posted in Economics, History.
franklin_roosevelt_teaser

[The Roosevelt Myth (1948)] Reprinted from Mises.org The dark realities of the country had sunk deeply into Roosevelt’s mind now. There were just a year and six months before a Democratic convention would meet to pick his successor. All that

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When Internet Explorer Ruled the World

Wednesday, April 8th, 2015 by posted in Capitalism, Economics.
Internet-Explorer_e

Reprinted from the Freeman Microsoft announced this month that it was finally taking Internet Explorer out behind the woodshed, officially ending its two decade reign as the king (and then later the court jester) of web browsers. The main focus

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CA Drought Fault of Capitalism, If We Ignore Economics and Math

Tuesday, April 7th, 2015 by posted in Economics, Environment.
US Uncut CA Water Restrictions

Once again, the popularity of the Facebook page “US Uncut” should make everybody consider moving to Canada. Regarding Governor Jerry Brown’s mandatory water restrictions in the state of California, the US Uncut page posted the following graphic (and accompanying text)

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The Essence of Keynesian Thinking

Tuesday, April 7th, 2015 by posted in Capitalism, Economics.
Keynes (1)_teaser

This article originally appeared as “Keynesian Thinking” in Newsweek, August 11, 1954. Reprinted from Mises.org Arthur F. Burns, now chairman of the Council of Economic Advisers, is one of the country’s outstanding statisticians. Yet there is in his implied economic

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My recent interview on Power Trading Radio

Friday, April 3rd, 2015 by posted in Banking, Capitalism, Economics, Politics, Regulation, Socialism.

  Banking Expert: Germany Should Leave the European Union April 3rd, 2015 Patrick Barron is a consultant to the banking industry. He teaches Austrian school economics at the University of Iowa and Bank Managemant Simulation for the Graduate School of

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What’s so great about the new Asian Infrastructure Investment Bank?

Thursday, April 2nd, 2015 by posted in Banking, Capitalism, Economics.

Recently a friend sent me the updated Wikipedia link about the newly formed Asian Infrastructure Investment Bank that has been in the news so much, mostly gathering glowing endorsements that this is a great undertaking.   http://en.wikipedia.org/wiki/Asian_Infrastructure_Investment_Bank Asian Infrastructure Investment

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The Objectives of Currency Devaluation

Thursday, April 2nd, 2015 by posted in Banking, Capitalism, Economics.
currency teaser

This article is excerpted from Human Action (1949), chapter 31, “Currency and Credit Manipulation.” In the boom period that ended in 1929, labor unions had succeeded in almost all countries in enforcing wage rates higher than those which the market,

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An Austrian Take on Inflation

Tuesday, March 31st, 2015 by posted in Banking, Economics.
money-printing1 teaser

Reprinted from Cobden Center We know that today’s macroeconomists are very confused about inflation, if only because despite all experience they think they can print money and increase bank credit with a view to generating price inflation at a controlled

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Fossil Fuels Will Save the World (Really)

Monday, March 30th, 2015 by posted in Capitalism, Economics, Environment.
oil_drilling_equipment_oil_refining_teaser

Reprinted from the Wall Street Journal The environmental movement has advanced three arguments in recent years for giving up fossil fuels: (1) that we will soon run out of them anyway; (2) that alternative sources of energy will price them

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How money creation threatens hyperinflation

Sunday, March 29th, 2015 by posted in Economics.

In order to understand the relationship between money creation and the price level, we first need to get some definitions straight. To Austrians the terms inflation and deflation refer to money and not prices. There is no doubt that money

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My letter to the NY Times re: New Pay Day Loan regs will hurt the working poor

Sunday, March 29th, 2015 by posted in Economics, Regulation.

Re: Agency wants to rein in payday loans Dear Sirs: Often payday lenders are the last tool of the working poor to forestall having utilities cut off, having a car repossessed (which can lead to losing one’s job), or even

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The Motte and Bailey Doctrine in Mainstream Economics

Friday, March 27th, 2015 by posted in Economics, Epistemology, Uncategorized.
motte-and-bailey

A “motte and bailey doctrine” is a style of argument (and informal fallacy) that’s based on a motte-and-bailey castle. The bailey is a big courtyard and where people live and work and generally want to be. The motte is a mound

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Are Markets Myopic?

Friday, March 27th, 2015 by posted in Capitalism, Economics.
markets_teaser

Reprinted from the Freeman We often hear that individual investors are myopic. They make decisions based on a relatively short time horizon, so forget about the long run. That’s why we need government officials to step in with regulations, as

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My letter to the NY Times re: Setting the record straight on changes to the price level

Thursday, March 26th, 2015 by posted in Economics.

Re: Eurozone Business Growth Nears 4-year High, by David Jolly Dear Sirs: Once again one of your reporters repeats the mantra that there is a “…problem of declining consumer prices…in the eurozone…”. Problem for whom? Changes in the price level

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How and How Not to Desocialize

Wednesday, March 25th, 2015 by posted in Capitalism, Economics, Politics, Regulation.
berlin15-1_teaser

Reprinted from Mises.org Introduction It is generally acknowledged that bureaucrats are obstructing the process, but confusion abounds among free-market proponents themselves. Matters are scarcely helped by the fact that Western economists, to whom the former Eastern bloc is looking for

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A Waste of Time

Tuesday, March 24th, 2015 by posted in Economics, Politics, Socialism.

From today’s Open Europe news summary: Bundesbank proposes new European fiscal authority to replace European Commission Germany’s Bundesbank proposed in its monthly report yesterday to create “a new European fiscal authority which, in the style of independent national fiscal councils,

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Household Debt Soars in Canada, “Stability” at Risk

Tuesday, March 24th, 2015 by posted in Banking, Capitalism, Economics.
home_teaser

Reprinted from Zero Hedge Debt by Canadian households is a special phenomenon. Statistics Canada reported today that in the fourth quarter, household debt set another breath-taking record. Earlier this month, even Equifax Canada, which is in the business of facilitating

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My letter to the NY Times re: Time for an editorial board reassessment

Monday, March 23rd, 2015 by posted in Economics.

Re: Japan’s Recovery Is Complicated by a Decline in Household Savings, by Jonathan Soble Dear Sirs: Mr. Soble (and your editorial board, I’m sure) can’t seem to make up his mind whether Japan should spend its way to prosperity or

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