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The IMF, the SDR, and the Dollar: One Big Happy

Thursday, September 4th, 2014 by posted in Banking, Capitalism, Economics.
International-Monetary-Fund-IMF-Logo-tease

Reprinted from GaryNorth.com The SDR is a fake currency issued by the International Monetary Fund. It was invented in 1969, the first year of the Nixon administration. It was a stop-gap measure to save the fixed exchange rate system of

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Finally, the Fed Blames Itself

Wednesday, September 3rd, 2014 by posted in Banking, Capitalism, Economics.

This is an historic time. After six years of the most novel and expansive monetary policies since its creation 100 years ago, the Fed is finally ready to admit its role in prolonging the current recession… kind of. Two economists

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The Morality Test: Capitalism vs. Government

Wednesday, September 3rd, 2014 by posted in Capitalism, Economics.
factory-line-teas

Reprinted from Casey Research Everyone has been taking shots at capitalism, from the Pope to best-selling author Thomas Piketty. They say that letting the market and entrepreneurs have their way leads to wealth inequality. There will be people who are

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Unions are Not Capitalism

Tuesday, September 2nd, 2014 by posted in Capitalism, Economics.
scab

Labor unions are a dying breed. According to the Pew Research Center, union membership in America “is at its lowest level since the Great Depression.” In 1983, there were approximately 17.7 million union workers. Today, that number stands at 14.5

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More “Efficient Markets” Nonsense

Tuesday, September 2nd, 2014 by posted in Economics.
stock-market-bubble-2

I’ve got yet another example of proponents of the Efficient Markets Hypothesis (EMH) writing things that at first sound profound, but upon further scrutiny descend into nonsense. However, whenever I write a post like this, people pounce on me and

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Does the World Need a World Bank?

Tuesday, September 2nd, 2014 by posted in Banking, Capitalism, Economics.
worldbank-tea

[Ludwig von Mises on Money and Inflation (2010)] As a medium of exchange, the situation of money is different from that of other commodities. If there is an increase in the quantity of other commodities, this always means an improvement of

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Scott Sumner Skeptical of Heterodox Views, Unless They’re His

Monday, September 1st, 2014 by posted in Economics.
Monetary base

In a recent post at EconLog, Scott Sumner–one of the leading economists for “market monetarism”–lamented the “intellectual decay” (his term) of both sides in our polarized policy debates. Yet ironically, Sumner ended up destroying the foundation for his own brand

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You Can’t Run an Economy with Spreadsheets

Monday, September 1st, 2014 by posted in Capitalism, Economics, Regulation.
spreadsheet-tea

Reprinted from Mises.org Argentina’s economic minister, Axel Kicillof, has become famous for his assertion that it is possible to centrally manage the economy now because we have spreadsheets such as Microsoft Excel. This assertion comes from the mistaken view that

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Jared Bernstein Confirms That Austrians Aren’t Paranoid

Sunday, August 31st, 2014 by posted in Economics.
Dollar

For years a growing number of self-identified Austrians have been warning that the USD’s days as the world’s reserve currency are numbered. For example, I myself recently wrote: I believe that the U.S. dollar, U.S. Treasuries, and the U.S. stock

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The Cycle of Dependency Can be Broken

Sunday, August 31st, 2014 by posted in Economics, Politics.
hand for reciprocity 400 416

People respond to incentives. We all know this, and it is the basis for a great majority of economic policy decisions. The behavioralist school has increasingly argued in favor of “nudge” policies to induce people to behave as government would

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The War on Airbnb

Friday, August 29th, 2014 by posted in Capitalism, Economics.
airbnb

The web startup Airbnb is finding itself in hot water lately. A peer-to-peer service that matches renters with rentiers, the company is under attack by entrenched lodging businesses such as hotels. It’s easy to see why. The company, which is

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Contra Krugman, Europe Shows Benefit of Lean Government

Friday, August 29th, 2014 by posted in Economics.
Krugman Europe GDP Chart

The great thing about Paul Krugman is that you just need to let him tie the rhetorical noose with which he hangs himself. The funniest example is when he asked a group of Canadians in a live forum whether they liked

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Flight of the Liberals

Thursday, August 28th, 2014 by posted in Capitalism, Economics.
bald-eagle-in-flight_t5514

Voting with your feet has long been an important part of the democratic process. When the laws of a town, state or even country become oppressive, citizens should be free to leave and seek more favorable conditions elsewhere. Yet while

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Elizabeth Warren’s 11 Commandments

Thursday, August 28th, 2014 by posted in Capitalism, Economics, Politics.
warren1 teaser

Reprinted from Mises.org In a recent speech of which Politico claims absolutely energized the “Progressive” left, Elizabeth Warren laid out her so-called 11 Commandments of Progressivism. In what follows, I will first give Warren’s “commandment,” and then explain how each so-called commandment cannot

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An Intuitive Guide to Intellectual Property

Thursday, August 28th, 2014 by posted in Economics, Intellectual Property.
Macaca_nigra_self-portrait_0

These days, everyone and their mother seems to have an opinion on intellectual property. This has its positives and negatives. The positives are that the more people are aware of the issues affecting society, the more likely they are to

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The Perfect Banking System

Wednesday, August 27th, 2014 by posted in Banking, Capitalism, Economics.
casino teaser

Reprinted from the Carl Menger Center for the Study of Money and Banking he perfect banking system, like the perfect monetary system, is one which serves the needs of consumers and savers, and not the needs of the government. It

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IMF: Risk of Another Housing Crash

Wednesday, August 27th, 2014 by posted in Banking, Capitalism, Economics.

The International Monetary Fund is warning that the world is at risk of “another devastating housing crash.” This is true for instance for Australia, Belgium, Canada, Norway and Sweden,” he said. In the wake of the global recession central bankers

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CBO Thinks Millions of Americans Aren’t Going to Sign Up for “Affordable” Care

Tuesday, August 26th, 2014 by posted in Economics, Health Care.
CBO on Individual Mandate

In June the U.S. Congressional Budget Office (CBO) updated its forecasts regarding the “individual mandate” component of the Affordable Care Act (ACA), also known as “ObamaCare.” Recall that the individual mandate is the tax levied on Americans who commit the

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World Reserve Currencies: What Happened During Transition?

Tuesday, August 26th, 2014 by posted in Banking, Capitalism, Economics.
dollar-bills_0 teaser

Reprinted from EconomicReason.com The decline of the US dollar hegemony is ever so clear today and this article aims to provide the reader with what exactly happened during past periods of reserve currency transitions. Historically, when a reserve currency transitioned

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Check out Mises Cuba

Monday, August 25th, 2014 by posted in Economics, Education.
mises_cuba

Mises Institutes are popping up all over the world! A recent article at Forbes highlighted this worldwide movement. Check out one of the newest: Mises Cuba!

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