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Government Save Us From “Overpriced” Chinese Food

Tuesday, December 30th, 2014 by posted in Capitalism, Economics.
chinese_food_teaser

Reprinted from Mises.org This week’s internet-fueled Outrage of the Week is the case of Harvard attorney Ben Edelman who has insisted on “notifying the authorities” to punish a small restaurant for “overcharging” the professor to the tune of four dollars. Boston.com reported on the case,

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On the Silliness of the Cuban Embargo

Tuesday, December 30th, 2014 by posted in Capitalism, Economics, Foreign Policy.
cuba1

Two years after I was born, the Soviet Union hit its final nadir. The former Evil Empire collapsed under the weight of its own economic contradictions, never to recover its original form. The fall was the greatest victory for liberty

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Nuclear Distortions

Monday, December 29th, 2014 by posted in Capitalism, Economics, Environment.
thorium_1705223b

When scientists of the early 20th century realized the possibility of producing electricity from radioactive elements, such as radium and, in later years, uranium, research for harvesting energy from the atom grew stronger. With the discovery of the neutron, which

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The Demand for Perfection

Monday, December 29th, 2014 by posted in Capitalism, Economics.
water_strike_teaser

Reprinted from Taki’s Mag I was in New York when Lehman Brothers collapsed, in Dubai when property lost half its value in a few days, and in Dublin recently when there was a demonstration against the government. I do not

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Preston Manning’s Honesty On Carbon Tax Shows Why It’s Dangerous

Saturday, December 27th, 2014 by posted in Economics, Environment.
hi-preston-manning-centre-852

Last month Preston Manning had an interesting piece in The Globe and Mail in which he outlined a strategy for getting the public to support government measures of “harnessing markets and fiscal policy” in order to correct negative externalities, especially

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The Banking System Can’t Lend Out Reserves, But a Bank Can

Saturday, December 27th, 2014 by posted in Banking, Economics.
bank-teller

This post will seem simple to some, but I want to correct a slight confusion I’ve seen over the last several years in the economics blogosphere. (I was motivated to write because of an exchange with Nick Freiling, who loves

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The Role of the Leverage Effect in the Austrian Business Cycle heory

Friday, December 26th, 2014 by posted in Banking, Capitalism, Economics.
economist-warns-that-chinas-bear-stearns-moment-may-strike-any-time_teaes

The process through which lax credit conditions cause malinvestments (the nub of the Austrian Business Cycle Theory) is commonly passed over without much ado. In sections 22.2.1 to 22.2.3 of my recent book, Finance Behind the Veil of Money, I

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Leftists become incandescent when reminded of the socialist roots of Nazism

Wednesday, December 24th, 2014 by posted in Economics, History, Philosophy, Politics.
poster_teaser

Reprinted from The Telegraph On 16 June 1941, as Hitler readied his forces for Operation Barbarossa, Josef Goebbels looked forward to the new order that the Nazis would impose on a conquered Russia. There would be no come-back, he wrote,

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The Keynesian Desperation Regarding 1920-21 Is Now Embarrassing

Monday, December 22nd, 2014 by posted in Economics.
Federal Outlays FY 1919 1924

In a previous post, I discussed the newfound interest in the United States’ depression of 1920-21 because of Jim Grant’s book. As I explained in my post, Grant is following in the tradition of several free-market writers (including me) who

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Will lifting the embargo bring prosperity to Cuba?

Monday, December 22nd, 2014 by posted in Capitalism, Economics, Politics.

On December 17th, the White House announced that it would restore full diplomatic relations with Cuba. This is certainly a step in the right direction. Nevertheless, ending the American embargo on Cuba – something Mr. Obama cannot do without approval

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The Austrian Case Against Economic Intervention

Monday, December 22nd, 2014 by posted in Economics, Regulation.

The basic unit of all economic activity is the un-coerced, free exchange of one economic good for another based upon the ordinally ranked subjective preferences of each party to the exchange. To achieve maximum satisfaction from the exchange each party

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Hold the Frankincense and Myrrh

Monday, December 22nd, 2014 by posted in Banking, Capitalism, Economics.
camels_teaser

As we approach the end of the calendar year, it is useful to look back at recent events to give us a sense of what the year ahead may hold. Looking back at the past couple of months, two events

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In (Reluctant) Defense of Food Babe

Friday, December 19th, 2014 by posted in Economics, Regulation.

I love watching debates like this unfold. The “Food Babe,” a blogger and activist dedicated to misinforming people for fun and profit, has been making headlines, both positive and negative, for her over the top claims about food additives by

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The Revolt against Rationalism

Friday, December 19th, 2014 by posted in Economics, Epistemology, Philosophy.
rational-man_teaser

This article is excerpted from The Clash of Group Interests, “The Clash of Group Interests,” part 4 (1945; 2011). Reprinted from Mises.org The most remarkable fact in the history of our age is the revolt against rationalism, economics, and utilitarian

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The Laffer Curve: Will Tax Cuts Pay for Themselves?

Thursday, December 18th, 2014 by posted in Capitalism, Economics.
Arthur Laffer

Reprinted from the Freeman In a recent speech in Little Rock, former president Bill Clinton said, “In the first eight years of trickle-down economics under President Reagan, we tripled the debt.” The former president claims his “first job” in the

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An Unorthodox Solution to the World’s Economic Problems

Wednesday, December 17th, 2014 by posted in Banking, Capitalism, Economics.
Federal_Reserve teaser

We currently face a monumental dilemma. How do we extract ourselves from all this excessive debt without crashing the world economy? There is a solution which is totally counterintuitive: print even more money. In other words, to get out of

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Russia takes a page out of the Paul Volcker playbook

Tuesday, December 16th, 2014 by posted in Economics, Regulation.

From Zero Hedge: Russia Shocks With Emergency  Rate Hike The move by the Bank of Russia to drastically raise rates is the first break by a major central bank in the worldwide Keynesian dogma that lower rates are required to

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The Myth of a Middle Class

Tuesday, December 16th, 2014 by posted in Capitalism, Economics.
1906_American-family-dining-teaser

Reprinted from Mises.org Almost a year ago, during the State of the Union address, President Obama came up with another plan to ease the economic burden on middle-class families. No news here. In fact, he gave that same do-or-die case

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Do Treasury Yields Prove QE Had No Effect?

Monday, December 15th, 2014 by posted in Economics.
yellen

Now that the third round of quantitative easing (“QE3″) has officially ended, proponents of looser money are gleefully pointing to low U.S. Treasury yields as (apparent) proof that the Fed never had anything to do with low interest rates. Ironically,

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Down with Grumpy Cat

Monday, December 15th, 2014 by posted in Capitalism, Economics, Socialism.
grumpy_cat

“The proletarians have nothing to lose but their chains. They have a world to win. Working Men of All Countries, Unite!” – Karl Marx In our dire era of increasing economic inequality, we need a symbol for the oppression of

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