Money and the State Part 2

Thursday, October 1st, 2015 by posted in Capitalism, Economics.
gold teaser

This article is excerpted from The Theory of Money and Credit (1912), chapter 4, “Money and the State.” Reprinted from This may be confirmed by a few historical examples. First, the impossibility of modifying the monetary system merely by

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Gold Prices Disprove Krugman

Friday, August 7th, 2015 by posted in Economics.
Gold vs TIPS

Recently Krugman wrote an op ed ridiculing Ron Paul titled, “The Old Man and the CPI.” (In case you don’t get the reference, he’s alluding to Hemingway.) Ron Paul has responded in this video, but I want to focus on

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Central Banks and Our Dysfunctional Gold Markets

Friday, July 31st, 2015 by posted in Banking, Economics.
gold-coins-1280x960 teaser

Reprinted from Many investors still view gold as a safe-haven investment, but there remains much confusion regarding the extent to which the gold market is vulnerable to manipulation through short-term rigged market trades, and long-arm central bank interventions. First,

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Gold Verses Fractional Reserves Part 2

Wednesday, June 3rd, 2015 by posted in Banking, Capitalism, Economics.
gold teaser

Reprinted from Article originally appeared in the Freeman May, 1979 The Harmful Consequences We have now to examine the harm that the system does whether or not the pressure to reduce the reserve requirements is continuously successful. Let us

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The “War on Cash” Migrates to Switzerland

Thursday, May 7th, 2015 by posted in Banking, Capitalism.

Reprinted from Banks Increasingly Refuse Cash Withdrawals – Switzerland Joins the Fun The war on cash is proliferating globally. It appears that the private members of the world’s banking cartels are increasingly joining the fun, even if it means

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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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Hold the Frankincense and Myrrh

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

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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Do Treasury Yields Prove QE Had No Effect?

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

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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The Hubris of the Monetary Social Contract

Monday, September 15th, 2014 by posted in Banking, Capitalism, Economics.
money-addiction teaser

Reprinted from Casey Research Money was once in the state of nature. Goods were once bartered until especially saleable goods emerged to be used in indirect exchange. A variety of saleable items became money until gold and silver became the

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Gold versus Fractional Reserves

Thursday, August 21st, 2014 by posted in Banking, Capitalism, Economics.

[This article originally appeared in The Freeman, May 1979.] The present worldwide inflation has done, and will continue to do, immense harm. But it may eventually lead to one great achievement. It may make it possible to restore (or perhaps it

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It’s Official – German Gold is Staying in New York at The Federal Reserve

Wednesday, June 25th, 2014 by posted in Uncategorized.

Republished from Liberty Blitzkrieg Michael Krieger | Posted Monday Jun 23, 2014 at 10:58 am *Update: A couple of people have made a stink about this post claiming that it is misleading because the prior agreed upon repatriation schedule has not actually changed. That said, anyone

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Four Ways to Value the Stock Market

Wednesday, May 7th, 2014 by posted in Banking, Capitalism, Economics.
stock-market teaser

Analysts and investors were ebullient the other week as the Dow Jones Industrial Average – widely considered as the bell-weather stock index of the United States, and the World – reached its highest level of all time. The intraday high


Gold for Cash!

Tuesday, January 7th, 2014 by posted in Politics, Trade.

Need to balance the books? Why not sell your gold? This is the route the federal government is taking. The Conservatives plan to sell and/or melt over 200,000 gold coins. A majority of these coins date from 1912 to 1914.


Financial Media: Laughter, Tears, Frustration and Exhaustion

Friday, December 27th, 2013 by posted in Banking, Capitalism, Economics.
unemployment teaser

Kurt Vonnegut once said “Laughter and tears are both responses to frustration and exhaustion.” When it comes to watching the financial media discuss the “rosiness” of the US economy, frustration and exhaustion are two words that definitely come to mind.

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Inequality and the Gold Standard

Thursday, December 12th, 2013 by posted in Banking, Capitalism, Economics.
gold-coins teaser

Imagine that you earn $40,000 a year and your boss doubles you at $80,000 a year. Business was good to you both in 2013, and you received a 25% raise for your efforts. Not bad, and your boss gets to

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Bitcoin: Segway, Cigarette, or Gold Doubloon?

Monday, December 2nd, 2013 by posted in Capitalism, Economics.
Bitcoin-coin2 teaser

Reprinted from Laissez Faire Books The market has selected different things as money throughout history. Some of these items have served as money in isolated places for specific periods of time — for instance, cigarettes in prisoner-of-war camps. Cigarettes continue

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Dow 16,000

Monday, November 18th, 2013 by posted in Economics.
Real dow

The Dow Jones Industrial Average breached the 16,000 level today for the first time in its history. Indeed, the bellwether index has been on a tear lately, up nearly 25% over the past year and almost 150% since 2009. The

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Hyperinflation Is the Necessary, Proper, Patriotic, and Ethical Thing to Do

Monday, November 18th, 2013 by posted in Banking, Capitalism, Economics.
Hyper-inflation1 teaser

Hyperinflation is the complete breakdown in the demand for a currency, which means simply that no one wishes to hold it. Everyone wants to get rid of that kind of money as fast as possible. Prices, denominated in the hyper-inflated

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The Importance of the Dollar as a Reserve Currency

Thursday, October 3rd, 2013 by posted in Banking, Capitalism, Economics.
dollars teaser

We use the term “reserve currency” when referring to the common use of the dollar by other countries when settling their international trade accounts. For example, if Canada buys goods from China, it may pay China in US dollars rather

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O’Brien At It Again

Saturday, June 29th, 2013 by posted in Banking, Capitalism, Economics, History.

I confess: I am unable to fathom why Matthew O’Brien holds a serious position writing about economics in The Atlantic. On one hand, he is an acolyte of mainstream Keynesianism to a tee. His playbook is as predictable as the

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