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Are You Kidding Me? Now Allegations That Piketty Fudged His Wealth Data

Saturday, May 24th, 2014 by posted in Capitalism, Economics.

Thomas Piketty’s Capital in the Twenty-First Century is a moving target. The book contains foundational theoretical problems, a misreading of the empirical literature that blows up his whole case, sloppy and absurd factual errors concerning tax rates and minimum wage hikes, and shocking quotations that


Consistency and Libertarianism

Friday, May 23rd, 2014 by posted in Philosophy, Politics.

When it comes to reporting on matters of Christianity and the goings-on in the Catholic Church, few are better than George Weigel. Heralded as the next mantle-carrier from cleric and writer Richard John Neuhaus, Weigel keeps his ear to the

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The real cause of European budget indiscipline

Thursday, May 22nd, 2014 by posted in Economics, Politics, Regulation.

From today’s Open Europe news summary: In a comment piece for FAZ, German Finance Minister Wolfgang Schäuble reiterates his call for an EU budgetary commissioner with powers to veto national budgets. He also suggests Europe should be a “multi-layered democracy:

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Let’s make money worthless! Then we’ll all be rich!

Wednesday, May 21st, 2014 by posted in Economics.

Re: Currency wars might be starting again From the report: “European Central Bank President Mario Draghi called the euro’s strength a “serious concern” last week, and officials in Australia, Canada and New Zealand have been making noise about weakening their

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How to get rid of excess reserves and save the dollar at the same time

Wednesday, May 21st, 2014 by posted in Banking, Economics.

Re:  Philadelphia Fed President Plosser sees danger in excess reserves Philadelphia Fed President Charles Plosser correctly understands the danger posed by the $2.5 trillion of excess reserves created as a result of the Fed’s Zero Interest Rate Policy (ZIRP) and

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Governments Cannot Direct Investments

Tuesday, May 20th, 2014 by posted in Capitalism, Economics.

From today’s Open Europe news summary: In its staff report on Germany, the IMF recommends that the government boost investment spending by 0.5% of GDP per year, over the next few years, to help encourage private investment and boost growth

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Why Central Bank Stimulus Cannot Stimulate an Economic Recovery

Tuesday, May 20th, 2014 by posted in Banking, Capitalism, Economics, Regulation.

Today every central bank on the planet is printing money by the bucket loads in an attempt to stimulate their economies to escape velocity and a sustainable recovery.  They are following Keynesian dogma that increasing aggregate demand will spur an

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The Folly of Government Bank Regulation

Monday, May 19th, 2014 by posted in Banking, Capitalism, Economics, Regulation.

Nothing gets the liberal press’s pom-poms twirling like the threat of bank regulation. Ever since the financial crisis in 2008 and subsequent bailout of Wall Street, progressive pols have had their sights set on the banking class. The animosity makes

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Shocking Quotes from Thomas Piketty

Monday, May 19th, 2014 by posted in Economics.

Here at Mises Canada I’ve already tackled some of the serious theoretical problems underlying Thomas Piketty’s analysis  in his bestseller Capital in the Twenty-First Century. However, I want to alert the innocent bystander to the shocking disregard for property rights

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Honoring War Heroes

Sunday, May 18th, 2014 by posted in Foreign Policy, Uncategorized.

On May 9th, the Globe and Mail featured “In photos: Faces of honour on a day marking Canada’s Afghan mission.” The piece was introduced with the words, “Day-long event commemorates Canada’s sacrifices during guerilla war that claimed the lives of

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The Lesson of Eugenics: “Perfection” Taken Too Far

Saturday, May 17th, 2014 by posted in Health Care, History, Regulation.

Reprinted from the Press and Journal The era of cheap housing may finally be upon us. In China, the private firm WinSun is using 3D printers to produce up to 10 houses a day. Thanks to the decreased labor cost

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Taking Inventory of Conventional GDP Accounting

Friday, May 16th, 2014 by posted in Economics, Uncategorized.

From a Misesian perspective, there are numerous problems with conventional GDP accounting. The most fundamental problem is that it focuses on spending as the measure of production. So long as we’re dealing with genuine market transactions, this is somewhat defensible–if

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Nicholas Kristof on the Canadian Dream

Friday, May 16th, 2014 by posted in Capitalism, Economics.

Nicholas Kristof, writing for the New York Times, is lamenting the death of the American Dream, the idea that someone can come from nothing and make a new life for himself due to equality of opportunity. Today, he argues, it

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Meet The Man Who Killed Keystone

Friday, May 16th, 2014 by posted in Environment, Politics.

On May 12, the United States Senate fell 5 votes short of the 60 required to invoke cloture. (Cloture is a way to close debate and cause an immediate vote on a bill.) The measure in question was the first


Larry Summers on Piketty: Low Bar for Nobel Prizes These Days

Thursday, May 15th, 2014 by posted in Capitalism, Economics.

When he’s not botching basic historical facts about tax rates and minimum wages–in ways that conveniently serve his political narrative–Thomas Piketty, author of the celebrated Capital in the 21st Century, is botching the basic theory of capital and interest. Here


The end game of Keynesianism: Savings confiscation to force spending now

Wednesday, May 14th, 2014 by posted in Capitalism, Civil Liberties, Economics.

From today’s Open Europe news summary: Reuters: ECB readies negative deposit rate and target liquidity for June WSJ: Bundesbank ready and willing to back further easing of ECB policy Reuters reports that the ECB is working on detailed policy plans


My letter to National Review Magazine re: Not quite at the source of the banking problem

Tuesday, May 13th, 2014 by posted in Banking, Economics, Law.

Dear Sirs: I read with great interest Ms. Diana Furchtgott-Roth’s glowing review of Fragile by Design: The Political Origins of Banking Crises and Scarce Credit.  I decided not to buy the book, because, unlike the reviewer, I do not believe that the

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First airplanes, now cars…people are next

Tuesday, May 13th, 2014 by posted in Civil Liberties.

From the Open Europe news summary of May 12, 2014 The Mail on Sunday reports that the European Commission has ruled that all new vehicles must be fitted with a “black box” for use in emergencies quoting a letter from Transport Minister

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Bond Bubble in Europe’s Periphery?

Tuesday, May 13th, 2014 by posted in Economics, Law.

Re: A Bond Bubble in Peripheral Europe? Open Europe’s Raoul Ruparel asks an important question and hints that the answer is YES.  To much self-congratulations the nations of peripheral Europe have been selling their sovereign bonds at very low interest

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The Myth of Overpopulation

Monday, May 12th, 2014 by posted in Capitalism, Economics.

The world is overpopulated. The street are clogged, traffic is in a snarl, and people are living – both figuratively and literally – right on top of each other. There’s hardly enough room to swing a cat these days, right?