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Europe decides to eat its capital

Monday, September 15th, 2014 by posted in Banking, Economics.

Re: The Death Spiral of Capitalism, by Martin Hutchinson We now see why the profligate countries of the European Monetary Union allowed the European Central Bank to institute a negative interest rate against reserves AND now have allowed it to buy

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September Mises Meet!

Monday, September 15th, 2014 by posted in Events.

The leaves are changing, but the excuses for war and tyranny remain the same!Join the Ludwig von Mises Institute of Canada for our monthly meet up on Tuesday September 23, at 7 pm, at the Pauper’s Pub! Enjoy food, beverage, and

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The Regret of War

Sunday, September 14th, 2014 by posted in Economics.

We all have regrets. But if you find yourself consistently ruing your past decisions, maybe it’s best to rethink your rashness. Writing in the Financial Times this weekend, Richard McGregor gives some perspective on Americans’ change of heart for wars.

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Fiat Lux

Sunday, September 14th, 2014 by posted in Philosophy, Politics.

“Naive trust in the power of words to command reality is found in all mass delusions.” This line was written by Garet Garrett in his 1922 novel and celebration of entrepreneurship, The Driver. It slips by, easily unnoticed in a

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The insanity of majority vote at the ECB

Thursday, September 11th, 2014 by posted in Banking, Economics, Politics.

From today’s Open Europe news summary: The FT reports that the ECB will press ahead with its plans to purchase Asset Backed Securities (ABS) despite both the French and German government rejecting the bank’s calls for them to provide public guarantees to

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Scotland’s goal: Out of the frying pan and into the fire!

Thursday, September 11th, 2014 by posted in Economics, Politics, Regulation, Socialism.

Re: Alex Salmond says Scotland could join the EU in 18 months Why in the world would Scotland want to jump from one socialist union to an even bigger socialist union? Independence from the UK is Scotland’s chance to become the

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Government Interest Payments

Thursday, September 11th, 2014 by posted in Economics.

It’s not just homeowners who have to worry about rising interest rates, the Federal government might soon get a taste of its own medicine. With the Fed doing all it can to stimulate inflation, increases to interest rates are taking

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Positive Methodology in Language

Wednesday, September 10th, 2014 by posted in Epistemology, Law, Philosophy.

The iconoclastic religion of scientism looks to have achieved a new victory. Reporting in The Chronicle of Higher Education, Michael Chorost informs us that neuroscientists recently uncovered how the brain reacts to language, and what it means in understanding words

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Jurgen Stark exposes ECB lawlessness

Tuesday, September 9th, 2014 by posted in Banking, Law.

From today’s Open Europe news summary: Jürgen Stark, former Chief Economist of the ECB warns in an essay in Handelsblatt that “the ECB is on its way to becoming a bad bank” citing the “enormous risks” of its recent monetary policy. He

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Richmond Fed President See Fed as the Problem

Monday, September 8th, 2014 by posted in Banking, Economics.

How large a problem is moral hazard caused by the Fed helping out troubled bank during financial crises? Pretty large, at least according to Jeffrey Lacker, President of the Federal Reserve Bank of Richmond. One argument for central bank credit

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The Fed and Mr. Krugman: The Price of Nuts

Friday, September 5th, 2014 by posted in Banking, Economics.

The pine nuts I like to sprinkle on my salads have become so precious the price jumped from an already outrageous $5.99 per 4 ounce container to $6.99 this past week. One person who is happy about this is the

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Who Will Defend the Rule of Law in Europe?

Friday, September 5th, 2014 by posted in Uncategorized.

From Open Europe news summary of September 5, 2014: ECB surprises markets with rate cut and purchases of private assets; Ruparel: Pressure rises on eurozone governments as ECB nears end of its policy tools The ECB yesterday surprised markets by

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Sin City’s Darker Twin

Thursday, September 4th, 2014 by posted in Politics.

As the camera zooms in on the dried monkey skeletons on display, a scowling vendor angrily waves it away, cursing in Mandarin. “Here, photography is not always welcome” says the narrator. This scene from The Mong Lah Connection took place

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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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Unions are Not Capitalism

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

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


More “Efficient Markets” Nonsense

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

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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CALL FOR PAPERS: International Conference of Prices & Markets (Toronto, November 7-8)

Tuesday, September 2nd, 2014 by posted in Events.

Call for Papers: 2014 International Conference of Prices & Markets Toronto, Canada November 7-8, 2014 Reflective of the growing international participation at the Toronto Austrian Scholars Conference, the event has been rebranded as the International Conference of Prices & Markets in concert with the Mises Canada published Journal

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The Immunity Community

Tuesday, September 2nd, 2014 by posted in Law.

The doctrine of sovereign immunity derives from the English notion that “the king can do no wrong” and hence cannot be sued without his consent. The purpose of this doctrine was, in England, from at least the Middle Ages until

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

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

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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Jared Bernstein Confirms That Austrians Aren’t Paranoid

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

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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