When people respond to the claim that Obama is not friendly to “business” they normally start with something like… ‘How can you say that? He (Obama) bailed out the banks, the auto makers and the insurance companies!’ If you claim he is anti-small business, they will point to one of the dozens of tax credits…Details
Here’s a reply I just wrote to an email asking me where a certain person got the idea that the economy was in recession 40% of the time in the nineteenth century. I am calling the person X, because he’s about the most uncharitable (and uncomprehending) antagonist I’ve ever faced — yes, even a genial guy like me has antagonists — and I’m all done dealing with him.
“I’d tell you where he gets it from, but my answer would be too crude. X is a real estate agent who knows as much about nineteenth-century economic history as any other real estate agent. (I am not saying real estate agents are ignorant, you understand, but that they tend not to be experts in this highly specialized area.) Yes, there were recessions, but contemporaries correctly blamed them on excessive issue of bank credit, often pushed by federally chartered national banks. Austrians oppose this kind of activity in the first place, so X proves nothing by citing these panics. Rothbard shows in his book The Panic of 1819 (Columbia University Press, 1962) that many people decided, in the wake of that panic, that the best policy was 100% reserve banking in a completely private system. We never got that. That system, say many Austrians, is the only one that would put a stop to the boom-bust cycle.Details
Discussions of the economy, especially during times of crisis, are often framed in terms of lessons we supposedly learned during the Depression of the 1930s. If we are not to endure terrible times like those again, we are told, we must support whatever form of state intervention is currently being peddled. The Depression is supposed…Details
On Bloomberg, Jim Grant is asked how he feels about the three yes-men about to be appointed to the Fed. Most guests would offer a few empty statements about the great qualifications of our new overlords. Grant, on the other hand, gives a reply that only a few people in the world would give —…Details
Writes Ryan W. McMaken The states (and the local governments) are facing crushing deficits and declines in tax revenues. Unlike the feds, the states can’t simply monetize debt by having the Fed purchase enormous amounts of new debt. But that doesn’t mean the states can’t ask Congress to run up some new debt for them.…Details
From an article by Vin Suprynowicz: If I invoke the phrase “Greek debt crisis,” do your eyelids start to grow heavy? Do you somehow find it difficult to summon up a fresh wave of outrage if someone mentions that when Barack Obama’s National Commission on Fiscal Responsibility and Reform (better known as the Democratic Tax-Hike…Details
You may watch or listen to Glenn Beck and know that Goldline International is a sponsor. Like every other gold seller, the company is trying to profit from the disastrous, inflationary policies of the US government. For those of us in the know – aren’t we all trying to do the same? A New York…Details