Looting and Freedom

Whether political freedom or economic freedom is more important is a moot question. The most basic property right is self-ownership. To the degree that right is compromised, so is freedom. A commenter at the linked article above noted this: “I propose in the following discussion to call one’s own labor, and the equivalent exchange of… Continue reading Looting and Freedom

A note on jobs

We face an employment problem. Not the one Donald Trump refers to when he talks about bringing manufacturing jobs back. Those jobs do not add much value any more. I’d argue we don’t want them back.Take, for example, what happened to US auto manufacturers who paid far more to assembly line workers than those workers… Continue reading A note on jobs

Unlearn for Bern

You know, the Bernie voters more and more resemble the demographic contingent that “got clean for Gene.” Minus the clean bit, lacking the civility of the Vietnam era and adding tribalist whining about the 1st Amendment.On a whim I checked 'sarc' on Duck-Duck-Go: "Sexual Assault Response Coordinator." In this case, that’s Bill Clinton, Gloria Steinem… Continue reading Unlearn for Bern

Creative Accounting

Reuters reports "U.S. posts $3 billion budget surplus for January". They fail to note that from December through January US debt rose by $137 billion.This "surplus" is as if you counted a $500 per month raise as extra cash, while calling the $20,000 you borrowed and spend at the race track "long term debt."Copyright 2005-2019

Four more years

The president's insistence on taxing "the rich" is populist tripe, because he presents an argument that a relatively tiny amount of taxation revenue will make a serious contribution toward solving our deficit and indebtedness problems, while he simultaneously promotes more government spending.His ideological refusal to stop incurring debt makes a mockery of his argument for… Continue reading Four more years

Vulture Statist

Maybe the first three letters of "economics" and "ecostatism" being the same are confusing the president. He thinks the "private sector" is Solyndra, ethanol subsides and windmills. You know, the corporatist whores to whom he's given a hundred billion dollars, and who keep going bankrupt. The private sector is doing fine. Where we’re seeing weaknesses… Continue reading Vulture Statist

Coming soon to a country near you?

From Jim Rickards' @jamesgrickards Currency Wars: The Making of the Next Global Crisis. #currencywars Rickards is speaking here about alternatives to Keynesian economic theory.The most promising new school is complexity theory. Despite the name, complexity theory rests on straightforward foundations. The first is that complex systems are not designed from the top down. Complex systems… Continue reading Coming soon to a country near you?

Chris Whalen says "print money"

In a King World News broadcast, yesterday, the respected bank analyst openly and unequivocally calls for the Fed to "print money". I defer to Whalen's judgment regarding bank securities (he thinks BAC should declare Chapter 11). But I often disagree with Whalen on policy issues, and this money printing nonsense is another example. As I… Continue reading Chris Whalen says "print money"