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Frankfurt School of Finance and Managment professor Thorstein Polleit gives a sobering overview of just what we’re in for, as the Federal Reserve increases base money from $870.9 billion to $1735.3 billion in just five months, with much more to come. There is a bit of disagreement in Austrian-ish circles as to when inflation might [...]
Filed under: Economics
It’s a bit amazing in these days of burgeoning state control of the economy, but you still hear politicians–the same ones who foisted corporate-welfare stimulus and bailout plans on us–cursing protectionism and singing odes to free trade.
To be fair, many free-trade defenders these days are real laissez-faire types fighting to prevent yet another assault on [...]
Filed under: Conservatism, Economics, Trade, libertarianism
“The best way to destroy the capitalist system is to debauch the currency,” said Lord Keynes.
Ben Bernanke disagrees. A student of the Depression, the Fed chair appears far more fearful of deflation — a vicious cycle of falling prices, debt defaults, home foreclosures and rising unemployment.
Deflation is what America underwent in the 1930s. A Fed-created [...]
Filed under: Economics
Though Michael is correct that the AIG bonuses pale next to the bailout itself, I’m inclined to applaud the House’s proposed 90 percent tax on the bonuses. Crucially, the legislature did not single out AIG: the tax applies to all companies that receive $5 billion or more in rescue money. Those are taxpayer dollars that [...]
Filed under: Economics
Michael Lewis has an incredible column today on the AIG bonus scandal. The author of “Moneyball” points out that the insanity over the $165 million in bonuses to AIG executives is just that: insanity. The government has already agreed to pay out $173 billion. The bonuses make up approximately less than .1% –that is [...]
Filed under: Economics, Politics, Uncategorized
As the U.S. financial crisis broadens and deepens, wiping out the wealth and savings of tens of millions, destroying hopes and dreams, it is hard not to see in all of this history’s verdict upon this generation.
We have been weighed in the balance and found wanting.
For how did this befall us, save through decisions that [...]
Filed under: Economics, Uncategorized
From the Onion’s feature on the Obama administration’s first 100 days:
DAY 41: Sixteen hours and 25 cups of coffee into a Treasury Dept. strategy session, Tim Geithner proposes nationalizing CitiGroup, Bank of America, all nine seasons of Seinfeld, toast, Albania, and the third law of thermodynamics.
Lecturing a conscript conclave of Justice Department bureaucrats, Attorney General Eric Holder last week called America a “nation of cowards” for not spending more time talking about race.
Reading his speech, however, one recalls the sage counsel of Pat Moynihan to President Nixon in 1970: This whole subject might benefit from a long period of “benign [...]
Filed under: Economics, Immigration
“Bush Boom Continues” trilled the headline over the Lawrence Kudlow column, as George W. Bush closed out his seventh year in office.
“You can call it Goldilocks 2.0,” purred Kudlow.
Yes, you could. But what a difference 12 months can make.
Final returns are now in on the eight years of George Bush. Charles McMillion of MBG Information [...]
Filed under: Economics
Just as the problems of filling several vacancies to the U.S. Senate highlighted the need to repeal the 17th Amendment, so too has President Obama’s failure to find someone, anyone, to be Secretary of Commerce highlights the utter worthlessness of the entire department.
The Commerce Department, originally known as Commerce and Labor, is a Progressive era [...]