At the end of World War I, the American economy faced the enormous task of retooling for peacetime. No longer needed were the factories used to support the war effort, or the giant agricultural exports to a Europe that couldn’t grow its own food. The process of shuttering excess war capacity, and its associated layoffs, produced a huge contraction in economic output.
Perhaps the most prevalent mental images of the Great Depression of the 1930s are the photos of the soup lines and breadlines where the “down and out,” those with absolutely no hope, stood waiting meals. Today, however, soup lines are a thing of the past, and they will not be evidence of just how bad the economy is.
One of Gerald Celente’s predictions has been for the rise of a “progressive libertarian” movement in the United States; wherein members of both the left and the right, who have been abandoned by Washington DC, join forces. Robin Koerner, a Democrat, and Obama voter in 2008, has written a superb piece for the Huffington Post, which seems to have struck a chord with alienated Democrats. He has put forth a particularly convincing argument that, Democrats who truly believe in the cause of peace and personal liberty, are compelled to vote for Ron Paul in 2012.
The history I was taught in school never held much interest for me. It seemed like a random progression of names, events, and dates attached to motivations that made little, if any sense. It wasn’t until I began my self study of economics, and particularly the nature of money, that a whole new world was presented to me. This was a world whose history was anything but random. In fact, almost every event throughout the history of Western civilization could be traced along a single thread of motivation: the control of money and resources.
Ron Paul doesn’t have a lot of friends at the US Treasury, particularly now that he is the Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy. His relatively high profile hearings regarding the US gold reserves…
Perhaps you’ve seen the stories this week about the $6.6 billion in one hundred dollar bills that the US Government managed to “lose” in Iraq back in 2003-4. Apparently, as part of the Iraqi reconstruction effort, plane loads (C-130 Hercules to be exact) of palettes containing shrink wrapped 100 dollar bills were flown in. $22 billion in all. As the Pentagon is attempting to close the books on the operation this week, it was revealed that some $6.6 billion cannot be accounted for.
For his latest piece over at Financial Times, Roger Altman fires up the economic fallacy machine and throws it into overdrive: The economy needs more stimulus to recover; recessions must be avoided; we’ll solve our debt problem with more debt; and don’t worry, higher prices are temporary.
Let’s begin with this notion that a recession is a bad thing. Yes it’s certainly painful, like rehabilitation after an injury, but necessary in order to heal…
In an interview on the Today Show yesterday, President Obama again exhibited his woeful lack of economic understanding.
According to Obama, our economic woes are structural problems that have resulted from large increases in productivity – like installing ATM machines and getting rid of bank tellers.
In 1913 the United States Congress passed the Federal Reserve Act which created a central bank for America. With its charter came the ability to create money and credit for the country. And so it did. By the end of the 1920s the Fed had inflated the money supply so much that the government was forced to revoke the right of Americans to trade their Dollars for gold…
Recently, The New York Sun posted a response by Ron Paul to the question of whether the US should sell its gold to pay its debt. His typically principled answer was that it would be “a good and moral decision. An individual would have to do the same.” What followed was an outpouring of protestations from proponents of both fiat currencies and sound money alike.