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 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.
Alan Beattie, International Economy Editor of Financial Times and former economist at the Bank of England (the UK’s central bank), has produced the latest piece in the disinformation campaign against gold. In his article, “Britain was right to sell off its pile of gold,” Mr. Beattie puts forth the argument that Gordon Brown actually did
During Henry Hazlitt’s tenure as a business columnist for Newsweek, he was frequently asked by his readers for an explanation of the cause of inflation and how they might protect themselves from its continual erosion of their savings. What You Should Know About Inflation is the result of those requests. Although first published in 1960,
This book threatens to blow up “. . .all existing political conventions: Democrat and Republican, left and right, liberal and conservative. It makes new arguments and uses new terms. Most of all, it is offers a view of the political, economic, and social order that is hardly ever heard today,” says Lew Rockwell. The book
Gold has long been one of mankind’s most prized possessions. Yet most people have little idea where gold comes from, other than from “gold mines.” Mining gold today often becomes monumental undertakings, truly some of man’s greatest engineering feats. Imagine gold mining shafts nearly two and a half miles below the surface and it taking
In an unprecedented move, the Fed announced that Ben Bernanke will begin holding “regular press conferences to better explain monetary policy to the US public and financial markets.” Heretofore, Fed Heads have been exempted from having to answer questions from the bourgeoisie. Contrast that with US presidents, who, on a regular basis, have had to