It’s really quite amazing to see the economic fallacies that are trotted out in support of the central banking/fiat money meme. This recent one attempts to blame rising wealth inequality and economic stagnation on the proliferation of robots in manufacturing and automation in general: The alarm over machines posing a real risk to jobs has
The evidence continues to mount that government spending kills the real economy. In the game of wealth redistribution, every dollar the government takes from the private sector is one less dollar spent by the private sector. For every job that the government creates, a job is lost in the productive economy. At best you could
In case you missed them, there were a couple of stories this week that revealed a great deal about the current state of our economy. The first was from Bloomberg concerning several leaked emails from Walmart executives. According to Jerry Murray, Walmart vice president of finance and logistics: “February MTD sales are a total disaster…
Stanley Druckenmiller is the former manager of Duquesne Capital, one of the most successful hedge funds ever. He recently gave a rare interview with CNBC in which he spoke about entitlement reform and the implications of our unsustainable national debt. Washington DC has a serious spending problem. One that will eventually lead to a dollar
Straight out of the dust bin of failed government policies comes the latest proposal from Obama to raise the minimum wage to $9/hour. Like so many other economic fallacies, at first glance it seems like a good idea — take the lowest group of wage earners and give them a raise. Not only does it
Our favorite Nobel prize-winning economist is back. In his latest missive, Paul Krugman tells us not worry about getting our financial house in order, but rather, to kick the can down the road and borrow and print more money. In fact, he says, it is the responsible thing to do. What I would like to
The writing is on the wall for anyone who cares to take a look. The world’s central bankers are going to print until their currencies break. It’s the only way out of this global system of unsustainable debt. History tells us so, human psychology tells us so, and if you pay attention to the financial
In this must watch video, British MEP Daniel Hannan addresses the Oxford Union as part of its debate on the Occupy Wall Street movement. The act of bailing out the banks with the taxpayer’s money, he says, will one day be viewed as a generational crime. The Occupy movement was correct in that something had
One of my long time clients, who makes his living trading gold and silver, sees a “Super Magnet” being placed in the gold call market. Below is how he describes the recent action. A ”Super Magnet” was placed yesterday with roughly 37,351 new Comex gold call options in the February 2014 option cycle. 10,546 calls
Uncharted Territory, LRC podcast #331 Bill Haynes and Lew Rockwell discuss why the US has avoided hyperinflation and why the dollar may long be the world’s reserve currency, despite the Fed’s promises of unlimited money creation. The Fed, as Lew notes, came into existence after major bankers met on Jekyll Island, Georgia, and formulated