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
Serial currency destroyer Argentina is hoping to break its now 30% annual rate of inflation by mandating a two month freeze on the price of supermarket products. The Commerce Ministry has gone so far as to set up a hotline so that consumers can join the fight by reporting any illegal price increases. Unfortunately this
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
There are certain major trends, be it in finance or governance, that only go in one direction, until they can’t. For anyone paying attention to the behind the headlines maneuvering of the central banks and their indebted governments, 2012 was a year of great clarity. There is simply no political will anywhere in the world
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
Regardless of what you see as the biggest problems facing the US – endless deficits, corporate bailouts, the welfare/warfare state – they are all either enabled by, or exacerbated by, our system of fiat money. By giving a central bank the sole legal right to create new money at its own discretion, and for its
According to a Wall Street Journal article last week, the national debt is not $16 trillion but is closer to $87 trillion because of unaccounted for government liabilities. Bill Archer and Chris Cox, two former member of the House of Representatives and members of President Clinton’s 1994 Bipartisan Commission on Entitlement and Tax Reform, say
“The Federal Reserve System is nothing more or less than a banking cartel” says G. Edward Griffin, author of The Creature From Jekyll Island, in this excellent clip from a recent Casey Research Conference. He’s right. Prior to the passing of the Federal Reserve Act in 1913, US banks still operated under the fraudulent system
A couple of weeks ago I pointed out that the Accumulation Distribution Line (ADL) for silver was showing significant upward pressure on the price of silver. Below you can see that we have the same situation in gold.