The President’s statement reveals a great deal about his understanding or, more correctly, lack of understanding of economics.
George Reisman
George Reisman, Ph.D., is Pepperdine University Professor Emeritus of Economics and the author of Capitalism: A Treatise on Economics. See his Amazon.com author's page for additional titles by him.
Visit his website capitalism.net and his blog atGeorgeReismansBlog.blogspot.com. Watch his YouTube videos and follow @GGReisman on Twitter.
Economic Recovery Requires Capital Accumulation, Not Government “Stimulus Packages”
The blind rush into massive “stimulus packages” is the culmination of generations of economic ignorance transmitted from professor to student in the guise of advanced, revolutionary thinking—the “Keynesian revolution.”
Soviet Show Trials with Wall Street Bankers in Shackles
Those seeking to deify the government and raise it above the citizens, that they are encouraging a servant to forget his place and to become the master of those whom it is his duty to serve.
Falling Prices Are the Antidote to Deflation
A disastrous economic confusion is the belief that falling prices constitute deflation and thus must be feared and, if possible, prevented.
The Myth That Deregulation and Laissez Faire Capitalism Was Responsible for The Subprime Crisis
The news media are in the process of creating a great new historical myth. This is the myth that our present financial crisis is the result of economic freedom and laissez-faire capitalism.
When Barack Obama Equals Sarah Palin
Barack Obama and Sarah Palin on Taxing Oil Companies and Giving the Money to Others
Anti-Obamanomics: Reducing Taxes on the “Rich”
An analysis and critique of a major aspect of the views on taxation attributed to Obama.
Our Financial House of Cards
How to Start Replacing It With Solid Gold
The Nature of Environmentalism
The reasons why advocates of human flourishing should never describe themselves as environmentalists,
A Word to Environmentalists
Environmentalism thus stands a very strong chance of ultimately reverting to the more traditional socialism of massive government construction and engineering projects.
Environmentalism is Recycled Communism and Nazism
Environmentalism thus stands a very strong chance of ultimately reverting to the more traditional socialism of massive government construction and engineering projects.
Standing Keynesian GDP on Its Head: Saving Not Consumption as the Main Source of Spending
Consumption expenditure is not the main form of spending in the economic system and does not pay the national income or gross domestic product. Most spending in the economic system is in fact concealed under the head of net investment.
The Gold Clause: A Creditors’ Protection Bill
The widespread establishment of partial gold clauses is an essential step in the protection of the buying power of creditors. It would also be a major step on the path toward the establishment of sound money.
Credit Expansion, Economic Inequality, and Stagnant Wages
Credit expansion boosts profits more than does simple inflation because the reduction in interest rates it brings about serves to increase the time lag between the making of expenditures for capital goods and labor and their subsequent appearance as costs in business in…
A World Where Abortion is Murder
In the United States, just as in the Middle East, there are large numbers of people who believe that the cloak of religion and their claim to be inspired by the will of God entitles them to practice lunacy, in total disregard of the suffering and harm they cause to othe…
In Support of the Concept of Intellectual Property
If individuals do have a property right in their own identities, do they not also have a property right in the words and symbols that uniquely identify their products and services?
Deflation and The Gold Standard
Environmentalism thus stands a very strong chance of ultimately reverting to the more traditional socialism of massive government construction and engineering projects.
The Housing Bubble and the Credit Crunch
The turmoil in the credit markets now emanating from the collapse of the housing bubble can be understood in the light of the theory of the business cycle developed by Ludwig von Mises and F.A. Hayek.
How The New York Times Coordinates Coverage Between News and Editorial Departments
Almost all of the writers, reporters, and editors of the paper come from the same educational mold and see practically everything through a far-left prism, with the result that The Times’ reporting is thoroughly slanted to the left.
The Irony Behind The College Student Loan Scandal
It is ironic that in the present case, the victims of this anti-capitalistic attitude are colleges and universities. What is ironic is that they systematically instill such anti-capitalistic attitudes in practically every course they offer.
Environmentalist Philosophy in Practice
Such a life of impoverishment is a life that the environmentalists who are striving to bring it about certainly deserve to achieve—but just for themselves, not for anyone else.
“For the Environment”
Tell them that the planet exists for you, not you for the planet, and that you intend to use it for your benefit.
It’s About Energy, Not Climate
“Conservation” as a source of energy is a contradiction in terms.
No Representation for Taxation
The citizens of Washington, D.C., do not pay taxes; they receive them.
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