In a move that was little noticed outside of the financial world, China announced the creation of an oil futures contract (open to international traders) that will be denominated in Yuan and convertible into gold. This move provides the first official linkage of oil...
MARKETS
Blowing Off The Roof
Of all the absurd Washington pantomimes none has been as reliably entertaining and maddening as the annual debates to raise the debt ceiling. Although the outcome was always a foregone conclusion (the ceiling would be raised), the excitement came when fiscal...
Video: John Allison on Principled Leadership
On July 21, 2011, Wake Forest University Schools of Business Distinguished Professor of Practice John Allison address the Master of Arts in Management Class of 2012. The retired chairman and CEO of BB&T discussed Principled Leadership with the incoming class of business students.
The Swamp Strikes Back
On August 21st many Americans witnessed the moon cast a historic but short-lived shadow across the United States. One day later, President Trump reversed his previously stated position on the 16 year old Afghan War, thereby eclipsing the possibility that the United...
Altruist Morality Equals Bad Economics
If we embraced the moral code of rational egoism, we would solve all of today’s economic problems … and reach unprecedented human prosperity and flourishing
How To Be a Better Boss
Their pragmatist mindset of “skip the philosophy; just give me the practical tips,” hinders them from becoming better managers.
Austrian Monetary Theory vs. Federal Reserve Inflation Targeting
The phantom of “inflation targeting.”
Ten Years On: Recession, Recovery and the Regulatory State
All that the American economy has gone through over the last decade is not a “crisis of capitalism,” understood as a truly free market, but the crisis of the government managed and manipulated system of economic control, command and accompanying corruption.
Business Requires a Rational Ethics
Not all ethics guide us to achieve happy, fulfilling lives
Bernie Madoff: Lessons From an Ayn Rand Villain
Madoff was what Ayn Rand would call a second-hander: someone who tries to gain values by pleasing and manipulating others rather than thinking for himself based on observation of facts and supporting himself through productive work.
What Motivates Amazon’s Critics?
What really drives Amazin’s critics is a hatred of success: success of anyone who is achieving more than others.
A Monetary Policy Primer, Part 11: Last-Resort Lending
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
The EU and Japan Move Closer
Any news that emerged from last week's G-20 Summit in Hamburg, Germany was bound to be overshadowed by the high theater of the first-ever meeting between U.S. President Trump and Russian President Vladimir Putin. As a result, the biggest actual development from the...
A Monetary Policy Primer, Part 10: Discretion, or a Rule?
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
Damn the Deficits, Huge Tax Cuts Ahead!
Donald Trump has made good on one of his most audacious campaign promises by submitting what he describes as the biggest tax cut in U.S. History. For once, at least, this does not appear to be Trumpian braggadocio. It really may be the mother of all tax cuts. But if...
Italy’s Bank Rescue Foreshadows Nationalization of More EU Banks
On December 7, 2016, Italy’s Prime Minister Matteo Renzi resigned following defeat in a national referendum, that he had supported, that would have changed the country’s parliamentary system. The development, which represents just the latest sign of anti-EU sentiment...
Republicans Craft the Next Great Healthcare Failure
Those who claim that the Senate Republican proposal to replace Obamacare will kick millions of people out from health insurance coverage are dead wrong. Yes, it will cause the number of insured people to decline, but that will happen because millions of healthy...
Government Monopoly Money vs. Personal Choice in Currency
Greater monetary freedom would not only give every citizen a legal right to protect and secure his income, wealth and market transactions from abusive mismanagement of the government’s monopoly monetary printing press. It could also serve as a check on the degree of such government abuse.
British Election Sends Shockwaves Felt Here and Abroad
Last week’s General Election in the United Kingdom was a disaster for the new conservative government of Prime Minster Theresa May. Having called the unnecessary “snap” elections in order to strengthen her political hand, the result actually reduced the number of...
Karl Marx’s Ideas and Errors About Capitalism and Communism, Part Two
The task is not to be on some mythical “right side of history,” but to make history reflect the triumph and success of the idea and ideals of human liberty.
Karl Marx’s Ideas and Errors About Capitalism and Markets, Part One
Marx saw himself as the sociological and economic analyst of the capitalist epoch through which he was living.
In Defense of Trumpian Diplomacy
Given the media’s obsession with some of the President Trump’s communication challenges, it was utterly predictable that the President’s declaration that his trip to Europe and the Middle East should be considered a “home run” was met almost universally with ridicule....
Economic Ideas: Frédéric Bastiat on the Law of Liberty and Free Markets
Almost 170 years have passed since Frédéric Bastiat’s death, but there are few writers on economic topics that remain as readable or relevant to the issues of our own day.
Tariff Walls and Trade Wars Equal Government Planning
Both President Trump and Chinese President Xi are proponents of central planning, with the interests of the State taking precedence over the liberty and peaceful choices of their citizens.
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