MARKETS

Tariff Advocates Rarely Talk About How Tariffs Punish Consumers

Politicians who support tariffs and other forms of government intervention in the economy frequently emphasize reshoring, trade deficits, cheap imports, and national security, but they rarely talk about consumers.

How About a Union for Business Owners?

How About a Union for Business Owners?

Most people look at “business” as something separate from everything else in life, and at best, a necessary evil. Something you have to do. Or a way to make money—in a practical, but never creative, artistic or (perish the thought) moral way. In today’s political...

Free Banking and Economic Development, Part 1

Free Banking and Economic Development, Part 1

The most tangible achievements of the free market—the vast improvements in technology and productivity, the industrial plant and infrastructure from which these derive, and the extensive retailing networks that deliver industry’s fruits to consumers—would be far more meager were it not for past and present lending financed by fractionally-backed bank liabilities.

A Lesson from Yahoo’s Ex-CEO Scott Thompson

A Lesson from Yahoo’s Ex-CEO Scott Thompson

Scott Thompson, CEO of Yahoo Inc. just since January, resigned this week when it was found out that his resume falsely stated that he holds a degree in computer science.  What motivates people to “embellish” their resume? Presumably it is the desire to impress...

The Golden Rule Reinterpreted

The Golden Rule Reinterpreted

To many, the “Golden Rule” is an idea that underscores the value of civility and fair dealing. But there is another, less magnanimous definition: “He who has the gold makes the rules.” In the current global economy, the surplus countries have the gold and sooner or later we will be living by their rules.

The Folly that is “Local” Currency

The Folly that is “Local” Currency

How’s this for a great idea: we build a small fleet of cars, and market them to people in the local community. How do we compete with Ford, G.M., Toyota, and all those other huge car companies? Easy. You see, our cars will have special octane requirements that will...

Telephones, Technology, and Freedom

Telephones, Technology, and Freedom

For decades, it has been argued that certain goods are “natural monopolies,” which Investopedia describes as: A type of monopoly that exists as a result of the high fixed or start-up costs of operating a business in a particular industry. … The utilities industry is a...

Where’s My Model?

Where’s My Model?

Anyone who peruses my work on free banking—or my other writings for that matter—will notice that I’m not especially inclined to express my ideas mathematically. To put the matter more positively: I prefer plain English. The preference has if anything grown more marked...

Capital and Cash Reserves

Capital and Cash Reserves

I promise to make this my last post for a while concerning the matter of 100-percent versus fractional-reserve banking. However, in addressing some comments on my recent posts it occurred to me that some very serious misunderstanding is at play concerning the...

Those “Other” 100 Percent Reserve Banking Advocates

Those “Other” 100 Percent Reserve Banking Advocates

In the aftermath of the U.S. banking crises of the 1930s, it became common for American economists to speak of the “inherent” instability of fractional-reserve banking and of the “perverse elasticity” of money supply in fractional-reserve banking systems. What the...

Anti-Bernanke

Anti-Bernanke

Despite the bright light streaming into my office window, reminding me of the beautiful spring weather here in Athens, I managed to spend most of yesterday afternoon listening to the first installment of Ben Bernanke's 4-part lecture series on "The Federal Reserve and...

Government Job Creation Kills Real Jobs

Government Job Creation Kills Real Jobs

President Obama has long told us that “green” energy would create thousands of jobs. His administration has “invested” billions of tax dollars in a myriad of “green” industries. Predictably, the results have been the opposite of what we were promised. As one example,...

What Is In Your Self-Interest?

What Is In Your Self-Interest?

The following story was related to me by a student. An acquaintance of his was frustrated and unhappy with her job and felt that her company, which was short-staffed, was not giving her sufficient support and help. The acquaintance felt stressed but was able to cope...

Greg Smith vs. Goldman Sachs

Greg Smith vs. Goldman Sachs

Just now I can't summon the energy to write the post that should be written to defend Goldman Sachs against the disgusting, publicity-seeking attack made on it last week by ex-employee Greg Smith. (Mr. Smith was not highly placed at the firm: he was one of 12,000...

Yet Another (Unconvincing) Argument Against Gold

Yet Another (Unconvincing) Argument Against Gold

It seems that various pro-gold utterances in the course of the Republican primaries have provoked critics of the gold standard to circle their wagons and start shooting. But while the sheer volume of shots fired has been impressive, the shooters' aim has been lousy....

Trade Rains on the Jobs Parade

Trade Rains on the Jobs Parade

Earlier this month the Labor Department reported that 227,000 new jobs were added to the economy in February, marking the third consecutive month of positive jobs growth. Many observers took the news as evidence that the recovery has taken hold in earnest, helping...

Steve Jobs Versus Barney Frank

Steve Jobs Versus Barney Frank

Steve Jobs creates delightful products that consumers willingly and eagerly buy. Barney Frank issues edicts and demands that individuals must grudgingly obey.

“Crony Capitalism” is Fascism

“Crony Capitalism” is Fascism

Imagine that you start a business, and after years of hard work, you achieve the success that you had long thought possible. How would you react if, after achieving success, the government told you that you must pay a portion of your revenues to your competitors? The...

Bernanke Spooks Gold

Bernanke Spooks Gold

This past week, gold and silver experienced one of their steeper drops in recent months. After gold had touched a four month high, and silver came close to a six month high, prices abruptly reversed course. By the end of the week gold had sold off more than 5 percent,...

America Mortgaged at an Adjustable Rate

America Mortgaged at an Adjustable Rate

The Federal Reserve ran another "stress test" on major financial institutions and has determined that 15 of the 19 tested are safe, even in the most extreme circumstances: an unemployment rate of 13%, a 50% decline in stock prices, and a further 21% decline in housing...

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