As a final bailout framework for Greece continues to elude negotiators from France and Germany, the situation on the ground in Athens continues to deteriorate alarmingly. Protests have turned increasingly violent and riots have occurred in the most sensitive portions...
MARKETS
Greeks May Look North To Iceland’s Debt Default
As a final bailout framework for Greece continues to elude negotiators from France and Germany, the situation on the ground in Athens continues to deteriorate alarmingly. Protests have turned increasingly violent and riots have occurred in the most sensitive portions...
Herman Cain's 9-9-9-9 Plan
Herman Cain has been gaining much traction with his 9-9-9 Plan, a bold proposal to replace our dysfunctional tax code with what could be a simpler, less invasive, and more economically stimulative alternative. While I don't agree with the full spectrum of Mr. Cain's...
Economic Ideas and Their Consequences
The public standing of economics and economists has been declining for some time. In the 1960s and 1970s, economists were seen, and they saw themselves, as the saviors of the economy. They talked of “fine-tuning” the economy, of changing government...
The End of Civilization As We Know It
What we are seeing in Europe is that that model is inherently unsustainable. The concept of individual rights is the only standard for government action that puts an objective limit on what the government can do. The post-war leaders of Europe were completely ignorant...
Objective Economics: The Implications of Ayn Rand's Philosophy on the Science of Economics
Objective Economics: How Ayn Rand’s Philosophy Changes Everything About Economics is the product of forty-eight years spent studying Ayn Rand’s philosophy of Objectivism and the science of economics. When I read Atlas Shrugged in 1962, I was stunned...
Fiddling While The Euro Burns
Last week, eurozone finance ministers postponed, yet again, the most difficult decisions on the Greek debt crisis. The assembled powers could have forced an orderly Greek default or they could have taken steps to push Greece out of the union. Instead, they simply...
Fiddling While The Euro Burns
Last week, eurozone finance ministers postponed, yet again, the most difficult decisions on the Greek debt crisis. The assembled powers could have forced an orderly Greek default or they could have taken steps to push Greece out of the union. Instead, they simply...
How the Government Can Create Jobs
On Tuesday, September 13, Peter Schiff, the CEO of Euro Pacific Capital, www.europac.net testified before the House of Representatives Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending. The hearing entitled, "Take Two: The...
The Central Role of Saving and Capital Goods
As the popular philosophy of the common man sees it, human wealth and welfare are the products of the cooperation of two primordial factors: nature and human labor. All the things that enable man to live and to enjoy life are supplied either by nature or by work or by...
Obama’s Job Destruction Plan
Although it was labeled and hyped as a "jobs plan," the new $447 billion initiative announced last night by President Obama is merely another government stimulus program in disguise. But semantics are of supreme importance in American politics...some could argue that...
German Court Opens Door to
The risk is that Germany ends up being buried in a palace of its own construction.
President Obama: Job Killer in Chief
This morning many on Wall Street were stunned by the big fat zero put up by the August jobs report, the worst showing in 11 months. The data convinced many previously optimistic economists that the United States will slip back into recession. I believe that we have...
European Sovereign Debt Problem: German Court Wields Huge Economic Power
With investors now emerging from a state of panic after the harrowing losses of late July and August, stock markets are now rising and gold is finally falling after a record run that pushed its price north of $1,900 per ounce. The buoyant mood is largely undergirded...
Payroll Tax and Unemployment
Remember when President Obama and his team promised that if only we passed an emergency “stimulus” bill allowing them to wantonly spend $787 billion, unemployment would be capped at 8%? Two years later, having soared as high as 9.8%, July’s unemployment rate stands at...
Krugman’s War Cry Won’t Avert Depression
Paul Krugman sounded the war cry this Sunday on Fareed Zakaria's program Global Public Square. After all, he asserted, only spending equivalent to another World War could lead us back to prosperity. That, and a healthy dose of inflation. Krugman argued that inflation...
Near Zero Interest Rates? Gold is Antidote for Treasury Trap
Last week Fed Chairman Bernanke raised eyebrows and denied history when he asserted in front of Congress that gold doesn't qualify as money. Yesterday he took the unprecedented step of announcing that the Federal Reserve would keep interest rates near zero for at...
Gold is the True Reserve Currency
The reliance upon the U.S. dollar as the world's reserve currency and "safe haven" asset has created a perverse, but deeply entrenched, mindset among global investors. In fact, many believe the major financial players have no alternatives to owning U.S. debt and...
The Mythical Debt Ceiling Crisis Masks The Real Problem: Out of Control Government Spending
By supposedly compromising to raise the debt ceiling, Congress and the President have now paved the way for ever higher levels of federal spending. Although, the nation was spared the trauma of borrowing restrictions, the actual risk of default existed solely in the...
Gold Faces Short-Term Price Trap
Although I believe gold still faces a very rosy future, an agreement in Washington that avoids default and growing concerns of a global economic slowdown could create significant near-term headwinds for gold investors. While the dysfunction of the US government is on...
President Obama Demagogues Default
President Obama has continued and increased the reckless spending of the previous Administration. Now, as the federal debt reaches its statutory limit, he is spreading fear and panic in the hopes of having it raised. Many of the key people responsible for America's...
Blueberry Economics
SEA ISLE, N.J. — I should be worrying about how the politicians are killing the nation financially, but that's on the back burner today because the 25th annual Red, White and Blueberry Festival is right up the road and they're estimating that 10,000 of us will...
Debt Ceiling Myths
The debt ceiling debate that has dominated the headlines over the past month has been thoroughly infused with a string of unfortunate misconceptions and a number of blatant deceptions. As a result, the entire process has been mostly hot air. While a recitation of all...
Sovereign Debt Blows Big Holes in Big Banks
The past few days have been very bad for the world's largest banks. American behemoths Citigroup and Bank of America are down about 7% each. Across the Atlantic, things are far worse. BNP Paribas, Barclays, and Banco Santander are all down 13% or more... and Société...
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