Squatting On The Shoulders Of Midgets

Notes from the Field

Date: December 6, 2012

Reporting From: Sovereign Valley Farm, Chile

Isaac Newton, the father of classical mechanics and progenitor of nearly every technology we use today, was easily one of the top 10 most influential minds in all of human history. So much so that even Albert [...]


Macro Claus Wishing You A Merry Christmas

This wonderful video was produced by John Papola who produced the Fight of the Century (Hayek v. Keynes) videos with Russ Roberts. Here he gives us a Christmas gift on the fallacy of consumption as the road to wealth and prosperity. Enjoy!



Obama’s Roadmap For Economic Destruction

This Bloomberg article is like a roadmap for destroying an economy. France under François Hollande is the Progressive’s ideal state where the “rich” pay for the poor’s welfare benefits. One could say it is the same roadmap that Obama’s Progressive agenda is following. It is one that fails to understand how economies work. The result [...]


The Latest Keynesian Stimulus: Hurricane Sandy

Hey! Did you hear the good news? Hurricane Sandy will create jobs and provide economic growth that will help drag our economy out of the doldrums. According to University of Maryland economist Professor Peter Morici, there is actually a benefit to mass destruction:

However, rebuilding after Sandy, especially in an economy with high unemployment and [...]


The Truth About The Middle Class

My favorite man of letters and prolific letter writer, Don Boudreaux, usually tells it like it is as he does in this letter to PBS economics reported Paul Solman. The middle-class is NOT shrinking. PBS is nothing if not a leading proponent of what passes for mainstream economics. Enjoy this letter. [...]


Poverty Highest Since 1965

In Sunday’s USA Today there was an article on what is seen as growing poverty in America:

The Associated Press surveyed more than a dozen economists, think tanks and academics, both nonpartisan and those with known liberal or conservative leanings, and found a broad consensus: The official poverty rate will rise from 15.1 percent in 2010, [...]


Lawyers Need Not Apply

Tough times at the Inns of Court. The WSJ reported this morning that law school graduates are having tough times:

Members of the law-school class of 2011 had little better than a 50-50 shot of landing a job as a lawyer within nine months of receiving a degree, according to a Wall Street Journal analysis [...]


Hurrah for Inflation!

This old “news” reel was posted on Bill Anderson’s Krugman-in-Wonderland blog, so I am reposting it here because it is astounding. This is from 1933 and it extols the virtues of inflation and Franklin Delano Roosevelt. It is pure propaganda. But the startling thing is that it is very similar to ideas being expressed today [...]


Egos and Economists Who Yearn for the Nonexistent Past


Not only does Obama’s Shill-in-Chief Paul Krugman have economics wrong, he has economic history wrong as well.

One of the constant themes of Paul Krugman’s writings these days, other than shilling for Barack Obama and Democrats in general, is the walk down memory lane to the nation’s idyllic past where tightly-regulated industries [...]


Willem Buiter, CMC (Certified Monetary Crank)

Business Insider is reporting some comments by Willem Buiter, an economist with Citigroup in London, that are absolutely shocking. Start with these recommendation to central banks:

– (i)reducing rates, first by lowering them all the way to zero (UK and euro area), then by eliminating the effective lower bound on nominal interest rates (all four [...]


Gold: A Most Civilized Investment

On Friday last, Warren Buffett’s right-hand man and Berkshire vice chairman, Charles Munger, told CNBC, “Gold is a great thing to sew into your garments if you’re a Jewish family in Vienna in 1939,” “but I think civilized people don’t buy gold; they invest in productive businesses.”

Your meaning is well taken, Charles, but your [...]