President Obama used his bully pulpit on Thursday to chastise banks and bankers while announcing a punitive tax on them to assuage an angry populace. Is his rage against the big paydays justified? Not for the reasons he [...]
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President Obama used his bully pulpit on Thursday to chastise banks and bankers while announcing a punitive tax on them to assuage an angry populace. Is his rage against the big paydays justified? Not for the reasons he [...] This has been a phenomenal year for the economy. There have been major, fundamental changes that will affect our lives for many years to come. I don’t see these changes as a good thing for the short or long term. These changes are generational in that they don’t occur often and they will radically impact the [...] By Jeff Harding.
I’ve been thinking a lot about gold lately. Especially now that Nouriel Roubini has come out and trashed the noble metal (see Tyler Durden’s article). Anyone who tells you they know what’s going to happen with gold is guessing. Roubini is guessing. Roubini also makes some fundamental errors in his analysis, and [...] By Jeff Harding. Paul Samuelson died yesterday at the age of 94 as I am sure you have heard. He was very successful in his field, having won a Nobel in economics and his economics textbook, Economics: An Introductory Analysis, sold over 4 million copies. I used his textbook in Econ 101. His contribution to economics was [...] By Jeff Harding. The new jobs bill negotiations are apparently getting under the skin of our politicians. As reported in the Wall Street Journal Wednesday, the Republicans and Democrats were rather testy with each other during a meeting with the President. Here’s part of their exchange: Republicans pushed Mr. Obama to freeze federal spending, a plea the [...] By Jeff Harding. As my readers know, every so often I get fed up with what comes out of Washington (Our Nation’s Capital) and feel the need to vent. My recent irritation is a letter Christina Romer, the president of Obama’s Council of Economic Advisers, published in the Wall Street Journal. The letter is an apologia for the economic policies [...] Jeff Harding. I don’t mean to keep picking on Japan. But, they are the textbook case of why Keynesian economics doesn’t work. Actually, now that I think about it, they are the textbook case of why Austrian free market economics works. I have set them up as the poster child for bad policies. They have had [...] By Jeff Harding. This little movie, The Incredible Bread Machine, came out in 1975 to explain the difference between market forces and government forces in the economy. It was screened to small libertarian groups, and I believe it made it to TV as well. I think you will enjoy the movie, actually a movie within a movie. This is [...] By Jeff Harding. Since the biggest financial collapse in world history was built on credit related to housing, it is pretty obvious that we should be paying very close attention to that market. The reasons are complex, but a recovery must be based on the liquidation of bad debt. The sooner that happens the quicker a recovery [...] By Jeff Harding. I have all this vitriol stored up from not being able to publish for two weeks and it needs to be spewed. I just read Foreign Policy magazine’s “The FP Top 100 Global Thinkers,” and it is worthy of my bile. Of all the crap I have to read every day to get [...] By Jeff Harding. In order to understand the present state of the U.S. economy you have to understand that there are two things happening at once. For the most part they are in conflict with each other, in that one track can negatively impact the other. Lest I be accused of putting out conflicting information, there is evidence that [...] By Jeff Harding. As readers of this blog know, I am a big fan of Nassim Nicholas Taleb, author of Black Swan and Fooled By Randomness. He is an independent thinker and he has enlightened us on some basic epistemological issues about investment risk. He seems to embrace the Hayekian-Misean concepts of the fallacies [...] Japan vs. U.S.: Compare and Contrast By Jeff Harding. Japan has been in decline, or at least stagnation, for 19 years. Their GDP has not grown, unless you consider 0.6% (avg.) robust annual growth. They have experienced a deflationary economy, and now, it’s happening once again. They now [...] By Jeff Harding This article by Dr. Frank Shostak just came in from the Mises Institute. Dr. Shostak is the former chief economist at Man Financial, the largest investment fund in the world, and now chief economist for MF Global, the trading arm of Man that was spun off into a separate [...] The Daily Capitalist Predicts the Future …… By Jeff Harding…….. There is an endless supply of bad news I could report but most of you who follow the daily news know much of that. I have occasionally been accused of ignoring the good news and placing an unfair emphasis on the bad news to [...] By Jeff Harding Fed Chairman Ben Bernanke gave a startling commencement address for the Boston College School of Law Class of 2009 this week. He admitted an apparent turnabout of his fundamental views of economics. No news media picked up the significance of what he was saying. After the introductory [...] By Jeff Harding President Barack Obama said on Tuesday that aggressive efforts to boost the US economy were beginning to bear fruit, even though the recession would cause more pain this year. Also on Tuesday, Federal Reserve Chairman Ben Bernanke provided some hope that recession may be losing its momentum, when he said [...] Coolidge was the right kind of leader I have to admit, the more I learn about Calvin Coolidge, the more I like him. As I pointed out before, he was the first modern president who didn’t try to “fix” things only to make them worse. Under his and Harding’s leadership, the 1920-1921 recession lasted only 18 [...] A free market answer to Obama’s Keynesian stimulus bill Free market economists raise serious questions about the stimulus package (American Recovery and Reinvestment Act of 2009) and Keynesian theory in general. Over the years Austrian School economists have generally been right about the economy as compared to other economists. For example, economist Von Mises and his protégé von Hayek correctly foresaw the 1929 crash [...] |
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