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!



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. [...]


Krugman: Turn Back The Clock!

Krugman in Wonderland

One of the favorite lines from American Progressives that is used whenever someone speaks of something good that occurred in the past is: “You want to turn back the clock.” To get a sense of how often the phrase is used in just the New York Times, I did a Google search on [...]


Paul Krugman, Myopic Reactionary


Everyone now knows about the infamous trading losses suffered recently by JP Morgan, but leave it to Paul Krugman to claim that a bank that operates within a heavily-regulated system somehow is “unregulated.” Oh, I know, Krugman actually is claiming that even Dodd-Frank does not regulate enough and that we need to “turn back [...]


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 [...]


The Big Lie—TARP Made Money

The Obama Administration and most liberals repeat over and over that TARP didn’t cost taxpayers a dime and that it made money. Yet it is a lie. SIGTARP (Special Investigator General of TARP) says in its latest report to Congress that so far we have lost $60 billion and another $118.5 billion  is owed and [...]


The Truth About Oil Subsidies

Try this on your friends. Ask them if they think that Congress should eliminate subsidies to oil companies. I would guess that it would be almost unanimous that they should, at least from my experience.

But here is the trick: There are no oil subsidies.

If you define “subsidy” as “a sum of money granted [...]


Obama, The Buffett Tax, And Economics

The controversy over the “Buffett tax” on “millionaires” and “billionaires” continues since my post, “The Obama Plan To Increase Poverty”. The media have been full of interviews and commentary about this. The President continues to hammer away at his claim that the lack of wealth redistribution is a “drag on the economy.”

The issue is [...]


The Obama Plan To Increase Poverty


 What drags our entire economy down is when…the gap between those at the very very top and everybody else keeps growing wider and wider and wider and wider. … So let me you ask you: what’s a better way to make our economy stronger? Do we give another $150,000 tax breaks to every millionaire [...]