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 Keynesians’ New Clothes

Since early 2010 I have been arguing in my reports against the core neo-Keynesian precepts of the economic and monetary policy mainstream. In general I have not been optimistic that, notwithstanding their abject failure to foresee the global financial crisis, and their ongoing, failed responses thereto, the mainstream would reconsider its views. But some interesting [...]


Shocking Article From Milken: “Better Living Through Inflation”

Readers may recall that last year I was invited to the annual Milken Institute Global Conference as a financial reporter. I was not invited back this year because they were displeased with my commentary (they let me know it). My articles for the most part had to do with technical economic issues that were discussed [...]


The Mess We’re In

“The genius of our ruling class is that it has kept a majority of the people from ever questioning the inequity of a system where most people drudge along, paying heavy taxes for which they get nothing in return.”

- The late Gore Vidal.

“It’s a mess, ain’t it, [...]


ECRI’s Achuthan: “We’re Already In A Recession”

Once again ECRI’s Lakshman Achuthan discusses his negative forecast with Bloomberg’s Tom Keene. Now he says we are already in recession. This is a very interesting observation because he says it’s more than just output, but things like unemployment, spending, and income. While the common definition of a recession is two negative quarters of GDP, [...]


Krugman’s Great Illusion

Krugman-in-Wonderland Paul Krugman is in Spain this week, most likely telling the Spaniards what they want to hear: The European Central Bank can end the country’s unemployment miseries painlessly by buying near-unlimited amounts of Spain’s government bonds and then floating massive amounts of new euros around the world. Yes, for the umpteenth time, Krugman insists that if [...]


Two Different Stories About The Economy

Guest Post

As you may know I am a big fan of Cafe Hayek, the blog of Russ Roberts and Don Boudreaux, professors of economics at George Mason. Both write clearly and logically, often with a touch of humor and a bite of sarcasm. I always learn something from them. Here [...]


Global Economic Decline Is Here, Now

Today’s U.S. manufacturing report is at the top of a mountain of bad economic news coming out. Whether these data will lead to a “new” recession (as defined by the NBER) remains to be seen, but at the very least the U.S. economy is stagnating, and it is likely to remain that way for some [...]


“The Great Abdication” — Of Responsibility


Perhaps the most constant theme in Paul Krugman’s recent columns has been his unwavering belief that the only way out of this depression is for governments to borrow and spend, and for central banks to inflate. He continues to beat the old drum that (1) there is not enough regulation of business, (2) [...]


Nobel Prize Slashed As Foundation Takes Losses

This just in:

STOCKHOLM—The Nobel Foundation, under pressure to cut costs following sluggish returns on capital in recent years, is slashing the value of its prestigious prizes for the first time in 63 years while also looking to trim in other areas, such as expenses related to its annual banquet.

Winners of the 2012 Nobel [...]