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Capitalism died when they decided to subsidize railroads for the sake of national prestige in the mid 19th century. Capitalism died when, to compensate for the consequences of subsidized railroads, they passed anti-trust laws in 1890, under which it is illegal to have lower prices, the same prices, and higher prices than one’s competitors. Capitalism [...] I am crossing Pimco off my list as a credible institution. If Bill Gross and Mohamed el-Erian are running that show, and if you have any money invested there, I recommend pulling out, fast. The fact is they have very little understanding of basic economics and continue to call for policies that are ruinous to our fiscal [...] I wish to put a little perspective on the issues hysteria surrounding so-called “rare earths.” The news media were abuzz about the announcement from Japan that rare earths were found on the seabed. Plentiful there, we are told. In fact, rare earths aren’t rare. Rare earths are relatively abundant in the Earth’s crust, but discovered minable concentrations are [...] This is a prelude to an article on free trade and the economics of trade. The article is in response to the common idea that Americans don’t make anything anymore, that China is leaving us in the dust, and that we don’t have a chance because we are lazy and losing our greatness as a nation. Everything [...] The Daily Capitalist is kicking off the first in a monthly series of the Crony Capitalist of the Month. In it we will feature mainline “capitalists” who see government favors to support their businesses. This series starts off with General Electric’s Jeff Immelt. If you wonder why the economy is stagnating, [...] |
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