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Tag Archives: business

The Capitalist Cure for Terrorism

Hernando de Soto is one of my favorite economists. (Though as with almost anyone I disagree with him on some important points.) A champion of capitalism and everyday people he is my kind of guy.

His argument basically goes like this:

Poor people are shut out of economies. Cronyism and red tape make building businesses almost impossible. In many countries the poor remain permanently on the margins of society. The poor typically have no property rights (even if they’ve been on a piece of land for generations for instance) and enforceable contracts do not often exist. As a result this situation limits access to capital – no one will provide a loan on a piece of property for which there is no deed – which then keeps the poor poor.

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‘Weak and uneven’: IMF cuts global growth forecast (Video)

The CNBC guys poo poo the report, which is to be expected. David Faber particularly and he is on occasion very good. But the world is feeling wobbly to say the least. Post-2008 wobbly which is pretty wobbly. That the stock market has done as well as it has in the US, even considering all the juice from the Fed is pretty crazy, but a continued run is looking less and less like a prudent bet.

But that’s not new.

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The (all too) Sane Case for Auditing the Fed

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.

It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray Rothbard from (the original) Case Against the Federal Reserve

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Ex-Im to finance $1B Mexican oil and gas deal (Ha ha suckers!)

There is absolutely no legitimate reason why this deal is being done through the Ex-Im Bank. None. It is simply a gift to the state Mexican oil company and the American contractors which will supply Pemex. That’s it. This deal could easily have been done through private banks. But hey, if you can get the US taxpayers to subsidize a credit line why not get them to do it?

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