We have our problems with Mr. Friedman, particularly on big monetary issues. But he was brilliant as one can see here.
We’ve made this point many times on this website. You know why the Colorado doesn’t flow into the ocean? Why Chernobyl blew up? Why BP felt it was safe (from a business standpoint) to drill 1 mile below the surface of the Gulf of Mexico? Why rain forests are being depleted around the world? Why the Aral Sea is no longer a sea? Why oceans are toxic waste dumps? Why nothing lives in the rivers in China any longer?
I won’t go into the details but I am reasonably informed about “climate change” or global warming, or whatever. I care about the issue. I once even moderated a discussion of a carbon tax on Wall Street. (The audience and panelists were generally pro-tax. I was the moderator only, I was not there to offer opinions.You know my position on taxation.) I respect many of the people who are concerned about climate change and who are working to address it in Washington and elsewhere.
“It’s such a bourgeois monument,” said Andrew Carroll, a former cemetery worker, as he looked up at a severe-looking bust of Marx’s giant head.
“I turned around [and saw it] and I was like ‘Oh, come on.’ ”
I wonder how many times people leave something “special” at the grave.
And all fees go to the Libertarian Free Market Society of the United Kingdom. (OK that’s not true.)
But how fantastic is it that one must pay a fee to see Marx’s grave?
Now, who’s Boeing and who is Congress in this picture?
On October 9 members of the House, pretty much every Democrat (Which is just a crying shame but speaks to conformist nature of the party under Ms. Pelosi, Dems used to hate Ex-Im.) and a smattering of Republicans (but just enough) signed a “discharge petition” to bring a vote on the Export-Import Bank to the floor of the House through extraordinary means. The giant corporations, specifically Boeing, GE, Caterpillar and a few others have deployed their lobbyists in an all out assault on the anti-crony insurgents in Congress.
The American economy feels like it’s swimming through molasses. All the regulations business must deal with now are sapping the strength of the private sector. And it’s not even like the regulations agree with one another. There are so many regs it is literally impossible for businesses to remain compliant. Follow one rule issued by one agency and violate the rules of another in so doing. Then hope and pray the latter agency doesn’t decide to make a stink.
The dotted line indicates where the dollar was detached from gold.
One the most important things about gold as a monetary foundation is that it forces financiers and economists to deal with reality. Gold is the North Star by which economies and currencies are judged. It’s been this way for millennia, and it likely will remain the case for many years to come. But we have detached our money from gold, and reality. In 1971 Richard Nixon severed the last ties the dollar had to gold.
Since I write about capitalism and crony capitalism and government and business every day I have the opportunity to read quite a lot about these subjects from various perspectives. I read libertarians, and conservatives, and liberals, and progressives, and just about anyone else who is interesting. I read the comments here at ACC, and at sites all over the web.
One of the things I am fascinated by is the degree to which some people are seriously afraid of free enterprise,
I am unsure if the above headline is a bit of friendly advice, an ad, or a warning. Regardless the attached article offers an interesting window into the changing Cuban economy. There do seem to be opportunities to make money in the tropical worker’s paradise. But just understand that the cronies run the show. All of the show.
At least for the time being. Viva la revelucion capitalismo!
A very Happy Birthday Professor Mises!
By Ron Paul
This month marks the seventh anniversary of the bursting of the housing bubble and the subsequent economic meltdown. The mood in Congress following the meltdown resembled the panicked atmosphere that followed the September 11th attacks. As was the case after September 11th, Congress rushed to pass hastily written legislation that, instead of dealing with the real causes of the crisis, simply gave the government more power.
Just as few understood the role our interventionist foreign policy played in the September 11th attacks,
As we have said before, many times, we are against crony capitalism and for capitalism not because “we just want to keep what’s ours.” Not because we feel some slavish devotion to an ethos of greed. (As some might call self interest.) But because the voluntary exchange of goods and services, capitalism, is the economic vehicle which raises more out of poverty and provides the most opportunity for everyday people. Where one can do business without the government or the local lord or mafia boss taking all the profits people can build wealth.
Unusual bathroom art. Perhaps it’s in the Capitol building, or White House.
And the other 25% of the people polled were apparently legally blind.
One does get the sense that we as a country are teetering a little too much toward modified banana republic status. I wouldn’t say that we are completely there yet, but it seems the government and its cronies have steadily worked toward achieving such a status over the last couple of decades.
To be fair I think this number reflects Americans becoming more aware of the real nature of government.
Yup. Extremely well said. Voluntary exchange is moral and just. Legalized theft, facilitated by government via taxation and crony capitalism (often under the guise of “justice”) is immoral and unjust. We are either free people or we are not. Capitalism, or more exactly, “free enterprise” is the economics of free people. As Professor Williams explains.
Think of 2008 as a primer. A very difficult and disruptive primer. Nothing’s “fixed.” Markets never really cleared.
Additionally, as is explained below, the now 0% interest rates are almost locked there as the cost of serving US debt by the US government would explode upward with increased (and very likely closer to real market level) rates. That’s a sticky place to be to say the least.
But people will continue blissfully along, until they can’t.