45 Years Without Gold (Standard)

Of course even when Nixon completely detached the dollar from gold we had a very very modified gold standard. But at least there was some tie to reality.

Now we live in an almost completely fiat system, though it can be argued – well – that oil is the de facto backer of US currency these days, the so called petrodollar. (Though some do not buy this argument.) Regardless we live in a highly financialized world with lots and lots of cheap money floating around.

Read More

The Keynesian Blessing: Americans Are Broke

Americans are debt addicts. They love to spend. The politicians love to spend. Everyday Americans love to spend. Spend, spend, spend. And we wonder why many things, our society even, feels so cheap.

People live on credit. They finance cars, houses, vacation – cell phones – think about that – PHONES. They don’t save.

And why should they? They get nothing for saving. There’s literally no real return on socking money away in a bank these days.

Read More

Capitalism Is Good for the Poor (Often spectacularly good)

Not only is it good, it is often spectacularly good.

It’s not just me saying this. This is an assertion which can be measured and seen. Anyone who does not understand that capitalism has made the world a better place, has filled stomachs, cured diseases, has helped people broaden their horizons, and has just generally made things in this life more tolerable either doesn’t understand what capitalism is or has simply never looked into the matter objectively.

It really does blow my mind that so many supposedly educated people do not understand what a force for good capitalism has been.

Read More

Big (Data) Brother Cometh: Beijing tracks the elderly as they take buses, go shopping

This might look like a mess to you and me. But for the right algorithm the data is clear as day.

It’s not just the elderly and it’s not just the Chinese.

Read More

Trump and Clinton share Delaware tax ‘loophole’ address

One person’s tax “loophole” is another person’s “pocket of freedom.” There is absolutely nothing wrong with minimizing one’s tax outlay legally. Better the person who earned the money keep it, invest it, and create opportunities than have it feed the Washington government behemoth. Frankly one has an obligation to minimize one’s tax bill as I see it.

Saying that, it’s interesting that Trump and Clinton share a corporate address. (With many many others.) Kind of cute almost.

Read More

Enemy of the banks Andrew Jackson gone from the $20 bill, Replaced by Harriet Tubman, Friend of the banks Hamiliton remains on the $10 bill

We think Harriet Tubman isn’t such a bad choice. However, removing Andrew Jackson from the currency is a shame. He killed the first central bank of the United States, The Bank of the United States, and that is something for which every American should be grateful. He is in addition the only president who with the help of allies paid off the national debt.

Read More

April 5 is yet another “day that will live in infamy.” (The day FDR started confiscating – some prefer the word “stealing” – citizen gold)

(The was a post on Facebook from Lawrence Reed at FEE)

April 5 is yet another “day that will live in infamy.” On this date in 1933, Franklin Roosevelt signed Executive Order 6102, which criminalized the possession of monetary gold. Americans were ordered to hand over their gold coin and bullion to the government in less than a month (by May 1) under penalty of $10,000 fine and/or up to 10 years in prison, so that the government could more easily inflate the money supply.

Read More