Article Archives - 2 of 18
(Un)happy Birthday, Fiat Money by Jordi Franch
"With the burial of the last vestiges of the gold — that ‘barbarous relic’ of the past, in Keynes's words — the annoying limitation on the creation of money and credit was broken."
Gold Standard or Nixon Standard by Gary North
"What [Nixon] abolished was not a gold standard. It was a government promise standard. There was never a gold standard in the nineteenth century or early twentieth century. It was always a government promise standard. It was as reliable as government promises."
Chinese agency downgrades U.S. credit rating by Steven Jiang, CNN
"Our downgrade simply reflects reality," Dagong chairman Guan Jianzhong said. "Our rating didn't cause China to lose any money --- it was the inappropriately high ratings for the U.S. by Western agencies that had led China to make risky investments in U.S. debt."
Gold is Antidote for Treasury Trap by John Browne
“Facing negative real yields, the prospect of further credit rating downgrades and a falling dollar, investors in U.S. Treasuries are setting themselves up to be plundered.”
The Fix is In by Peter Schiff
“[The Fed’s promised 2-year freeze on interest rates] will simply encourage banks to borrow money at zero percent from the Fed, and then use significant leverage to buy low yielding treasuries at 2 to 4 percent. The result is a banker's dream: guaranteed low risk profit. In other words it will encourage banks to lend to the government, which already borrows too much, and not lend to private borrowers, whose activity could actually benefit the economy.”
A Parasite on the World by Paul Craig Roberts
“Is it merely a coincidence that on August 11 the Swiss announced that they were discarding their monetary constitution that has prevented inflation in Switzerland and that has made their currency a safe haven for people everywhere who desired to protect their wealth, both small and large, from the predatory inflation practices of their own governments? Or is the Swiss announcement a result of America’s financial irresponsibility, the behavior of a parasite?”
Inflation & Deflation in a Storm by Jim Willie CB
“He [Bernanke] promised 0% rates for two more years, an admission of failed policy and wrecked system.”
Day of Reckoning by Llewellyn H. Rockwell, Jr.
“The whole system is being propped up by the power to print, and that power alone.”
The Crack in the Ice by Gary North
“This crucial assumption – ‘Government debt is close to risk-free’ – is at long last being called into question. It is being called into question by the acts of politicians. They are incapable of getting their national governments' budgets under control.”
Easy Prey for the Military-Industrial Complex by Ron Paul
“The creation of a 12 member committee to preside over $1.5 trillion in spending decisions, and the exclusion of the rest of Congress also means lobbying firms can focus their efforts on an anointed few . . .”
Does the Fed simply follow the market? by Steve Saville
“Importantly, the growth in the money supply that the Fed brings about directly (via QE) or indirectly (by 'backstopping' the private banks) doesn't only lead to a fall in the purchasing power of the currency (a rise in the so-called "general price level"). As per the work of Mises, Rothbard et al, it also leads to changes in relative prices, which result in the widespread mal-investment that forms the basis of the debilitating boom/bust cycle.”
Reality Finally Hits The Morbidly Obese US Government by Jeff Berwick
“Standard & Poor's called the US Government - at 5'9" and 1,350 pounds - fat.” And on cue, the government has sent out the attack dogs to bring down S&P.
Jim Rogers on U.S. Downgrade, Global Markets Bloomberg video interview
BREAD, CIRCUSES, SPENDING CUTS, UNICORNS & THE APPEARANCE OF WEALTH by The Burning Platform
“Only in America could politicians put the country on course to increase its national debt from $14.5 trillion to $23 trillion by 2021 and declare they are cutting spending.”
S&P Lowers US Long-Term Rating from AAA to AA+ On Political Risks and Rising Debt Burden
Related articles:
United States loses prized AAA credit rating from S&P
Geithner-U.S. Treasuries still safe after downgrade
World leaders confer on debt crises this weekend
No Chance of Default, US Can Print Money: Greenspan
Decade of Fiscal Stimulus Yields Nothing but Debt by Caroline Baum
“When George W. Bush took up residence in the White House in January 2001, total U.S. debt stood at $5.95 trillion. Last week it was $14.3 trillion, with $2.4 trillion freshly authorized by Congress Tuesday. Ten years and $8.35 trillion later, what do we have to show for this decade of deficit spending? A glut of unoccupied homes, unemployment exceeding 9 percent, a stalled economy and a huge mountain of debt.”
The Yellow Fever Economy by Gary North
Local boosters encouraged the people of Memphis to ignore the yellow fever that was slowly making its way up the Mississippi in 1878. After the first death was reported on August 13, 25,000 residents fled the city in panic, the boosters among them. Of the 17,000 who remained nearly 5,000 died. “The yellow fever economy is coming. But most people sit tight. They listen to the boosters,” North observes.
The Austrians Were Right, Yet Again by Jeffrey A. Tucker
“Why does anyone take seriously those who warned that unless we tried the Keynesian plan, the world would end and we would miss an opportunity for a glorious recovery? It's not just the New York Times; it's also the Wall Street Journal and the entire financial press that continues to be enthralled with the absurdities of Keynesian theory.”
Five Things You Need to Know About the Economy by David Galland
“If you overly obsess about this stuff – or the latest disingenuous move by the politicians – it will drive you crazy. Thus, it’s better to take the steps necessary to get in sync with the fundamental factors driving today’s troubled economy and then get on with your life.”
Debt Impasse: Fake and Real by Gary North
“The ease of the weekend resolution of the debt ceiling mini-crisis will reinforce the voters' belief that there are always pain-free ways to get out of a seeming impasse. This is misleading. It will lead most Americans to make very bad investment decisions and retirement decisions.”
Debt Deal is a Blank Check by Peter Schiff
“The actual risk of default existed solely in the minds of Washington politicians. But the real crisis is not, nor has it ever been, the debt ceiling. The crisis is the debt itself. Economic Armageddon would not have resulted from failure to raise the ceiling, but it will come because we succeeded in raising it.”
When a Cut is Not a Cut by Ron Paul
“In spite of the rhetoric being thrown around, the real debate is over how much government spending will increase.”
Gold & Silver Beyond The Limit by Peter Schiff
“[If the debt ceiling is increased,] it is likely that the US will be downgraded by one or more ratings agencies. The effect will be massive because the world's largest pension, mutual, and sovereign wealth funds typically mandate investment only in AAA-rated securities. A downgrade of US debt means those funds must immediately sell off their primary reserve asset. The effect of this cannot be overstated, and gold would be the first and best refuge for an onslaught of orphaned capital.”
The Deepening Depression by William L. Anderson
“Even though we have seen an explosion of government spending the past few years, according to Krugman, we really are on an ‘austerity’ plan. Why? Because if the government actually had increased spending on a massive scale, then we would be out of this depression.”
The Ghost of Murray Rothbard Haunts The Economist by Gary North
“At the heart of every high division-of-labor economy is money. The Austrians argue that monetary policy should be decentralized by means of the use of precious metals coins. All other schools of economics, invoking Keynes and Fisher, believe that monetary policy should be centralized in a committee of university-screened graduates of state-accredited universities. These people must be given the power of the state to enforce their policies. Without state-licensed fiat money, the public would be in control. The Establishment will not tolerate this.”
Should I Buy Gold at It’s All-Time High? by Simon Black
Ask yourself a different question: “Over the next few years, do you expect that these broken, bankrupt governments will inspire confidence among institutional investors, or do you think that confidence will continue to erode?”
Gold: Independent Money by Dominic Frisby and Pola Gruszka (animation)
Why belligerent governments abandoned gold.
Counterfeit Gold Standards by Gary North
“The gold coin standard removes final economic authority from people with badges and guns and turns it over to the masses.”
Keynes vs. Hayek: Two Videos by John Papola and Russ Roberts
These have been around for awhile but they’re timeless and excellent in all respects.
"Fear the Boom and Bust" a Hayek vs. Keynes Rap Anthem
Fight of the Century: Keynes vs. Hayek Round Two
Will financial journalists ever wonder WHY gold has underperformed? by Chris Powell
Gold hit a nominal record high of $1,600 today (7/18/2011). Question: Why has gold underperformed so much? Adjusted for inflation, it should be at least $2,400, matching 1980's high of $800+. GATA provides one answer: Central banking's "creation of a vast supply of imaginary gold for which delivery is never taken." In other words, "paper gold" is subverting the gold price.
Debt Ceiling Drama by Ron Paul
“We need to drastically rethink government's role in our lives so we can get it out of the way and get back to work.”
Makers, Takers and the Transfer of Wealth by Bill Bonner
“As a modern democracy matures, it shifts from being a nation of makers to becoming a nation of takers.”
Gold and Silver Poised to Surge on Ticking Debt Bombs by James West
“The value of national currencies is in terminal decline relative to real goods, and we are witnessing the birth of the first global hyperinflation in history.”
The Debt Ceiling and the Warfare State by Justin Raimondo
“If we raise the debt ceiling, we are, in effect, giving the War Party a blank check. The pressure to cut military spending will end, and the spigot will be turned back on.”
US To Return to Gold Standard. Really? by Robert Blumen
Vested political interests and bad economic ideas will prevent the adoption of a better monetary system when the current one fails.
It Ain't Money If I Can't Print It! by Peter Schiff
“If anyone had lingering faith that Mr. Bernanke actually has a plan to end the US government's addiction to cheap money, the Chairman's semi-annual testimony to Congress should have washed it away.”
The Road to Perdition David Galland interviews Terry Coxon
“The road to perdition has zigs and zags and loopbacks, and what causes the loopbacks is a shift in what the Federal Reserve currently perceives as its worst nightmare. For example, in 2008, 2009 and into 2010, the Federal Reserve was worried primarily about a deflationary depression, so it turned on the printing presses.”
What We Need to Know about Money by Anthony Wile and Joseph T. Salerno
Wile interviews Salerno about his new book and many other issues related to money and banking, including a book in progress that critiques macroeconomics for its claim that the “spending of money determines the ‘level’ of prices and drives real economic activity.”
Baloney by Gary North
“We hear about the size of the deficit in relation to gross domestic product. But the GDP includes government spending at all levels. What if the Federal deficit were discussed in relationship to the net domestic product: the private sector? The private sector is Atlas. He holds up the public sector.”
Beware Unhampered Capitalism by Thomas E. Woods, Jr.
Woods answers a Twitter critic’s objections to untrammeled free-market capitalism. See part 1 and part 2. See also his recommended syllabus for studying Austrian economics.
On the Road to Government Default by Gary North
“Someone is going to get stiffed. Politics will decide who gets stiffed.”
The Lies a Fed Chairman Tells by Peter Schiff (video)
“Bernanke admits he doesn’t understand why the economy is weaker but claims it’s only temporary. If he doesn’t know why the economy is weaker, how does he know it’s only temporary?”
The Rise of the Barter Economy by Peter Schiff
“If gold and silver are successfully re-monetized, our children may know a rate of economic growth not seen since our great-grandparents were in their prime. And prices may never return to today's levels again.”
The Insidious Effects of Monetary Inflation by Steve Saville
Eight reasons why you should be concerned about monetary inflation.
Anarchy in Somalia by Robert P. Murphy
“Stateless Somalia is no paradise, but its lack of a corrupt, brutal government has given it an advantage over its former self and its current peers.”
How Blessed Is the State That Thus Destroyeth the Car by Jeffrey A. Tucker
“The war on the car dates back a half century. Not even the interstate highways were really built for cars. They were built for military trucks to roll around the country and control it in the event of an invasion or an uprising. The car has never really had friends in government.”
Geithner's Victims of Last Resort by Gary North
For now, the victims behind the ”full faith and credit of the United States government” are the out-muscled taxpayers. Eventually, it will be government creditors when it defaults or hyperinflates, or both.
More archives
Reviews