Transfer of our capacity to manufacture goods and mine energy and resources to developing countries served to endorse our virtual assets as we established and dominated new markets with economic colonialism. Ludwig von Mises noted [more…]
It should be patently obvious that putting the country into cold-storage for two years, and lavishing unfunded benefits to all and sundry to protect them from hardship, must carry dire consequences for Britain’s economy – [more…]
FDR had abolished private ownership of gold money but retained gold as the underlying asset for U.S. currency, exchangeable one for the other. Variations in the price of U.S. currency in ounces of gold served [more…]
One of Say’s Laws holds that “we produce to consume”. This is certainly the underlying theme of the Industrial Revolution with its accompanying exponential growth in production of technology, communication, and energy utilization. While private [more…]
Banking came up with its own methods of inflating the supply of legal tender-fiat money, fractional reserve lending. A bank comes to know (a version of the dispersal of knowledge of the market) how much [more…]
Prior to written documents being exchanged as representations of mutually agreed perceived value, the concept of money arose amongst multiple trading groups. This may have taken place prior to the credit/debit system as a substitute [more…]
Having been born into and grown up within the never-ending promise of prosperity guaranteed by Keynes’s gospel that saved us all from the purgatory of the Depression, I like others only began to see a [more…]
The Imperative for Change The purpose of this essay is not to convince the reader of the necessity for change. It is to present some common sense policy changes to prevent or perhaps mitigate the [more…]
One of the greatest literary works of the age, James Joyce’s “Ulysses”, reveals its author’s surprising, yet profound, understanding of some of the most basic issues in economics. In the early days of the 20th [more…]
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