Monday Good morning, and what a beautiful sunny morning it is. It’s nice and warm, and there is a clear blue sky, quite appropriate for my 18th birthday. Legohead is off to an immigration summit [more…]
In 1980, I was 30 years old, and Margaret Hilda Thatcher was Prime Minister, having beaten ‘Sunny Jim’ Callaghan at the previous year’s General Election. It was the first year that I thought deeply about [more…]
When Aga Khan III died, it was a difficult act to follow, especially since the title skipped a generation and found itself resting upon the shoulders of 19-year-old Prince Karim Al Husseini, who we know [more…]
After happening upon some sad news at the breakfast table the other morning, I sighed, folded my newspaper and gazed wistfully out of the window across the frost-pinched meadows of my native Debatable Lands. Beyond [more…]
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…]
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…]
Have you ever wondered how the bank worked out how much interest to pay on your savings account, or charge you on your mortgage? I had a mortgage with a building society some years ago, [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…]
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