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One of the gravest sins of modern economics is its tendency to treat resources, both capital and labor, as essentially homogenous aggregates. Capital is more or less interchangeable with other capital, and labor is treated much the same. One reason for …
READ MOREI have been reading Buying at the Point of Maximum Pessimism (FT Press, 2010), by Scott Phillips. Before introducing his “six value investment trends” he devotes close to 100 pages to describe what went wrong in the US economy. When he addresses curren …
READ MOREBy ALLAN H. MELTZER — President Obama is the victim of bad advice and misinformation. From his advisers, the Democratic caucus and the New York Times, he hears that markets have failed and the country needs more government spending to increase consume …
READ MORE“The Austrian theory is not a theory of recessions per se; it is a theory of the unsustainable boom. As such, it has a much stronger link to the underlying microeconomics than does much of today’s mainstream theorizing. The Austrians focus broadly on c …
READ MORE“This relationship holds, I believe, because low inflation tends to focus people’s attention on productive investments at the same time it promotes confidence by delivering stability, while high inflation tends to encourage speculative investments and …
READ MORE“The Fed’s commitment to maintaining liquidity and its deteriorating growth outlook are broadly speaking bullish for gold,” said Standard Bank analyst Leon Westgate. Gold is often seen as a stronger store of value than equities and other commodities in …
READ MORE“A clear and credible path of fiscal consolidation is clearly needed and would do much to remove uncertainty about future policy and thereby build confidence. The reason why such a plan is not being articulated and carried out now is an apparent concer …
READ MORE“The link between the paper dollar and the exponential expansion of public debt is well known. From the point of view of the creditors, the federal government controls the Federal Reserve—the monopoly producer of paper dollars—and it can therefore neve …
READ MORE“The prevailing view among economists, policy makers and Federal Reserve Board governors is that a zero or near-zero short-term interest rate stimulates the economy—the lower the rate, the better. It is time to re-examine this conventional wisdom. In f …
READ MORE“Wells Fargo said Monday that new financial regulation will cost the San Francisco bank $530 million in lost revenue this year. The bank expects changes to its overdraft practices and other new policies will reduce its fee income $225 million, after ta …
READ MORE“Spot gold was mostly flat early Monday in a quiet start to the week, as market participants await the Federal Reserve meeting Tuesday. Analysts said they expected the Fed’s comments this week to indirectly boost gold.” Read more. “Gold Is Steady Ahead …
READ MORE“There is a section of today’s second quarter filing from AIG that reads like a “Choose Your Own Adventure” book. For those out there who need a reminder, in Choose Your Adventure books readers get to choose what happens to the main character by decidi …
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