Economics

Central Bankers Admit They Are Flying Blind

"Growing concern at the International Monetary Fund over the long-term side-effects of interest rates close to zero came as some of the leading figures in central banking conceded they were flying blind when steering their economies. It is troubling for monetary policy experts that their crisis-fighting tools - rates stuck at zero, money printing operations to bring down longer-term interest rates and encourage private sector spending, and efforts to calm financial market fears - might have nasty side-effects. The central bankers were clear that they had got it wrong before the crisis, lulled into thinking they had eliminated financial vulnerabilities." Continue reading →

Continue ReadingCentral Bankers Admit They Are Flying Blind

The Role Disability Insurance is Playing in Discouraging Young Adults from Working

"Of the nearly nine million former workers receiving federal disability payments, more than 2.5 million are in their 20s, 30s and 40s. 'It is difficult to overstate the role that the SSDI program plays in discouraging' employment among these young people, Messrs. Autor and Duggan said in one of their research papers, urging reform." Continue reading →

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Terrible Costs of a ‘Modern Economy’

"When large democracies create state mandates they will inevitably be exploited. Now it appears that nearly a million in Britain were taking advantage of sickness-related benefits that they were not eligible for. This figure is arrived at via reports that 878,300 'decided not to have an official assessment of whether they were fit for work.' The Telegraph informs us this was more than a third of the total number of people claiming sickness-related benefits. 'As well as the 878,300 who chose to drop their claims, another 837,000 who did take the a medical test were found to be fit to work immediately, while a further 367,300 were judged able to some level of work.'" Continue reading →

Continue ReadingTerrible Costs of a ‘Modern Economy’

Hunt for Dollars Sends Argentines Into the ‘Cave’

"As the government restricts access to foreign currencies, Argentines seeking hard-to-get dollars have been pushed into cuevas, or caves—clandestine operations where customers pay dearly to exchange pesos for greenbacks. Buying dollars for savings is banned, and authorities make only small amounts of foreign currency available for travel abroad. Travelers must submit an online request to the national tax authority just days before leaving. Businesses need government approval to import equipment and materials at the cheap official exchange rate. Dollar-sniffing dogs are posted at border crossings to catch those traveling with undeclared currency." Continue reading →

Continue ReadingHunt for Dollars Sends Argentines Into the ‘Cave’

Bill Bonner: Argentina’s monetary and economic mismanagement

"It is always a pleasure to visit Argentina. It is a country where economic disaster stories are daily life....where economists' daffy theories are government policy...and where everyday citizens have to figure out how to deal with a monetary system that is half-mad...and half merely incompetent. When we are here, we need to spend pesos...especially out in the country, where people's math skills are not as well developed as they are in Buenos Aires. But any serious purchase - say, if you're buying an apartment - requires dollars...either on top of the table or underneath it. So, you have to be prepared." Continue reading →

Continue ReadingBill Bonner: Argentina’s monetary and economic mismanagement

Ron Paul launches Institute for Peace and Prosperity

"For the first time since leaving office, Ron Paul returned to the spotlight this week. The recently retired congressman launched a new foreign-policy educational effort from Washington on Wednesday called the Institute for Peace and Prosperity. Some fellow lawmakers past and present - including Walter Jones, Dennis Kucinich, John Duncan, and Thomas Massie are on the Institute's board, and they are aiming to change more than policy as RT's Meghan Lopez explains." Continue reading →

Continue ReadingRon Paul launches Institute for Peace and Prosperity

Ron Paul launches Institute for Peace and Prosperity

"For the first time since leaving office, Ron Paul returned to the spotlight this week. The recently retired congressman launched a new foreign-policy educational effort from Washington on Wednesday called the Institute for Peace and Prosperity. Some fellow lawmakers past and present - including Walter Jones, Dennis Kucinich, John Duncan, and Thomas Massie are on the Institute's board, and they are aiming to change more than policy as RT's Meghan Lopez explains." Continue reading →

Continue ReadingRon Paul launches Institute for Peace and Prosperity

Ron Paul launches Institute for Peace and Prosperity

"For the first time since leaving office, Ron Paul returned to the spotlight this week. The recently retired congressman launched a new foreign-policy educational effort from Washington on Wednesday called the Institute for Peace and Prosperity. Some fellow lawmakers past and present - including Walter Jones, Dennis Kucinich, John Duncan, and Thomas Massie are on the Institute's board, and they are aiming to change more than policy as RT's Meghan Lopez explains." Continue reading →

Continue ReadingRon Paul launches Institute for Peace and Prosperity

The Government Steals Raisins

"Why does the federal government steal one-third to one-half of the raisin crop every year? Why aren’t the farmers paid for the stolen crop? Why does the government then sell the stolen raisins to foreigners at below-market prices? Why has this been going on ever since 1948? There are at least 29 other programs just like it. How many government employees spend their entire careers enforcing laws like this one? No one knows. Congress does not care. A story like this never makes it into high school civics textbooks. Stories like this one make the federal government sound like a loony bin." Continue reading →

Continue ReadingThe Government Steals Raisins

The Government Steals Raisins

"Why does the federal government steal one-third to one-half of the raisin crop every year? Why aren’t the farmers paid for the stolen crop? Why does the government then sell the stolen raisins to foreigners at below-market prices? Why has this been going on ever since 1948? There are at least 29 other programs just like it. How many government employees spend their entire careers enforcing laws like this one? No one knows. Congress does not care. A story like this never makes it into high school civics textbooks. Stories like this one make the federal government sound like a loony bin." Continue reading →

Continue ReadingThe Government Steals Raisins