Essays

Doug Casey on Second Passports

"It used to be that a passport was a document that a ruler of one country would give to a traveler to ask the rulers of other countries to assist him in his travels. Now, instead of a convenience, it's become a required permit for travel. It's degrading and actually runs counter to the whole idea of the thing. The original purpose of a passport has been turned upside down. But since they are necessary in today's world, you ought to have several of them, for your own convenience. If nothing else, it prevents any one government from basically placing you under house arrest by taking your passport away from you." Continue reading →

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Living the Lockdown Life

"While watching coverage of the Boston Marathon bombing and its aftermath, I couldn’t help but notice multiple uses and variations of the word 'lockdown' (e.g. 'Boston is locked down'). I’ve been hearing that word used more and more frequently over the last few years, and finding its connotations are troubling. Between 1990 and 2008, use of the term 'lockdown' in English-language books ballooned ten times. Suddenly lockdowns were no longer just a prison thing. They became a school thing, and then an area, neighborhood, city thing. As of Tuesday morning, Google News reported more than 50,000 uses of the word 'lockdown' in the news media in the previous 30 days." Continue reading →

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Bill Bonner: Turning Argentine…

"'Are you kidding?' said an Argentine friend. 'Nobody wants to save pesos. You get them. You spend them.' 'I've seen this show before,' said another friend. 'I was here in Argentina in the 1980s, when we had inflation of 1,000% per month. And I was in Moscow when the Soviet Union fell apart. Inflation hit about 800% there in 1993. I see signs of a big takeoff in inflation again. Watch out.' But for well-to-do Argentines, the quality of life here must be among the highest in the world. There are dozens of restaurants within a five-minute walk. You can sit outside. The weather is nice. And prices are cheap, if you convert your money on the black market." Continue reading →

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Happy Tax Freedom Day?

"Tax Freedom Day is the day that 'the nation as a whole has earned enough money to pay its total tax bill for the year.' National Tax Freedom Day comes just a few days behind our deadline to pay up, with the exception of Texas, where residents have a lower average state and local tax burden. Tax Freedom Day for Texans began on April 10. On average, Americans nationwide will work 40 days just to pay their income tax, another 25 days for payroll taxes, 15 days for excise taxes, and 12 days for property taxes. Overall, Americans will spend more on taxes than on food, housing, and clothing combined this year." Continue reading →

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Bill Bonner: Tough luck for investors!

"For five years now, the US private sector has been trying to deleverage - while the public sector insists that it borrow more. Result: economic stagnation. Also, US consumers have watched their wages and family incomes fall for more than ten years. And adjusted for inflation (however you calculate it) investors are still below where they were in 2000. And now, the world has changed...almost the opposite of 1980, when the big boom began. Today, stocks are expensive, not cheap like they were in 1980. Interest rates are low, not high like they were in 1980. Total debt is now around 350% of GDP, not 150% like it was in 1980." Continue reading →

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John Browne Explains the Great Game

"Of countries that have to make something, like the Swiss – the Swiss have got a heap of granite with icing on the top of it and yet they're one of the richest countries in the world. It's the people that do this stuff. It's the people and the leadership and if they believe in something they do it, and the Germans, too. They believe in hard work but what's more, they believe that the hard work of today's citizens should be kept intact so that those hard working people, when they retire, should be able to enjoy the fruits of their labor. The Anglo-Americans say the hell with the future, the hell with children, the hell with grandchildren. We want that money now." Continue reading →

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Destroying the middle ground

"Imagine yourself in an alternate United States where the First Amendment is not as a matter of settled law considered to bar Federal and State governments from almost all interference in free speech. In this alternate America, there are many and bitter arguments about the extent of free-speech rights. The ground of dispute is to what extent the instruments of political and cultural speech (printing presses, radios, telephones, copying machines, computers) should be regulated by government so that use of these instruments does not promote violence, assist criminal enterprises, and disrupt public order." Continue reading →

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The Luddites Among Us

"Luddite reasoning rests on this assumption: individuals who act in their own self-interest to buy lower-cost goods are acting against the interests of the nation. This was the argument of the mercantilists in the late 17th century. It was this argument that Adam Smith criticized in The Wealth of Nations. This is the essence of all systems of government interference into the economy. It says that politicians know better what is good for the nation than individuals do. It says that customers, who act individually to pursue their own ends as inexpensively as they can, are totally misguided. As individuals, they are making decisions that undermine their own wealth." Continue reading →

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Wild and Free: The Libertarian Philosophy of Henry David Thoreau

"Many people seem to have an idea of an isolated, possibly misanthropic hermit who would disapprove of anyone who came near his secluded home. And if they find out that he did not live in the middle of nowhere, which he never claimed to, then he gets branded a big phony. Sometimes a big deal is made of him having meals with his family in Concord, but considering Thoreau’s contributions to the family pencil-making business over his lifetime, his obvious skill at craftsmanship, and the meals that he served visitors at Walden, his alleged mooching appears to actually be a sign of social involvement and reciprocity." Continue reading →

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A millionaire, a market crash and a murder

"He may have been dubbed the founding father of economics, but, when he was alive 300 years ago, banker Richard Cantillon drew the fury of angry investors who lost money in schemes he had recommended. He was jailed briefly, but emerged with the millions he made from share dealing and currency speculation intact. Sound horribly familiar? Cantillon was the first to use the term 'entrepreneur', describing the vital role of risk-takers and speculators in generating economic growth. He practised what he preached, and the financial risks he took made him one of the wealthiest men in the Europe of his day." Continue reading →

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