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Beyond GDP to a New Road to Serfdom
BEYOND GDP TO A NEW ROAD TO SERFDOM It is a commonplace that there is more to life than money and the material benefits that it may provide someone. We often make trade-offs between income-earning work opportunities and more time with family or friends, or between risky but well-paying employment and a calmer and less […]
For God’s Sake, Stop!
FOR GOD’S SAKE, STOP! “Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July 2001 to Joseph Stiglitz, Kenneth Rogoff identified this problem. ‘One of my favourite stories from that era is a lunch with you and our former colleague, Carl […]
Deaf blind
DEAFBLIND “Most economists, it seems, believe strongly in their own superior intelligence and take themselves far too seriously. In his open letter of 22 July 2001 to Joseph Stiglitz, Kenneth Rogoff identified this problem. ‘One of my favourite stories from that era is a lunch with you and our former colleague Carl Shapiro, at which […]
The War on Cash Intensifies
The War on Cash Intensifies Mark my words: The war on cash is intensifying, putting our civil liberties at stake like never before. Last month, the 2001 Nobel Prize-winning economist from Columbia University, Joseph Stiglitz, was quoted as saying: “I believe very strongly that countries like the United States could and should move to a […]
Governments Create Monopolies and Cause Worker Exploitation, Not Free Markets
GOVERNMENTS CREATE MONOPOLIES AND CAUSE WORKER EXPLOITATION, NOT FREE MARKETS The world is threatened with a renewed wave of anti-capitalism and anti-business sentiments and policies. Many who cheered the demise of Soviet communism in the early 1990s, presumed that this meant that, by default, the case for free markets and competitive enterprise had won in […]
Monopoly’s New Era
Monopoly’s New Era NEW YORK – For 200 years, there have been two schools of thought about what determines the distribution of income – and how the economy functions. One, emanating from Adam Smith and nineteenth-century liberal economists, focuses on competitive markets. The other, cognizant of how Smith’s brand of liberalism leads to rapid concentration […]
Why All Central Planning Is Doomed to Fail
Why All Central Planning Is Doomed to Fail Positivist Delusions [ed. note: this article was originally published on March 5 2013 – Bill Bonner was on his way to his ranch in Argentina, so here is a classic from the archives] We’re still thinking about how so many smart people came to believe things that […]
What’s Wrong With Negative Rates?
What’s Wrong With Negative Rates? NEW YORK – I wrote at the beginning of January that economic conditions this year were set to be as weak as in 2015, which was the worst year since the global financial crisis erupted in 2008. And, as has happened repeatedly over the last decade, a few months into the year, […]
A Quarter Century Of Monetary Voodoo
A Quarter Century Of Monetary Voodoo A Witless Tool of the Deep State? Finance or politics? We don’t know which is jollier. The Republican presidential primary and Fed monetary policies seem to compete for headlines. Which can be most absurd? Which can be most outrageous? Which can get more page views? Politics, led by Donald J. […]
TPP ‘worst trade deal ever,’ says Nobel-winning economist Joseph Stiglitz
TPP ‘worst trade deal ever,’ says Nobel-winning economist Joseph Stiglitz Trans-Pacific Partnership should be redone to advance interests of citizens, not corporations, he says Nobel Prize-winning economist Joseph Stiglitz says the Trans-Pacific Partnership may well be the worst trade agreement ever negotiated, and he recommends Canada insist on reworking it. “I think what Canada should […]
Joseph Stiglitz – “American Inequality Didn’t Just Happen…It Was Created.”
Joseph Stiglitz – “American Inequality Didn’t Just Happen…It Was Created.” Yesterday, I came across an excerpt from a book written by economist Joseph Stiglitz, which touched upon many crucial points regarding the U.S. economy. I think it’s an important read since it helps explain the roots of the current rebellion taking place within the political […]
Central Banks Are Trojan Horses, Looting Their Host Nations
Central Banks Are Trojan Horses, Looting Their Host Nations A Nobel prize winning economist, former chief economist and senior vice president of the World Bank, and chairman of the President’s council of economic advisers (Joseph Stiglitz) says that the International Monetary Fund and World Bank loan money to third world countries as a way to force […]
What’s Holding Back the World Economy?
What’s Holding Back the World Economy? NEW YORK – Seven years after the global financial crisis erupted in 2008, the world economy continued to stumble in 2015. According to the United Nations’ report World Economic Situation and Prospects 2016, the average growth rate in developed economies has declined by more than 54% since the crisis. An […]
The New Geo-Economics
The New Geo-Economics COLOMBO, SRI LANKA – Last year was a memorable one for the global economy. Not only was overall performance disappointing, but profound changes – both for better and for worse – occurred in the global economic system. Most notable was the Paris climate agreement reached last month. By itself, the agreement is far […]
