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Democracy and Monarchy
Democracy and Monarchy Regarding the country as their own private property, the monarchist-aristocratic class will wish to preserve the capital-value and thus will promote the mechanisms that allow for wealth accumulation. Democratic interests, on the other hand, are by nature populist and short-term thinking. The masses have never been rational, nor has the monarchist-aristocratic class […]
Venezuela isn’t looking too hot
Venezuela isn’t looking too hot If anarcho-capitalists should move to Somalia, then socialists – especially, “social democrats” — should move to Venezuela. The country is a complete disaster. But don’t take my word for it, read what a Caracas homemaker said after she tried to buy three cans of sardines and was ordered to put one back […]
Yes, You Do Understand Economics
Yes, You Do Understand Economics The following conversation between my good friend Michael McKay and a friend of his illustrates that we all understand and use economic principles every day. In fact we could not function without understanding these basic economic principles. Pat Barron The other day I was having coffee with a new friend, a […]
Austrians vs. The World On Canadian Fiscal Austerity
Austrians vs. The World On Canadian Fiscal Austerity I don’t know whether this is something the average Canadian discusses over coffee, but the sharp fiscal turnaround in the mid-1990s is still providing fodder for today’s economists to argue. In September 2014, I summarized the Canadian budget triumph, in which the federal government turned its deficit into […]
QE is “Not on the Table,” says Joe Oliver
QE is “Not on the Table,” says Joe Oliver In a world where central banks are given free rein over the supply of money and credit, and where any examination of these secretive institutions is considered interference with their “independence,” Finance Minister Joe Oliver’s comments about QE have not gone unnoticed. The other week Oliver […]
Gold Prices Disprove Krugman
Gold Prices Disprove Krugman Recently Krugman wrote an op ed ridiculing Ron Paul titled, “The Old Man and the CPI.”(In case you don’t get the reference, he’s alluding to Hemingway.) Ron Paul has responded in this video, but I want to focus on Krugman’s complains about gold bugs: Ron Paul has been making the same prediction year after year — […]
Are Austrian Criticisms of Mainstream Economics Still Relevant?
Are Austrian Criticisms of Mainstream Economics Still Relevant? Occasionally, when Austrians try to distinguish their brand of doing economics from the mainstream, they get hit with accusations that they are attacking straw men; that no one believes what Austrians claim is the mainstream approach. Is this true? Are Austrians attacking enemies that don’t exist anymore? […]
Don’t Call it a Recession!
Don’t Call it a Recession! “But pretty soon the word “recession” also became too harsh for the delicate sensibilities of the American public. It now seems that we had our last recession in 1957–58. For since then, we have only had “downturns,” or, even better, “slowdowns,” or “sidewise movements.” So be of good cheer; from […]
Stephen Poloz’s Zen Moment
Stephen Poloz’s Zen Moment To cut or not to cut, that is the question. And fortunately for Bank of Canada Governor Stephen Poloz, it was a pretty easy question. A lagging US recovery, China’s downturn, lower oil prices and “bad weather” all contributed to this interest rate cut. “I wouldn’t describe it as a close […]
Side-Effects Include: Household Debt
Side-Effects Include: Household Debt Bank of Canada Governor Stephen Poloz fancies himself a surgeon. He compares cutting interest rates to life-saving surgery for the economy. I consider it more like bloodletting, a terrible practice that is now widely accepted as pseudoscience. According to Canada’s central banker, if the interest rate cut resulted in an increase of […]
