Friday , December 13 2019
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Jay Taylor Media

Bank Crisis!

[This article is featured in chapter 78 of Making Economic Sense by Murray Rothbard and originally appeared in the March, 1991 edition of The Free Market.] There has been a veritable revolution in the attitude of the nation’s economists, as well as the public, toward our banking system. Ever since 1933, it was a stern dogma–a virtual article of faith — among economic textbook authors, financial writers, and all establishment economists from Keynesians to Friedmanites, that our commercial...

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Teacher Unions Destroy School Accountability

Just months after successfully threatening an illegal strike to obtain a modest salary raise, members of the Clark County, Nevada, teachers union, the Clark County Eduation Association (CCEA), are going to have to give a big chunk of that back, thanks to a pair of recent rate hikes that will cost the average teacher nearly $1,000 a year. The first hike came earlier this year, when the state’s Public Employees’ Retirement System (PERS) announced an increase that will cost the average Nevada...

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Upcoming State Minimum Wage Increases Will Outlaw Jobs for Low-Wage Workers

By: T. Norman Van Cott Americans have witnessed people picketing in support of a $15 minimum wage. It’s called “The Fight for $15.” Florida citizens will even vote on embedding a $15 minimum wage in their state constitution in the November 2020 election. A minimum wage plebiscite is pending in Idaho in 2020. If the past is any indication, the prospects for the Florida Idaho initiatives are good. Of the 27 state minimum wage votes since 1988, 25 passed. The two that were rejected, Missouri...

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Dollar Bugs Get Sent To The Woodshed…

A Pfennig For Your Thoughts December 12, 2019 * Currencies & metals rally on Wednesday * First ECB meeting for Lagarde today… Chuck’s watching… Good Day… And a Tub Thumpin’ Thursday to you… On our triple T-day, we will attempt to unravel the mystery of What The Hell the Fed Is Up to! OK, I’m just kidding… I doubt anyone can figure those guys and girls out! Least of all little old me, down here in my basement, at my writing desk, in my little river town outside of St. Louis, Mo! Although I...

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Daily Digest 12/12 – Blowing Bubbles For Fun And Profit, How to Avoid Amazon This Holiday Season

Economy UK General Election Final Forecast (James W.) The polls indicate that the most likely outcome is a Conservative majority, although the scale of undecided voters out there suggests either a hung parliament or Tory landslide remain outlier outcomes. The YouGov MRP poll, which came closest to accurately forecasting the June 2017 election, released last night its updated forecast of a Tory seat tally of 339*. This is within the ballpark of other pollsters and election models. Should...

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The Silicon Valley Gulag

[Review of Michael Rectenwald, Google Archipelago: The Digital Gulag and the Simulation of Freedom (Nashville, TN, and London: New English Review Press, 2019).] The near-homogeneity of Silicon Valley political beliefs has gone from wry punchline to national crisis in the United States. The monoculture of virtue signaling and high- and heavy-handed woke corporate leftism at places like Google, Twitter, and Facebook was once a source of chagrin for those who found themselves shut out of various...

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The Japanization of the European Union

[Opening lecture at the Twelfth Conference on Austrian Economics organized by the Juan de Mariana Institute and the Universidad Rey Juan Carlos, May 14–15, 2019.] Introduction The topic of my lecture today is the Japanization of the European Union. I would like to start with an observation Hayek makes in his Pure Theory of Capital. (Incidentally, through Union Editorial, we have just published an impeccable Spanish edition, and I recommend it to all of you.) According to Hayek, the “best test...

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El trabajo artístico hecho con bananas viejas muestran que el valor es subjetivo

By: Ryan McMaken El truco de Datuna simplemente ilustraba lo que todo el mundo debería haber sabido: el valor de la obra de arte no tenía casi nada que ver con la banana en sí. Su valor no provenía de la cantidad de mano de obra que se le dedicaba ni del costo de los materiales físicos involucrados. Una portavoz del museo resumió la verdadera fuente del valor del objeto, señalando: «Él[Datuna] no destruyó la obra de arte. La banana es la idea.» En otras palabras, la gente que compró el arte...

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Why Central Banks Aren’t Really Setting Interest Rates

Mainstream thinking considers the central bank a key factor in the determination of interest rates. By setting short-term interest rates, the central bank, it is argued, can influence the entire interest rate structure by creating expectations about the future course of its interest rate policy. In this way of thinking, the long-term rate is an average of current and expected short-term interest rates. If today’s one-year rate is 4 percent and the next year’s one-year rate is expected to be 5...

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The Last Hawk Flew to Heaven

Sad moment. Paul Volcker, the former Fed Chairman went to Bank of Heaven. We are not reporting this news due to the implications for gold prices, but as an opportunity to reflect on changes in the central banking since the time of Tall Paul and on their consequences for the gold market. Tall Paul Has Gone A great man passed away. Literally. Paul Volcker – who died on Monday, probably due to prostate cancer complications, at 92 – stood 6 feet and 7 inches high, or more than 2 meters. But...

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