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Disasters Can Happen

The Rug Yank Phase of Fed Policy

The Rug Yank Phase of Fed Policy

by MN Gordon

Economic Prism

Bogus Jobs Pay Big Bucks

The political differences of today’s leading two parties are not over ultimate questions of principles.  Rather, they’re over opposing answers to the question of how a goal can be achieved with the least sacrifice.  For lawmakers, the goal is to promise the populace something for nothing while pretending to make good on it.

Take the latest tax bill, for instance.  The GOP wants to tax less and spend more.  The Democrat party wants to tax more and spend even more.  We don’t recall seeing any proposals to tax less, spend less, and shrink the size of the state.  And why would we?

Today’s central planners and social engineers are enlightened and progressive.  They know much more about anything and everything than the rest of us.  In (Read More....)

. . . → Read More: The Rug Yank Phase of Fed Policy

The Zealous Pursuit of State-Sponsored Collapse

by MN Gordon

Economic Prism

When Bakers Go Fishing

Government intervention into a nation’s economy is as foolish as attempting to control the sun’s rise and fall by law or force.  But that doesn’t mean governments don’t meddle each and every day with the best – and worst – of intentions.  The United States government is no exception.

Over the years, layers and layers of interference by various federal, state, and local agencies have built up like grime on a kitchen window.  The grease shines and smells of something fierce.  The layers of government grime also drip and ooze into every crack and crevice of the economy.

These days, for example, it’s impossible to carry out a simple private transaction with your barber or barista without some form of government interference.  Has your barber obtained the required license and paid the (Read More....)

. . . → Read More: The Zealous Pursuit of State-Sponsored Collapse

How Uncle Sam Inflates Away Your Life

by MN Gordon

Economic Prism

Provoking Economic Nirvana

“Inflation is always and everywhere a monetary phenomenon,” once remarked economist and Nobel Prize recipient Milton Friedman.  He likely meant that inflation is the more rapid increase in the supply of money relative to the output of goods and services which money is traded for.

As more and more money is issued relative to the output of goods and services in an economy, the money’s watered down and loses value.  By this account, price inflation is not in itself rising prices.  Rather, it’s the loss of purchasing power resulting from an inflating money supply.

Indeed, Friedman offered a shrewd insight.  However, he also accompanied it with an opportunist mindset.  Friedman saw promise in the phenomenon of monetary inflation.  Moreover, he saw it as a means to improve human productivity (Read More....)

. . . → Read More: How Uncle Sam Inflates Away Your Life

Is Fed Chair Nominee Jay Powell, Count Dracula?

by MN Gordon

Economic Prism

A Date with Dracula

The gray hue of dawn quickly slipped to a bright clear sky as we set out last Saturday morning.  The season’s autumn tinge abounded around us as the distant mountain peaks, and their mighty rifts, grew closer.  The nighttime chill stubbornly lingered in the crisp air.

Like Jonathan Harker’s journey to Transylvania roughly 120 years ago, we also traveled eastward.  Our route, however, did not take as through Vienna and Budapest.  Nor did it take us upward into the Carpathian Mountains.

Instead, we traversed along the foothills of the San Gabriel Mountains, passing from the Angeles National Forest to the San Bernardino National Forest.  Then (Read More....)

. . . → Read More: Is Fed Chair Nominee Jay Powell, Count Dracula?

The Downright Sinister Rearrangement of Riches

By MN Gordon

Economic Prism

Simple Classifications

Let’s begin with facts.  Cold hard unadorned facts.

Water boils at 212 degrees Fahrenheit at standard atmospheric pressure.  Squaring the circle using a compass and straightedge is impossible.  The sun is a star.

Facts, of course, must not be confused with opinions, which are based upon observations.  Barack Obama throws like a girl.  The Federal Register is for idiots.  Two slices of chocolate cake are one too many.  Are these opinions right or wrong?

The answer depends on who you (Read More....)

. . . → Read More: The Downright Sinister Rearrangement of Riches

Federal Reserve President Kashkari’s Masterful Distractions

by MN Gordon

Economic Prism

The True Believer

How is it that seemingly intelligent people, of apparent sound mind and rational thought, can stray so far off the beam?  How come there are certain professions that reward their practitioners for their failures?

The central banking and monetary policy vocation rings the bell on both accounts.  Today we offer a brief case study in this regard.

Minneapolis Federal Reserve President Neel Kashkari is a man with strong convictions.  He’s what the late Eric Hoffer would’ve classified as “the true believer.”  According to Hoffer:

“It is the true believer’s ability to ‘shut his eyes and stop his ears’ to facts that do not deserve to be either seen or heard which is the source of his unequaled fortitude and constancy.  He cannot be frightened by danger nor disheartened by obstacle nor baffled (Read More....)

. . . → Read More: Federal Reserve President Kashkari’s Masterful Distractions

Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

by MN Gordon

Economic Prism

Best Case Scenario

“No one really cares about the U.S. federal debt,” remarked a colleague and Economic Prism reader earlier in the week.  “You keep writing about it as if anyone gives a lick.”

We could tell he was just warming up.  So, we settled back into our chair and made ourselves comfortable.

“The voters certainly don’t care about the federal debt,” he continued.  “They keep electing the same spendthrifts to office.

“And the politicians know the voters don’t care.  They also know that making more and more promises is the formula for getting reelected.

“Deep down, the aging masses know they need massive amounts of government debt to pay their social security, medicare, and disability checks.  On top of that, many of the so-called gainfully employed are really on corporate (Read More....)

. . . → Read More: Why The US Federal Debt Isn’t Sexy Enough To Carry Interest With The Voter, And The Politicians Know It

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