Tag Archives: Economics

Bill Bonner: Capitalism and Sex Slavery

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“We interrupt the debate scene at Cleere’s pub to wander down to the coast to the little tourist town of Baltimore.  It is a tiny and mostly forgotten relic today. But what a story it has to tell: one of the most remarkable stories in Christendom. For it was the only town in England, Scotland, Wales or Ireland that was ever attacked by Moors.  Why? They wanted more.  Imagine the shock to poor Joane Broadbrook. She awoke early on the morning of June 20, 1631, to discover her roof was on fire and troops of the Ottoman Empire were breaking down her door.”

http://www.bonnerandpartners.com/capitalism-and-sex-slavery/

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Jeffrey Tucker: Has the Fed Met Its Match?

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“‘It is hard to imagine a world,’ says the unimaginative study, ‘where the main currency is based on an extremely complex code understood only by a few and controlled by even fewer, without accountability, arbitration, or recourse.’  Blink, blink. This is the Fed talking here. Talk about complex. When the Fed governor speaks in Congress, he (soon she) speaks in such a blithering array of econ-babble that no one dare respond, for fear of seeming ignorant. It’s like the first day of an Intro to Physics class. The professor asks if there are questions, and everyone sits in terror.  In a half-century of this nonsense, only Ron Paul ever really dared to ask serious questions of the Fed.”

http://lfb.org/today/has-the-fed-met-its-match/

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Bill Bonner: Davos Without the Hookers (Part II)

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“‘Look, let’s start at the beginning. There are only two ways to get what you want in this life. You take it by force and violence. Or you get it peacefully… by making, trading, and cooperating with others. That’s true of material wealth. It’s true of stuff. It’s true of power and status. And it’s as true of sex as it is of everything else. You can get it by negotiation… or you can get it by brute force. So, let’s try to agree on the basics. Wouldn’t you all agree that we’re better off generally if stick with consensual, peaceful, cooperative ways to get what we want in life?’ The audience was quiet.”

http://www.bonnerandpartners.com/davos-without-the-hookers-part-ii/

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Bill Bonner: Is QE Broken?

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“Forget about tapering off. Instead, think of tapering on.  How about this as a possibility? With no more ginned-up earnings from ultra-low interest expenses… no boost to top-line revenues from rising consumer spending… and no pricing power – corporate America’s earnings begin to fall.  QE or no QE, stock prices fall. The Fed panics. It will be confronted with dropping asset prices and disinflationary (possibly deflationary) consumer prices. It will have to find a way to modify QE so that it does put dollars directly into the economy. Second, this new push – if it comes – may well send stocks soaring again. There’s nothing like free money to make investors happy. Third, the entire project is doomed.”

http://www.bonnerandpartners.com/is-qe-broken/

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The Minimum Wage and Unemployment in Australia

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“In the USA, the youngest workers have a higher minimum wage than in Australia, but the wage then crosses over to a higher minimum in Australia once a worker reaches 18 years of age. By the age of 21 the minimum wage in Australia is substantially higher, but by then work skills have also grown substantially.  The simple comparison of the minimum wage in Australia with minimum wage in the USA tends to use the headline rate for adults over 21 years of age. This is quite misleading, because there is a large class of younger workers where the minimum wage in Australia is much lower, and these tend to be the workers most affected by minimum wage laws.”

http://www.internationalman.com/global-perspectives/1039-the-minimum-wage-and-unemployment-in-australia

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Could Bitcoin (or equivalent) Become a Global Reserve Currency?

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“Could a non-state issued digital currency like Bitcoin become a global reserve currency? The idea is intriguing on a number of levels. In terms of retaining value though thick and thin, the ultimate reserve currency cannot be printed with abandon by a government. Gold and silver have served as the ultimate reserve currency, as precious metals can be traded for commodities and services, provide collateral for debt and serve as reliable stores of value. While many observers believe gold is still the only reliable reserve currency (or the only reliable backing for government-issued paper money), it’s a worthy thought experiment to ask if a digital currency could also act as a reserve currency.”

http://www.oftwominds.com/blognov13/bitcoin-RC11-13.html

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ObamaLoans Up by Almost 3 to 1

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“The official goal of the Health Care and Education Reconciliation Act was to make college more affordable. How? By making loans to students. The effect has been to lure millions of students into long-term debt for the purchase of liberal arts degrees that do not lead to high-income jobs.  ObamaLoans took loan-making decisions away from banks and placed this into the hands of federal employees at the Department of Education — bureaucrats with job tenure. The amount of student debt owed to the U.S. government in 2009 was $120 billion. Today, it is $675 billion.  In July 2010, ObamaCare was passed. That’s when the loans began to multiply.”

http://teapartyeconomist.com/2013/11/06/obamaloans-almost-3-1/

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Bill Bonner: Aiming for Aristotle’s Head

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“Why a city state and not a country state? Why couldn’t people rule themselves? Who was to say who the ruler should be?  You could ask as many questions as you wanted. Aristotle would have just as many silly answers. But even the ancients were on to him.  ‘None of us knows anything, not even whether we know anything or not,’ said Metrodorus of Chios, aiming for Aristotle’s head. But it was the great Pyrrho from Elis who developed the philosophy we know today as ‘skepticism.’ Loosely, a skeptic is someone who suspects that other people don’t know nearly as much as they think they do. And when it comes to central banking and central economic planning, they are always right.”

http://www.bonnerandpartners.com/aiming-for-aristotles-head/

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Beginning of the End for the Kirchner Era

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“Porsche importers have been forced to sell wine and folks at BMW have had to sell rice. Needless to say, in this kind of climate, the government takeover of YPF, an affiliate of Spanish energy giant Repsol, was inevitable. It was the consequence of the havoc brought on by price controls.  In sum, Argentina has squandered the trillion dollars brought in by the agricultural commodities bonanza since Ms. Kirchner’s late husband, Nestor, came to power in 2003. The end of the Kirchner era in 2015 will not come a moment too soon.  What is not yet clear is what will replace it.”

http://www.independent.org/newsroom/article.asp?id=4772

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Inflation Has Not Cured Iceland’s Economic Woes

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“Both countries still have problems. Iceland’s monetary controls are notably stifling needed investment, while Ireland is left with a large debt from bailing out its banks, and this is stalling growth. One thing is clear though — the effects of monetary policy are stark and the proclaimed benefits of Iceland’s inflationary policy were counteracted by the price inflation that ensued.  Don’t let a good crisis go to waste; learn something from it. As the tale of these two countries demonstrates, inflating one’s currency may give the appearance of recovery, but the truth is somewhat less rosy.”

http://mises.org/daily/6575/Inflation-Has-Not-Cured-Icelands-Economic-Woes

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