Tag Archives: Economics

For Bitcoin’s Biggest Believers, Digital Currency Is Better Than Gold

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“‘It is always the government paper fiat money that gets corrupted throughout history,’ Shishido will later tell us. ‘Bitcoin is not just a new digital currency. It is actually about liberty.’  Shishido gives his brief lecture at a long table just inside The Pink Cow, the first restaurant in Tokyo that lets you pay for dinner and drinks with bitcoins. He helps oversee the Tokyo Bitcoin Meetup Group, and this Thursday evening, the group is holding its weekly meeting at The Pink Cow, a California-Mexican joint, run by an American expatriate, that sits at the heart of Tokyo’s Roppongi neighborhood, an area famous for housing expats and money-minded business types.”

http://www.wired.com/wiredenterprise/2013/10/bitcoin-in-japan/all/

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The Unlikely and Remarkable You

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“Yes, you not only are an unlikely collection of atoms, you are remarkable. Now, the question is, do you treat yourself like the special entity that you are? Do you actually live your life as though you are special — possibly the most special matter in the universe? Do you fuel your free will with knowledge and wisdom — by reading, by thinking, by asking questions, by thoughtfully processing the answers, by observing, by experiencing life? Or does your free will lead you in the direction of unpleasant business and personal relationships, exhausting and fruitless confrontations, dishonesty, alcohol, drugs, and other self-destructive behaviors?”

http://robertringer.com/unlikely-remarkable-you/

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Ron Paul On ‘Stossel’: End The Fed, Bitcoin Alternative?

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Kirby Cundiff: Why Do Banks Keep Going Bankrupt?

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“During the recent crises in Cyprus, proposals were seriously considered to ignore the 100,000 EUR deposit insurance and seize a fraction of even small depositors’ money. Most depositors lost access to their accounts for over a week and large depositors are still likely to lose a large fraction of their assets. Most depositors still believe that deposit insurance will cover any possible losses. If banks are to become more stable, the amount of equity relative to debt in the banking system must be drastically increased to something resembling what it would be without government deposit insurance, central bank subsidies, and treasury bailouts.”

http://www.fee.org/the_freeman/detail/why-do-banks-keep-going-bankrupt

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My Question for Simon Johnson

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“Imagine a set of government policies deeply harmful to the economy — in this case, the continued monetary and fiscal stimulus from the Fed and Treasury that is perpetuating the malinvestment responsible for the recession. Which is worse, a belief that these bad policies will continue ad infinitum, giving people incentives to make bad economic decisions, or uncertainty about whether the bad policies will remain in place, possibly discouraging people from making the bad decisions?”

http://bastiat.mises.org/2013/10/my-question-for-simon-johnson/

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Bill Bonner: Alan Greenspan’s Shock Revelation

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“We know from bitter experience that trying to force economies to do what you want is a thankless task. Markets are fundamentally based on free exchange, cooperation, trust and trade. Force them in one direction or another and you are just asking for trouble. As Alan Greenspan described this week, in an interview with John Stewart on ‘The Daily Show,’ people are a little ‘screwy’ from time to time. Which means they don’t necessarily go along with your central planning, no matter how good you think it is. But still economists insist that, if they are allowed to monkey around with it, they can make an economy better. This is occasionally true.”

http://www.bonnerandpartners.com/alan-greenspans-shock-revelation/

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Bill de Blasio’s housing pipe dreams

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“De Blasio touts a ‘temporary’ freeze on regulated rents.  It’s madness on its face: Price controls have never increased the supply of a scarce commodity, not in the history of human commerce. And most potential developers already distrust the city, with good reason; a rent freeze would give them just one more reason to stay out of the market.  De Blasio also wants to force developers seeking to build in certain parts of the city to provide — at their own expense — at least one low-income unit in a new building for every five market-rate apartments they build.”

http://nypost.com/2013/10/21/bill-de-blasios-housing-pipe-dreams/

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Tragedy of the Commons and Species Extinction

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“The demand for ivory has nothing whatsoever to do with poaching. There is a ‘rapacious’ demand for pork, too, on the part of ‘Asians,’ and everyone else for that matter, and yet the pig does not face ‘extinction by poaching’ or from any other source. The same is true for steaks and cows, wings and chickens, etc. There is also ‘a rapacious Asian demand for’ things like cement for building, wood for chopsticks, steel for ships, etc., etc. And, yet, miraculously, there is no shortage, let alone total disappearance of, any of these things. No, if we want to ferret out the source of the plight of the elephant, we must look at an institution that has played havoc with more, far more, than merely the elephant.”

https://www.lewrockwell.com/2013/10/walter-e-block/that-sexist-walter-block/

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Bill Bonner: What a Wheeze!

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“In the modern world homicide didn’t pay off as it used to. The United States’ entire imperial enterprise has been a losing proposition. The Philippines, World War I, World War II, Korea, Vietnam, Afghanistan – the net return on investment was starkly negative, though probably none so deeply in the red as the war against Iraq, estimated to cost as much as $5 trillion – with no discernible off-setting gain of any sort. But as the rate of return from violence declined, the rate of return from cooperation increased. The win-win deal did not simply transfer wealth. It added to wealth.”

http://www.bonnerandpartners.com/what-a-wheeze/

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Federal Reserve Policy Failures Are Mounting

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“One possible reason why the Fed have consistently erred on the high side in their growth forecasts is that they assume higher stock prices will lead to higher spending via the so-called wealth effect. The Fed’s ad hoc analysis on this subject has been wrong and is in conflict with econometric studies. The studies suggest that when wealth rises or falls, consumer spending does not generally respond, or if it does respond, it does so feebly. During the run-up of stock and home prices over the past three years, the year-over-year growth in consumer spending has actually slowed sharply from over 5% in early 2011 to just 2.9% in the four quarters ending Q2.”

http://www.caseyresearch.com/articles/federal-reserve-policy-failures-are-mounting

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