Tag Archives: Economics

Hong Kong Wrong [2006]

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“Though a colony of socialist Britain, Hong Kong followed a laissez-faire capitalist policy, thanks largely to a British civil servant, John Cowperthwaite. Assigned to handle Hong Kong’s financial affairs in 1945, Cowperthwaite was so famously laissez-faire that he refused to collect economic statistics for fear this would only give government officials an excuse for more meddling. The results of his policy were remarkable. At the end of World War II, Hong Kong was a dirt-poor island with a per-capita income about one-quarter that of Britain’s. By 1997, when sovereignty was transferred to China, its per-capita income was roughly equal to that of the departing colonial power.”

http://online.wsj.com/article/SB116009800068684505.html

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Abolish All Government Economic Data Collection

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EPJ13

“Government data collection gives an impression that the state is the overseer of the economy, and it provides an opening for central planners to meddle with the marketplace. Opportunities abound for the Paul Krugman’s of the world to put together ‘models,’ and to prescribe ‘policies’ based on them.  The marketplace needs to be freed from these meddlers.  If companies or entrepreneurs desire economic data, let them pay for it (with their own money) in the market. Let private companies gather up the data, and have their reputation hang on its accuracy. Government worries not about its reputation. It lies constantly.”

http://www.economicpolicyjournal.com/2013/09/abolish-all-government-economic-data.html

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The ‘sharp decline’ in U.S unemployment was actually a glitch

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“US jobless claims fell sharply last week mainly due to technical problems that affected some states supplying data, the government said Thursday. Initial claims for unemployment benefits dived by 31,000 to 292,000 in the holiday-shortened week ending September 7, the Labor Department reported.  The sharp drop in claims reflected technical problems in some states in collecting claims data, the official said.  The drop was due to upgrading of computer systems in two states that resulted in fewer claims being processed, as well as the Labor Day holiday, analysts noted.”

http://www.rawstory.com/rs/2013/09/12/the-sharp-decline-in-u-s-unemployment-was-actually-a-glitch/

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Employment: Trending Down

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“Charts and data provided by longtime correspondent B.C. reflect what many know from first-hand experience: employment is trending down. The growth rate of employment is declining over time, as positive growth weakens and recessionary declines deepen. Though the 3-year average annual change has improved to near-zero, the 5-year (i.e. longer-term trendline) is still solidly negative.  There are two other trends in employment: 1. Decline of full-time jobs and the rise of part-time jobs 2. Stagnation of high-wage employment and increases in lower-wage job sectors.”

http://charleshughsmith.blogspot.com/2013/09/employment-trending-down.html

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California Governor Calls for Legislation that will Increase Unemployment

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EPJ13

“Gov. Jerry Brown says he supports a bill in the Legislature that would boost the California minimum wage next year and in 2016 by a total of $2 an hour, reports LaTi.  The bill would raise the current $8-an-hour minimum wage to $9 on July 1, 2014, and to $10 on Jan. 1, 2016.  The Governor, displaying a total lack of understanding of basic economics, said:  ‘The minimum wage has  not kept pace with rising costs. This legislation is overdue and will help families that are struggling in this harsh economy.’  What it will do is cause an increase in unemployment. Prices can’t be regulated, wage prices or otherwise. It is basic supply and demand economics.”

http://www.economicpolicyjournal.com/2013/09/california-governor-calls-for.html

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Part-Time Employment as a Share of Total Employment

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“It’s growing.  Obamacare is really not helping the youth. It will tax them for health insurance they don’t need, AND it will also make it more difficult for them to find full time jobs.”

http://www.economicpolicyjournal.com/2013/09/part-time-employment-as-share-of-total.html

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Mexican Version of Obamanomics Won’t Work any Better than US Version

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“President Enrique Peña Nieto proposed on Sunday a sweeping overhaul of his country’s tax system, intended to collect billions of dollars to finance new social programs. …Mr. Peña Nieto described the broad outlines of his plan, which would eliminate many loopholes and exemptions that favor the richest Mexicans. He proposed new taxes on capital gains, carbon emissions and soft drinks, and increased income taxes for those making over about $39,000 a year.  …the revenue it would generate would pay for a new universal pension for all Mexicans over 65, a new unemployment insurance scheme and more spending for schools and infrastructure.”

http://danieljmitchell.wordpress.com/2013/09/09/the-mexican-version-of-obamanomics-wont-work-any-better-than-the-american-version/

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David Stockman on his Book and the Bailouts

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“The panic and bailouts that followed were really about protecting the bonuses and incomes of very wealthy and politically well-connected managers at banks and other heavily leveraged businesses that were eventually deemed too big to fail. What followed was a massive transfer of wealth from the taxpayers and middle-class savers, in the form of bailouts and zero interest rates on bank deposits imposed by the Fed, to the so-called One Percent.  As I show in my book, none of this was necessary to save the larger economy, since the losses that would have taken place as a result of the collapse would have been largely limited to Wall Street.”

http://www.mises.org/daily/6521/David-Stockman-on-his-Book-and-the-Bailouts

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Treasury: $238b financial bailout ‘avoided catastrophe,’ only $3b outstanding

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“The US Treasury said Wednesday the government’s massive response to the economic crisis five years ago paid off, avoiding a catastrophic breakdown of the financial system. In a report marking the anniversary of the bankruptcy of investment bank Lehman Brothers — which snowballed into the worst crisis since the 1930s — the Treasury defended deploying hundreds of billions of taxpayer dollars to save other banks, major financial institutions and auto companies.  While the rescue effort required piling up government debt, it was necessary, said Treasury officials who briefed reporters.”

http://www.rawstory.com/rs/2013/09/11/massive-238-billion-financial-bailout-5-years-ago-avoided-catastrophe-but-only-3-billion-has-been-paid-back-treasury/

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Mises’ Answer to Would-Be Conspirators: You Will Lose

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portallogo3

“The heart, mind, and soul of Austrian school economics is this: the free market provides better information and better incentives to satisfy customers than any rival system can ever offer. Therefore, the free market will grow at the expense of central planning. The decentralized decisions of people with money — decisions informed by market pricing — will be more accurate than the centralized decisions of any committee. This is why I really do not pay a lot of attention to the Bilderberg, the Council on Foreign Relations, and the Trilateral Commission. Ultimately, they are going to lose, just as their British equivalents and predecessors lost, 1914-1945. The digital genie is out of the bottle.”

http://www.garynorth.com/public/11003.cfm

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