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Tag Archives: Finance

The Unintended Consequences Of Human Action

September 20, 2012

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With QE3 the Federal Reserve has initiated another massive round of money printing, buying $40 billion worth of mortgage securities while continuing to reinvest its income from the securities  purchased during QE1 and QE2. In addition the Fed has changed the emphasis of its mandate, from targeting price stability to making itself responsible for employment, promising […]

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Platonic Dialogues For Our Times: Part II

June 11, 2012

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Optimistopheles: Pessimisticles, you’re so negative. At the party this evening I’ve told all my tech friends not to talk to you about the economy because you will ruin their festive mood. They all work in Silicon Valley, at cutting edge companies, and are convinced that technology is the solution to most of the world’s problems. […]

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A Meditation On Forgiveness

May 5, 2012

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I upset a very old friend the other day with something I said in an email. When I sent the email I didn’t think there was anything wrong with it, but I was mistaken. Re-reading the email I can see exactly why he was upset. I had acted foolishly, rushed the email and used the […]

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Hayek, Candies and Keynes

April 23, 2012

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The debate between Friedrich Hayek and John Maynard Keynes over the nature and future of economics, spanned momentous times such as the Great Depression and the age of dictators, and it continues today posthumously in the discussion of how best to nurse back to health a wounded world economy.  Keynes, the optimist, believed that solutions […]

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The Plus Side Of Debt Default

April 20, 2012

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Back in September, 2008 Professor Jeffrey Rogers Hummel gave an online presentation to Sterling Futures’ clients and friends on the state of the economy. In 1993 Hummel was the first economist to go on record predicting that the U.S. government will default on its obligations. At that time the prediction was considered extreme but now […]

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The Fed: Money Wizard Or Wizard Of Oz

April 20, 2012

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In November, 2010, George Selgin, an economist at the University of Georgia, gave a presentation on the Federal Reserve System, in which he concludes that in virtually every conceivable respect, the economy performed as least as well pre-1913 (the year the Fed was created) than post-World War II, and usually better. He also finds that there […]

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Society At The Edge Of Chaos

April 20, 2012

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We tend to assume that history moves slowly and cyclically. For example, it is commonly thought that empires grow old, over extend themselves and finally collapse and that this will eventually happen to the United States just as it has with every other empire. Similarly, most people believe that global warming will eventually have serious […]

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The Rise And Fall Of Empires

April 20, 2012

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In his eminently readable book, Empires of Trust: How Rome Built – and America Is Building – a New World, historian Thomas Madden, compares the United States with the Roman Republic and argues that what is unique about both states is that they acquired their empire, not by conquest but by a series of alliances […]

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