If you think socialism’s unaffordable — you don’t understand capitalism. Liberty…who loves that, must first be wise and good. The true gig economy is that we can work only for an hour or two - when we feel like it - to support a month's (or maybe a year's) worth of luxurious leisure. The volume of farm and urban mortgages expanded from $16.8 billion in 1921 to $27.1 billion in 1929. In fact, if humanity proves successful in meeting its most pressing challenges, it will be because we were able to see the entire forest instead of remaining lost amongst the trees. Nothing changed on Wednesday and Thursday after the election. Lets talk economics then. Trump’s lady-in-waiting for the Federal Reserve, Judy Shelton, is losing Republican support by the day. On the Sunday morning after the run-off, Stevenson was leading by 854 votes. However, the court decided to rule on this case. Woods's talk featured several charts showing rises in Covid "cases" across multiple cities and countries not long after imposing mask rules, demonstrating how such rules apparently have little effect on slowing transmission of the virus. They are extensions and apparatuses of the state. The Fed Fiscal Theory Monetary Theory. In fact, most geniuses seem to simply not get economics. Creating credit isnât the same as creating wealth. “The ensuing recession is a period of repair and readjustment. The Fed seems to be running on autopilot, sticking to accommodative policies, with press conferences between policy decisions to remind us this is indefinite. Natural disasters are another reminder of our debt to the biosphere. Ironically, we vote for a president who has limited power, but a hand on the nuke button; whereas, we don’t vote for the Fed... Americans anxiously wait for the final outcome of this election, the Federal Reserve continues on its immovable course towards nationalization of the means of production. The democrats understand Economics, it's just that their version of the topic is much different than ours. Often, Powell must define the difference between the two, in this instance noting that the government can take action such as replacing lost wages, while the Fed can buy government bonds. I have only to look around at our sons and daughters who served our military to see the cost of our decades of arrogance and folly. This sordid process is different for each company, (some are more complicit than others, a few are heroically non-compliant) but it involves a mix of early start-up funding; connections and contracts with state agencies, particularly relating to defense and surveillance; and propaganda campaigns in service of state narratives. If then it be profitable for him to read, why should it not at least be tolerable and free for his adversary to write…it follows then, that all controversy being permitted, falsehood will appear more false, and truth the more true; which must needs conduce much to the general confirmation of an implicit truth. I'm a sophomore at a community college that is set to transfer to the University of California as an economics major. The practice of fractional reserve banking uses credit to produce the money multiplier effect, which enables an economy to be much larger than the tangible assets underwriting it. We are often told mild inflation is good and to not worry about the money supply, the debt levels, and currency debasement. Once the math, voting strategy, and party lines become drawn, a new question arises: When did the Federal Reserve governor nomination become “partisan politics” in Washington? Presidents Come and Go. Americans have died in droves. No one’s life, liberty, or property is safe while the legislature is in session. While we wait to see who will head our government into the new year, and while we expect a new change in government could also bring changes to the Fed, we cannot reasonably expect these changes will amount to anything more than superficial. The petitioner in this case was Trent Taylor—an inmate in the Texas criminal justice system. Yet, it’s difficult to argue with one of the most powerful men on the planet when he says: And so if the idea is money financed fiscal policy, that's not something that we would consider. Iâve come to realize that my whole thesis of human activity necessarily increasing entropy might be wrong. Mitch switched his vote, utilizing a “procedural right,” something most citizens could never cite nor likely even knew existed. Party-line votes for Fed board positions haven’t occurred before, reflecting the institution’s apolitical nature. Energy is the central pillar of economics, meaning that economies are constrained by the laws of thermodynamics, which govern energy in our universe. School systems across the US face many questions and difficulties while they struggle with reopening. Real wealth comes only from real things and energy, which are beholden to physical laws. However, all micro-based macro models make very strong assumptions on aggregate demand that are absolutely not vindicated by the data. Since her nomination, we’ve seen countless displays of this “system,” which appears to not even help those it claims to serve. If so, imagine a gridlocked US Congress; fiscal stimulus bills would become very difficult to pass. One of the first achievements of the legislature was to institute a ten-thousand-dollar agricultural fair to show off forty dollars’ worth of pumpkins in. The economics are very, very simple. On its surface, the world today is that of finance capitalism, of mortgages and interest rates and dividends and bond yields and price-to-earnings ratios as reported by Business News Network and Bloomberg. If I don't use the machinery to produce and sell consumers' goods, I have destroyed the economic value of my property. Sooner or later that accumulated debt comes due, resulting in colossal fires that are difficult to contain. The list of differences I have with the major political parties is a long one, from allowing seizure of private property to regulating love. It could probably be shown by facts and figures that there is no distinctly native American criminal class except Congress. Republicans can’t believe “Sleepy Joe” may have now wrapped it up, while Democrats seem apoplectic “bullying Trump” is fighting back, claiming he threatens the fabric of our democracy while ignoring their own maneuverings years past. CNN reports: The 50 votes against Mrs. Shelton include: Senate Majority Leader Mitch McConnell, who had initially voted for the nominee, switched to vote against her, giving him the procedural right to bring her up for another vote in the near future. If that sounds like a shitty game to play, you now understand what economics is all about. None of this is surprising in our heavily partisan environment. She’d hardly be a threat to stopping the (unofficial goal of) US dollar debasement overnight, nor would she be able to implement a gold standard anytime soon. She commented that I may have been the only one in America to make that connection to the second most important author in the English language, after Shakespeare, best known for his poetry. No one does. And, at last, the confusing news, the part where the line between fiscal and monetary policy becomes blurred: Fiscal policy can do what we can, which is to replace lost incomes for people who are out of work through no fault of their own. Rectenwald explains this phenomenon in his own recent talk titled "The Google Election": In short, Google, Facebook and others are not strictly private sector entities; they are governmentalities in the sense that I have given to the term. Perhaps most important for the world of my grandchildren, I’ve been won over by the libertarian idea of neutrality, the belief that we, as a nation, have no business being imperialists. Linking the dollar to gold can also restrict liquidity when the economy needs it most—as happened during the Great Depression.”, She forgets: the Great Depression was inevitable given the boom the Fed created in the years before. Vast power and wealth corrupt a nation. None can love freedom but good men; the rest love not freedom, but license, which never hath more scope than under tyrants. They have granted qualified immunity in many cases where it seems clear they should not have. announced he would have to quarantine after potential exposure to Covid-19, Even in the Midst of a Culture War, Policy Debates Still Matter, Comments for Even in the Midst of a Culture War, Policy Debates Still Matter, Print Even in the Midst of a Culture War, Policy Debates Still Matter, Comments for John Milton Explains Freedom of Speech, Print John Milton Explains Freedom of Speech, Comments for What the Fed Could Look Like in 2021, Print What the Fed Could Look Like in 2021. The presidentâs bullish outlook betrays his feeble grasp of economics, and belies the fact that the American economyâs latent fundamentals portend decline. Wind power, for example, looks good on paper, if you only compare it to the pollution from fossil fuels while ignoring its slaughter of birds and the replacement of the blades with short lifespans. Anyways this is just the tip of the iceberg, so this is my conclusion, Democrats don't understand economics. Yet those differences drew many to the polls this November. Increasingly preoccupying my thoughts recently is the remarkable fact that the economics profession doesn't really know anything about how undergraduate courses are received by the students who take them. If it come to prohibiting, there is aught more likely to be prohibited than truth itself. I don't understand why Bitcoin is worth anything, incredibly fast success achievable? While both of these interpretations are possible, it seems more likely that the court is trying to set the stage for a challenge to the doctrine itself. As Justice Samuel Alito points out in his concurring opinion, the United States Supreme Court typically avoids hearing cases where there is not an underlying question of how a doctrine or statute should be interpreted. Americans have been major beneficiaries of John Milton’s literary blows for liberty against tyranny through his political impact on our founders. (So drop your ideological biases right here — if you want to learn something, that is. Mr. Taylor alleges that in September of 2013 he was placed in a cell covered in human feces and left there for six days... On November 2, the United States Supreme Court ruled in the case Taylor v. Rojas. Whereas todayâs mainstream dogma takes perpetual economic expansion as a given, the law of entropy rules out eternal growth. Ironically, if Stevenson had become the state’s senator instead, Johnson would never have been selected to be John Kennedy’s vice presidential running mate and, consequently, would never have been president. Ms. Shelton might bring a tiny bit of historical wisdom to the arguments in the Eccles building. This sends a message to the lower courts that they are to interpret qualified immunity broadly. It's pretty clear most don't. They should have all of the money but the people who make it by working or operating businesses should not. Much has been said recently about California becoming the most impoverished state in America. The Financial Times has reported this morning that: British people “lack a basic understanding” of economic statistics such as unemployment or the government’s deficit, and at the same time mistrust official data, a hard-hitting report funded by the Office for National Statistics concluded on Wednesday. It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance. Power & Market is published CC4, unless denoted otherwise. If you want it fast and well done it will not be cheap. They can meaningfully compete against corporations who now receive preferential treatment from the federal government. Revisiting Milton’s arguments in these areas is a good way to recognize the risks we have already been exposed to and their ominous implications for the future and a good source of reinforcement for the principles our country was founded upon. In fact, most geniuses seem to simply not get economics. They understand things like 'they get a small tax cut to get them to support a bill'. Also, Hawking noted: “If machines produce everything we need, the outcome will depend on how things are distributed,” he wrote. Just as the laws of physics dictate, most of the âwealthâ created from this magnification effect isnât actually grounded in reality, but in business confidence and speculation. Janet â¦ 04/30/2016 â¦ Leave a comment. The money used to purchase publicly-traded shares becomes a store of value, and the market-value of a share mainly reflects investorsâ confidence in the company issuing it. For that matter, those Democrats should be just as worried about those Republicans! For once, someone is speaking out. It was, as you might imagine, a mix of unassailable data combined with our friend Tom's strong prescription for liberty and personal choice rather than centralized state edicts. Considering the Fed owns $4.5 trillion of US Treasurys, of a nation with a $27 trillion debt, we should come to terms with understanding that the Fed is financing a significant portion of the US government’s spending activities. An example is the recently departed physicist Stephen Hawking, who - like so many - made rather ridiculous statements of economic nature. Comments for Presidents Come and Go. The Fed’s Power Grows. Because it originated with private actors rather than government, even though the intent was to dictate the government chosen, it was not a violation of the First Amendment. So it is worth remembering John Milton’s words on behalf of freedom of belief and expression, and their connection to our ability to discover truth. When you are in politics you are in a wasp’s nest with a short shirt-tail. If everything that life on Earth does is fueled by the Sunâs energy, then the activities of Earth life may not necessarily increase entropy overall because the Sunâs massive entropy already has us covered.
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