Electronic Currency Recommended to “Help Economy”; Just Say No!

Forcing us to exclusively use electronic currency and banning cash is an insane proposal. The mind boggles that anyone could seriously think this is a good idea, but here is Jim Leavis advocating it in the Telegraph: A proposed new law in Denmark could be the first step towards an economic revolution that sees physical currencies and normal bank accounts abolished and gives governments futuristic new tools to fight the cycle of “boom and bust”. The Danish proposal sounds innocuous enough Read more […]

Swiss Franc Decoupled Euro; Screams Ensue

By ending the practice of pegging the Swiss franc to the Euro, the Swiss National Bank have enraged our financial elites. The New York Sun published a nice succinct editorial on Friday about the Swiss National Bank’s decision to de-peg their currency from the Euro. An excerpt: All other virtues of this drama aside, what a paroxysm of panic it has produced at the Financial Times, which has declared that “Thursday’s action in the Swiss franc defies the reach of hyperbole.” We haven’t Read more […]

David Stockman On Why Financial Reporting Is So Bad

The United States became the economic wonder of the world—producing real wealth and earned prosperity for a higher percentage of her people than probably any nation in all of history—by actually making and selling stuff. We were largely free to work, and to benefit from our efforts. Now, the Federal Reserve has enabled the financial sector to grow its slice of the pie, not by providing real goods or services, but by setting up tollbooths on the economic highway. Charles Hugh Smith is probably Read more […]

Janet Yellen Says, “Don’t Worry, I’ll Keep Pumping Out More Money,” And Stocks Rise

Remember when everyone wondered what Yellen would do when she became Federal Reserve Chairperson/woman? The media acted like this was a mystery. It wasn’t. She’s going to do exactly what Alan Greenspan and then Ben Bernanke did. It was all she was ever going to do. She is going to create new dollars to pump into the stock market and other bubbles. From Bloomberg.com: Federal Reserve Chair Janet Yellen, easing investor concern that interest rates may rise earlier than previously forecast, Read more […]

Inflation Is A Policy, Not An Accident

Why are prices at the grocery store getting higher, while the package and portion sizes are getting smaller? From the Ludwig Von Mises Institute of Canada: “Central Bankers: Inflation Is God’s Work” Inflation is always somebody else’s fault. Ludwig von Mises called out finger pointing central bankers and politicians decades ago in his book, Economic Policy. “The most important thing to remember is that inflation is not an act of God, that inflation is not a catastrophe of the elements Read more […]

Measuring Misery: The Dollar & New FED Chair Janet Yellen

Did you realize that if you have a dollar bill in your pocket, you actually have a fairly reliable standard of measurement? You see the long side of a dollar bill laid flat on a surface, measures exactly six inches long. Practically speaking, this means that if you have a dollar in your pocket you have a very reliable six-inch ruler at your disposal. Regrettably, what you don’t have at your disposal is a dollar. You see, as a standard of linear measurement, the dollar bill might Read more […]

Implosion Architect Greenspan Blames Us for Being Irrational

The Wall Street Journal has given former Federal Reserve Chairman Alan Greenspan a careful platform so he can justify himself. The most nauseating thing about this “interview” is it gives us few direct quotations. It mostly summarizes points. Obviously, this is simply the defense that he wishes public to swallow about himself and that the “reporter” Alexandra Wolfe dutifully produced, no doubt allowing him to edit and “correct” the final draft. If we were given a transcript or (better) Read more […]

Dear China: We Agree; Let’s “De-Americanize” The United States!

The Telegraph headline blared, “World Should De-Americanise…” The looming prospect of a US default on debt prompted China to call for the world to “de-Americanise”, amid warnings of a new global recession. In China, Xinhua, the official government news agency, said that as American politicians continued to flounder over a deal to break the impasse, “it is perhaps a good time for the befuddled world to start considering building a de-Americanised world”. The jibe came as Christine Read more […]