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Some Problems with Worker Productivity Stats

Frank Shostak
According to the US Labor Department, worker productivity in the non-farm sector increased at an annual rate of 1.4 percent in the fourth quarter of 2019 after declining by 0.2 percent in the previous quarter. For the year, productivity increased 1.7 p...

Judy Shelton Is Not What The Fed Wants, She’s What The Fed Needs

Nathan Lewis
Judy Shelton, a very good monetary economist who — like very good economists for centuries — is a fan of Stable Money, begins her Senate confirmation hearings today for appointment to the seven-member Federal Reserve Board of Governors. As a long-time gold standard advocate, she thinks it would be a good idea for the Federal Reserve to do what the Federal Reserve did between 1913 and 1971: keep the dollar’s value linked to gold. But, since an ...

At Stake

James Howard Kunstler
A miasma of consternation lay heavy across the Potomac swamp late last week when former FBI Acting Director Andrew McCabe was let off the hook for lying to his own bureau while, elsewhere across DC, the distinguished Lt. General Flynn was still fighting for his life against exactly the same charge after three years of dilatory maneuvers by the DOJ to conceal their prosecutorial malfeasance in the case… and then the sketchy Roger Stone matter e...

The Transformation Of Our Nation Into A Complete Surveillance State Is Almost In Place: “You’re Known, Your Vehicle Is Known, Your Daily Itinerary, Shopping Habits… It’s All Being Recorded”

Mac Slavo

Impure Thoughts

James Howard Kunstler
What if the Corona virus turns out to be a genuine pandemic with legs, not some punk-ass, flash-in-the-pan bug like SARS… and infects hundreds of millions around the world…? And what if it happens to go logarithmic in the USA, as in China now…? And what if takes a few months, or half a year, to do that…? And what if Americans will not get on airplanes when that happens…? Or gather together in large numbers…? Or if government imposes quarantine...

Government "Fixes" for the Trade Balance Are Far Worse Than Any Trade Deficit

Frank Shostak
In December 2019, the US trade account balance stood at a deficit of $48.9 billion, against a deficit of $43.7 billion in November and $60.8 billion in December 2018. Most commentators consider the trade account balance the single most important piece ...

Executive Order

James Howard Kunstler
In this pause between past and future Deep State seditions, and the full-blown advent of Corona Virus in every region of the world, we pause to consider Mr. Trump’s executive order requiring new federal buildings to be designed in the classical style. The directive has caused heads to explode in the cultural wing of Progressive Wokesterdom, since the worship of government power has replaced religion for them and federal buildings are their chu...

Humans Have Goals. And They Value Goods and Services Accordingly.

Frank Shostak
Why do individuals value bread less than gold, when bread is obviously more “useful” than gold? To provide an answer to this question economists refer to the law of diminishing marginal utility. Mainstream economics explains the law of diminishing marginal utility in terms of the satisfaction that one derives from consuming a particular good. For instance, an individual may derive vast satisfaction from consuming one cone of ice cream. However...

Bimetallism vs. Monometallism

Nathan Lewis
I was engaged with a debate with George Selgin of the Cato Institute, who is one of our best monetary historians. Talking with George often inspires me to talk more about an interesting topic. I was complaining that, too often, the bimetallic systems that were common throughout the world before 1870 are characterized as “not a gold standard.” Obviously, they are not monometallic gold standards, but bimetallic systems. But, the gold parity f...

MIT: The Energy System Of The Future Is Closer Than We Think

Oilprice.com

Slapstick Suicide

James Howard Kunstler
With Adam Schiff and Jerrold Nadler cast as Laurel and Hardy, the Democratic Party entered the slapstick phase of its self-destruction, moving from one botched scheme to the next amidst a chaos of falling pianos, splintered two-by-fours, and crashed bi-planes. The old 1930s screen comedies usually also featured a “grand dame” character making herself ridiculous, like Margaret Dumont in Duck Soup, and congressional central casting has fashioned...

Crisis-O-Rama

James Howard Kunstler
All of a sudden, events are looking a bit fluxy out there, as though the world is shuddering through some spooky ch-ch-ch-changes, like a monster waiting to be born, with strange convergences of ecology, politics and economy, and there’s only so much y...

How Keynesian Ideas Weaken Economic Fundamentals

Frank Shostak
Whenever there are signs that the economy is likely to fall into an economic slump most experts advise that the central bank and the government should embark on loose monetary and fiscal policies to counter the possible economic recession. In this sense, most experts are following the ideas of the English economist John Maynard Keynes. Briefly, John Maynard Keynes held that one could not have complete trust in a market economy, which is inhere...

More Revenue, But Not Much More

Nathan Lewis
Most people like lower taxes; the problem, potentially, is lower revenue. This is true on the Left, which naturally wants more revenue to fund all its big-government ambitions, and also on the Right, which is justifiably concerned about the dangers of large chronic deficits. January 26, 2020: Evaluating The TCJA After Two Years The nice thing is that, quite often, lower tax rates lead to higher revenues. This is basically due to two effe...

Tales From the Crypt

James Howard Kunstler
What a fatal mistake, allowing Rep. Adam Schiff (D-CA) to make himself the face of the Democratic Party. They would have been better off with another scion of Hollywood: the Phantom of the Opera. This grubby seditionist has marched the party into a wilderness of deceit and knavery that taints them all, and when this grotesque impeachment episode is over, a new chapter of consequences will open that should leave the party for dead. It’s hard to...

Savings vs. Money: Which Is More Important?

Frank Shostak
Conventional wisdom holds that savings is the amount of money left after monetary income was used for consumer outlays. Hence, for a given outlay, an increase in money income implies more savings and thus more funding for investment. This in turn sets ...

Clash of the Titans

Peter Schiff
In the decades that I have been listening to politicians clumsily trying to explain the economy there has never been a period, with the possible exception of the early Reagan years, in which major party leaders were able to present a solid grasp of economic principles. But I have never seen a time in which the levels of ignorance coming from those in leadership positions is so extreme.The state of affairs can be illustrated by two interviews l...

Kobe Bryant Tribute

George F. Smith
Kobe Bryant exhibited all the values that make for a great man, and for me his passing was nothing less than devastating. I have put together a short video in his honor. George

Canary Trap

James Howard Kunstler
What is the canary’s purpose in life? Why, to sing, of course — at least from the human’s point-of-view. What is the canary trap? Why, to catch humans who are singing like canaries. The latest occult dish served up by Democratic Party spirit cookers in the impeachment ritual is the release of “bombshell” news leaked to The New York Times late Sunday from a new book by Mr. Trump’s erstwhile National Security Advisor, John Bolton, purporting ver...

Evaluating The TCJA After Two Years

Nathan Lewis
I thought that I would take some time to evaluate the effects of the Tax Cuts and Jobs Act of 2017, which, among many items, reduced the Federal corporate tax rate from 35% to 21%. These effects can be split into economic effects, and revenue effects. It takes time to evaluate tax changes. Even after they are enacted, the effects take months and years to be felt. For example, the deadline for corporations to file their 2018 taxes was Septem...

The Big Sleep

James Howard Kunstler
You have to wonder how many Democratic senators spend the long hours of impeachment fantasizing how to end the misery of listening to Rep. Adam Schiff deliver the party’s funeral oration. Please God, hurl a lightning bolt at the podium… bring down a chunk of the fine old coffered ceiling where he stands and prates about a Russian invasion of Malibu… send a coral snake up the leg of his trousers…! It was so bad that his California counterpart, ...

What We Really Mean When We Talk About Values and Prices in the Marketplace

Frank Shostak
In the popular way of thinking, people are characterized as if a scale of preferences is hardwired in their heads. Regardless of anything else, this scale remains the same all the time. This thinking does not characterize human beings but robots. The humanoid robot chooses goods because the valuation scale has told him to. The valuation scale somehow knows which good offers the best utility without letting us know how it knows that. If the val...

The origin of cycles

Alasdair Macleod

How to Avoid Secular Stagnation

Frank Shostak
In his January 10 interview on Bloomberg TV, former US Treasury secretary Larry Summers expressed concern that despite the aggressive lowering of interest rates by major central banks, economic activity does not appear to be responding. Summers suggest...

Funeral Arrangements

James Howard Kunstler
As they like to say in the horror movie trailers: It… begins…! (Cue bassoons and waterphones.) If last Wednesday’s solemn and prayerful parade through the Capitol rotunda was the Democratic Party’s funeral march, then impeachment starting this week may be the burial service. Central casting couldn’t have found a more perfect funeral director than the grave and genteel Mitch McConnell. Of course, the Democrats have been screeching for new witne...

Trump Nominates Gold Advocate Judy Shelton for the Fed

Mish
Trump nominated Judy Shelton, a gold standard advocate, for the Fed. She faces an uphill battle. Could Trump's Next Fed Chair Be A "Goldbug?" Judy Shelton is an American economic advisor to President Donald Trump. She is known for her advocacy for a re...

737 Max "Fix" Causes Entire Computer System to Crash

Mish
Boeing is now testing its 737 Max fix in real planes. In doing so, Boeing has uncovered yet another problem. Well, It Worked in the Simulator Yet another problem came to light when testing a 737 Max fix designed to prevent fatal the crashes that have kept the plane grounded since March. This problem surfaced when testing the fix in real planes instead of a simulator. Please consider Boeing Finds New Software Problem That Could Complicate 737 M...

Grave Tendings

James Howard Kunstler
So titanically self-unaware is the Democratic Resistance that it failed to grok it was actually signing the party’s death warrant Wednesday, complete with official Nancy Pelosi commemorative black-and-gold signature pens. And that their solemn, prayerful journey from one side of the Capitol building to the other was actually the conveyance of that death warrant in what amounted to the party’s funeral march. Remember this eternal paradox of the...

Get Ready For The Post-Keynesian Age

Nathan Lewis
It seems to me that we are in the waning days of Keynesianism. On the one hand, people want to push their Keynesian tricks to the limit; on the other, people sense that it isn’t really working. One leads to the other — it doesn’t work, so we do more of it. This might lead to one of two outcomes: we get tired of the charade, and it peters out as we go in a new direction. Or, we double down on stupid, and it blows up in our face. Either way, th...

The Bank of England's Governor Fears a Liquidity Trap

Frank Shostak
The global economy is heading towards a “liquidity trap” that could undermine central banks’ efforts to avoid a future recession according to Mark Carney, governor of the Bank of England. In a wide-ranging interview with the Financial Times (January 8,...
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Impure Thoughts
15 FebGypsy
Good Grief James. You and I must be looking into the same crystal ball. Corona-hold-the-Lime looks to be the Long Awaited Black Swan Event talked...
Slapstick Suicide
07 FebJ.1
Trump's true genius in winning the presidency has been to run against the most horrendous opponents. How could he be so lucky?
Slapstick Suicide
07 FebS W.0
Americans should hope that Trump wins the election because the alternative socialist option, wherever it has been tried, has always been an economi...
Another Position Limits Farce
03 FebS W.
I can assume that TB is correct in his analysis. But so what? It is all a nothing burger. Waste of time and energy. If someone wants to buy...
Silver Cannot Be Demonetised No More
28 JanS W.
If you say that silver cannot be demonetised no more, the double negative means that it will be. ( I am a bit of a pedant)
PREPPING FOR A NUCLEAR WAR: 10 FOODS TO GROW TO HELP REDUCE RADIATI...
25 Jantsg
Why stay in an area that is vulnerable to WW3, go where it would be a waste of time for an enemy to drop a Nuclear weapon. Some small Central or S...
PREPPING FOR A NUCLEAR WAR: 10 FOODS TO GROW TO HELP REDUCE RADIATI...
16 JanS W.
Just about the greatest load of crap i have ever read. IMO why not move now to an area where there is very little likelihood of being any where...
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investing in precious metals
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