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January 6, 2011

Economics In The Age Of Paper Money

“Irredeemable paper money has almost invariably proved a curse to the country employing it.” So wrote America’s greatest economist, Irving Fisher, in 1911. Sixty years later President Nixon severed the last remaining link between US dollars and gold, leaving not only the United States but the entire world on an irredeemable paper money standard. Since…
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December 22, 2010

THE FUTURE: AVERTING DISASTER

The future – the happiness and prosperity of mankind – will be determined by how global supply and global demand are brought back into balance. If the means are found to expand aggregate demand sufficiently and sustainably, then the global excess supply will be absorbed and the global economy will begin to grow again. If,…
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December 15, 2010

THE PRESENT: ON THE BRINK OF DISASTER

The global economy is in crisis. Government intervention on a multi-trillion dollar scale is the only thing preventing a worldwide collapse into a new great depression. This crisis is structural, not cyclical. At its core is the fact that global production, swollen by limitless credit denominated in fiat money, greatly exceeds the consumption that can…
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December 11, 2010

THE PAST: ABANDONED PRINCIPLES AND MISGUIDED POLICIES

When I was born in 1960, the political leaders of the United States believed very strongly that it was their duty to balance the government’s budget and to ensure that the country’s money was sound, in other words backed by gold. They believed these things just as their fathers, grandfathers and great-grandfathers before them had;…
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November 26, 2010

How My Views Differ From:

Keynesians Bernanke and the Monetarists Free Traders The Libertarians The Tea Party The Democrats The Republicans The Bulls/the optimists The Bears/the pessimists China Bulls China’s policymakers

November 26, 2010

Economics In The Age Of Paper Money

The economic ecosystem, laissez-faire and exogenous shocks. Globalization and the collapse in the cost of labor Three kinds of Inflation Why Interest Rates are zero: What determines interest rates in the age of paper money Understanding the Flow of Funds The End of Crowding Out Quantitative Easing and Crowding In The US trade deficit: the…
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November 25, 2010

The Past: Abandoned principles and misguided policies

Policy Mistakes Unbalanced Budgets The End of Sound Money Promoting Trade with no concern for the balance of trade Financial Sector Deregulation Economic Management through bubble creation. Trade The collapse of Bretton Woods Trade Imbalances Flaws in The Dollar Standard: no automatic adjustment mechanism. Globalization: trade imbalances, disinflation, interest rates Financing the trade imbalances with…
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November 25, 2010

The Present: On the brink of disaster

The Condition and Outlook for the global economy How is the GDP calculated? The breakdown of global GDP by country The Outlook for the US private Sector Personal Consumption Business Investment Trade The Outlook for the US Government Sector: Government Life Support The US is the driver of global economic growth The Outlook for the…
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November 25, 2010

The Future: What Must Be Done

Understanding our starting point: the brink of disaster. The life raft analogy. What caused the Great Depression? Policy Options Cut government spending now Maintain current levels of government spending Increase government spending to restructure the economy Quantitative Easing: Economic management through money creation The Bad Future: large budget deficits and eventual large scale monetization of…
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November 25, 2010

Investment Implications

What is Quantitative Easing? The most probable outcome A diversified portfolio Cash Flow: Make something and sell it. 2 – Why is audience important for college papers? 3 – Writing to a classmate. 4 – How to write academically. 5 – Academic writing. 6 – What happens to vocabulary college papers Buy college papers of…
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