Monty Pelerin's World » 2010 August

Keynes as “Useful Idiot”

Favorites, Government, History, Keynesian, Other Tagged with: Hayek, Hazlitt, ideology, Kevin Hassett, Keynes, Keynesianism, Knight, Kuhn, mises, statist, Viner

Aug 312010

The milk of American politics may be money, but the fuel for American socialism is Keynesian economics. Keynesianism’s inherent bias toward bigger government has made it the indispensable tool for statists around the globe. Politicians’ natural wont to spend and

Bernanke Bears the Brunt of the Jokes This Week

Bernanke, Fed, humor Tagged with: Bernanke, Comforting Words, Excess reserves, Faint Praise, Fed, Printing Money

Aug 312010

I suppose I shouldn’t laugh, but I found humor in Eric Fry‘s description of Chairman Bernanke’s performance at Jackson Hole: Like a guy who falls down a flight of stairs, then stands up and says, “I meant to do that,”

More Supporters Dissatisfied

Government, Regulation Tagged with: Buyers Remorse, Hedge fund, NY Times, Obama, Sorkin

Aug 312010

This quote could have come from anyone on the right, perhaps extreme right: “As every student of American history knows, this country’s core founding principles included nonpunitive taxation, constitutionally guaranteed protections against persecution of the minority and an inexorable right

Recovery Summer

economy, humor Tagged with: cartoon, humor

Aug 302010

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Ben Bernanke — Pathetic, Duplicitous or Just a Good Soldier?

Bernanke, economy, Favorites, Fed Tagged with: Alan Greenspan, Ben Bernanke, Elmer Gantry, Federal Reserve, Federal Reserve Chairman

Aug 302010

Fed Chairman Ben Bernanke is out of options and luck. Of course, he couldn’t say that at Jackson Hole. Instead, he had to pretend that his magic was still strong and would be used, if necessary. By customizing mixtures of

Failed Economics

economy, Government, knowledge Tagged with: Economic Data, Human Behavior, Importance Of Microeconomics, Macroeconomics

Aug 302010

This blog consistently emphasizes the importance of microeconomics over macroeconomics. Indeed, I argue that macroeconomics is not economics but rather a part of either history or statistics or some other field. It is merely the summary of past aggregates. In

How Will the West End?

Government, History Tagged with: American Thinker, Inflationary Policy, Jack Curtis, Silver Certificate

Aug 292010

An outstanding article from American Thinker: Hard Endings: Rome, China and the Modern West By Jack Curtis Roman government broke the economy; the people abandoned their myths and outreach became an inward collapse. China went from wealth, developing technology and trade

Math as Taught over the years

humor Tagged with: humor, Teaching Math

Aug 292010

Email received. Original author unknown. 1. Teaching Math In 1950s – A logger sells a truckload of lumber for $100. His cost of production is 4/5 of the price. What is his profit ? 2. Teaching Math In 1960s –

Sunday Morning Reading

all other, politics Tagged with: Congressional Democrats, Dylan Ratigan, Henry Blodget, Political Danger

Aug 292010

Some mostly political reading/watching for a Sunday morning: “So, you think President Obama had a tough week? Wait’ll you get a load of what happened to the Congressional Democrats.” http://pajamasmedia.com/vodkapundit/2010/08/25/handicapping-the-house-5/ From Politico “Bailouts, Bailouts, Bailouts. No investigation poses a more

A Personal Look at Hyperinflation

Inflation Tagged with: Financial Assets, Hyperinflation, Inflation

Aug 282010

Recent comments by readers on hyperinflation that were prompted by the previous post, Williams on Hyperinflation, make me believe that the following link might be useful. It discusses inflation from a personal experience perspective and makes an argument for why

Williams on Economic Situation

economy, Insolvency, Williams Tagged with: Economic Downturn, Gdp Data, John Williams, Quarterly Growth Rates, Shadowstat

Aug 282010

John Williams of ShadowStats concisely summarizes all you need to know in his reaction to the recently revised GDP data: Economic Data Will Get Much Worse. The kindest thing I can say about a stock market that rallies on the

Government Defaults Coming

Government, Insolvency

Aug 282010

Below is a guest post I wrote for 20smoney.com. It discusses why the government will have to default on many of its promises/obligations. It is simply not mathematically possible to service what has been promised. Investing In A Difficult World

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Random Favorites

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The Fed Feints: Great hoopla over the Federal Reserve’s surprise decision to raise the discount rate 0.25 % fills th...
Falling Dollar, Foolish Foreigners and Blanche Du Bois: WHY THE FALLING DOLLAR IS HARMFUL There are several reasons for foreign investors to stop buying Fed...
Confidence is A Con Man's First Name And Government's Last Scam: Confidence is important in economics. People spend and invest more when they are confident, a fact w...
Tough Guy Bernanke Blows Smoke: Tough Guy Bernanke Blows Smoke Fed Chairman Ben Bernanke appeared before Congress this week weari...
The Charade Nears Its End: Governments are running out of bailing wire, otherwise known as spending and money printing. Prior e...
Worse than a Depression: As the economic crisis approaches the two-year point, it is apparent that “this time is different.” ...
Why Obamanomics Will Not Improve The Economy: “The curious task of economics is to demonstrate to men how little they really know about what they ...
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Random Quotes

We are living in a sick society filled with people who would not directly steal from their neighbor but who are willing to demand that the government do it for them. William L. Comer
The man who reads nothing at all is better educated than the man who reads nothing but newspapers. Thomas Jefferson
Marxist morons do what they do best, ruin industries amidst elevated crowd support and noise from the dumbest sections of society. Jim Willie
Only in Washington can a budget that spends more than it did the year before, with a larger deficit, be portrayed as cutting. Rand Paul.
The founders were not democrats; they foresaw today's pillage politics - and they understood that, unchecked, overbearing majorities would be more malignant than monarchs. All too well did the founders know that, granted a vote, the unpropertied masses would help themselves to the belongings of the propertied. Ilana Mercer
Sometimes it is said that man cannot be trusted with the government of himself. Can he, then be trusted with the government of others? Or have we found angels in the form of kings to govern him? Let history answer this question. Thomas Jefferson

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