By Monty Pelerin, on December 11th, 2009 Mr. Kofi A. Annan has opined on the Huffington Post regarding the Copenhagen Summit. Mr. Annan is former Secretary-General of the United Nations. Like a bad penny, this man will not go away.
As part of his natural role as Public Nuisance, Mr. Annan is Chairman of the Kofi Annan Foundation and the Africa Progress Panel and President of the Global Humanitarian Forum. All these organizations, including his former employer at the UN, have one thing in common. They are all parasitic. None increase wealth for society in any way. They merely redistribute it. The principals, on the other hand, are able to enhance their personal wealth and lifestyles as well as inflate their reputations.
The politically-correct and high-sounding names and goals of the organizations serve to mask the true purpose for their existence. All exist for the purpose of draining wealth from productive members of society. Usually this wealth is provided via grants from various Government States. But States create no wealth either. They use coercive taxing power to confiscate it from productive citizens.
Mr. Annan was shallow in his figurehead position at the United Nations and continues to be shallow in his opinion piece. True to form, he tries to use his silver tongue, rather than facts, to make a case for climate legislation. True to form, his real goal is not what he claims it to be, but masked behind a cascade of politically-correct clichés.
Mr. Annan’s first sentence contains the phrase “robust political deal.”
Continue reading Kofi Annan: Public Nuisance
By Monty Pelerin, on December 4th, 2009 Two interesting articles from Rolfe Winkler. The first, involving North Korea, is indicative of what happens in an hyperinflation, including the financial destruction of savings. Interesting reading if you are naive about hyperinflation and devaluations. I am not suggesting that the US is anywhere near such action, although a few have suggested such an “Argentine solution” to our problems. An important point is that if such an event were ever to happen, it would come without warning.
The second article is curious, involving a postponement in publishing the financial statements for the US government. Whether this is just ineptness or something else is unknown. For those who have never looked at US government financial statements, link to those below even though they are a year old.
December 3rd, 2009 21:31
North Korea devalues currency
Posted by: Rolfe Winkler
Tags: rolfe winkler, hyperinflation, north korea
From Richard Lloyd Parry, writing for the Times of London: North Koreans in misery as cash is culled
There were reports of public outrage and confusion after the announcement of the measure, which requires North Koreans to swap existing won notes for new ones at an exchange rate of one to 100 — effectively knocking two zeroes off their value. Because of a cap
Continue reading Hyperinflation, Devaluation and Something Else
By Monty Pelerin, on November 18th, 2009
James Buchanan won a Nobel prize in Economics in 1986 for his pioneering work in what is known as public choice theory. In my opinion, he is one of the few true economists. He understands the methodological and institutional issues and limitations of his field. As most outstanding economists, he was never lured into the political arena and forced to compromise his beliefs. Don Boudreaux, in honor of Buchanan’s 90th birthday writes in a tribute to him: “Buchanan’s central insight is indeed one that Madison and other founders shared — namely, we delude ourselves whenever we forget that men and women in the political arena are simply men and women rather than angels possessing some type of unusual wisdom.”
Boudreaux’s full article
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By Monty Pelerin, on November 11th, 2009 Citizens rate the stimulus as discussed by IBD
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The $787 Billion Flop
Posted 07:00 PM ET
Public Opinion: Americans seem to know what their leaders in Washington either don’t know, don’t want to know or refuse to acknowledge — that the economic stimulus they foisted on us has been one big letdown.
Fully two-thirds (66%) of those surveyed in the latest IBD/TIPP Poll said the stimulus has fallen short of their expectations in creating jobs. A little more than one in five (22%) said it has met their expectations, and only one in 15 (6%) said it has exceeded their expectations.
This is not exactly news, given how the results so far compare with the promises made in January. That was when the president’s economic advisers assured that unemployment, now at 10.2%, would level off around 8%. But it is worth noting for those in the administration and Congress who still think all the people can be fooled all the time.
Even Democrats are underwhelmed. As the table shows, 48% of
Continue reading Citizens Not Impressed with Stimulus
By Monty Pelerin, on November 10th, 2009
Image by martnpro via Flickr
Image via Wikipedia
“We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong … somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises … I say after eight years of this Administration we have just as much unemployment as when we started … And an enormous debt to boot!” Henry Morganthau, Treasury Secretary May 1939
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Friedrich von Hayek
Friedrich von Hayek founded the Mont Pelerin Society.
“Monty Pelerin” is a pseudonym chosen by this blogger to convey general agreement with the philosophy, goals and spirit of the Mont Pelerin Society. No other connection exists between the blogger and the Society.
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