The Wikipedia article on the Almost Ideal Demand System provides the perfect example of why people don’t understand economics. Bloc’s Services PMI stands at 28.7 in May vs. 25.0 expected. The Fed’s Power Grows. Taylor might be the court’s attempt at clarifying this standard for this exact reason. Americans anxiously wait for the final outcome of this election, the Federal Reserve continues on its immovable course towards nationalization of the means of production. Similar increases occurred in industrial, financial, and state and local government indebtedness. Read through the articles on Age of Awareness to get the perspectives of parents and educators. Regarding the role of the Fed chair itself, it remains to be seen whether Biden would prefer to continue with Powell. Adherents of the Austrian school of economics have been cuckoo for Shelton for those very reasons, but, Rampell describes the Fed nominee as “a demonstrably unqualified partisan quack.”, Rampell claims a gold standard “might be popular among the right-wing fringe, but it was abandoned worldwide long ago and remains almost unanimously rejected by economists. Any responsible economist is the first to admit that. January 26, 2018 by IWB. The nominations expire when Congress is adjourned at the end of the year. If it wasn't for people who do understand those things, I would not have much money in my retirement fund. No one’s life, liberty, or property is safe while the legislature is in session. Also, Hawking noted: “If machines produce everything we need, the outcome will depend on how things are distributed,” he wrote. No one does. Truth and understanding are not such wares as to be monopolized. Ironically, if Stevenson had become the state’s senator instead, Johnson would never have been selected to be John Kennedy’s vice presidential running mate and, consequently, would never have been president. And, at last, the confusing news, the part where the line between fiscal and monetary policy becomes blurred: Fiscal policy can do what we can, which is to replace lost incomes for people who are out of work through no fault of their own. I don't understand basic economics. If that sounds like a shitty game to play, you now understand what economics is all about. There really are no free lunches (just wry physics jokes). The true gig economy is that we can work only for an hour or two - when we feel like it - to support a month's (or maybe a year's) worth of luxurious leisure. This high-ranking bureaucrat has the job of “officially affirming Biden has won the election on behalf of the Trump administration,” something which, so far, has yet to occur. Lamar is just one of 100 elected Senators, chosen “by the people” to represent their interests. True, Congress can tax and spend, but what the chair doesn’t seem to admit is that taxation only provides so much money, compared to spending which appears to be nearly limitless. But this complicates things as: Sen.-elect Mark Kelly, a Democrat who won a GOP seat in the special election in Arizona, is expected to be sworn in, meaning there would likely be one more Democratic "no" vote…. Do the math dummy - let's don't even talk taxes, let's talk gas prices before bush, On January 15, 2001 just before Bush's first inauguration the average price of gasoline was $1.46 a gallon. Prices and costs adjust anew to consumer choices and preferences,” explained Sennholz. That myth, by the way, isn’t economics, my friends. Its function is to obey orders, not originate them. When all was said and done, Johnson had “won” the election by 87 votes. Even though huge issues are still in doubt, Americans have largely survived an election full of serious ill will, hypocrisy, and ominous implications. Only when a republic’s life is in danger should a man uphold his government when it is wrong. She has a distinguished career as an economist and even co-authored a book called Roads to Sound Money, which supports ideas such as sound money and individual liberty. As a registered Republican, Powell would likely have support from a Republican-controlled Senate. Energy is the central pillar of economics, meaning that economies are constrained by the laws of thermodynamics, which govern energy in our universe. I believe the Prince of Darkness could start a branch hell in the District of Columbia (if he has not already done it), and carry it on unimpeached by the Congress of the United States, even though the Constitution were bristling with articles forbidding hells in this country. This, then, is real fascism. This leads us to the inevitable, unpleasant question: If not Judy, then what must the next candidate say or do in order to appeal to both sides of the political aisle? "Big Digital," as Professor Michael Rectenwald terms tech companies, have become "governmentalities": supposedly private enterprises turned into instruments of state power and state narratives. Because it originated with private actors rather than government, even though the intent was to dictate the government chosen, it was not a violation of the First Amendment. No public interest is anything other or nobler than a massed accumulation of private interests. Well, journalists and politicians then. Truth tellers matter more than ever. Ms. Shelton might bring a tiny bit of historical wisdom to the arguments in the Eccles building. How this fits in with the concept of a strong republic by the people and for the people is anyone’s guess. But food for thought! This case did not involve a challenge to qualified immunity itself, but rather challenged the lower court’s application of the doctrine. This leaves us with a large question: Why did the court feel it was necessary to weigh in on this case? It’s just financial engineering. by Daniel Carter Much has been said recently about California becoming the most impoverished state in America. In contrast, much of what has been proposed by politicians this year has involved widespread invasions of our liberties, disguised by focusing only on those promises to give, without much mention of the corresponding unavoidable promises to take from others to do so. Zimbabweans don’t understand economics: Reserve Bank governor Lenin Ndebele Reserve Bank of Zimbabwe governor John Mangudya prays for Zimbabweans to “understand economics”, as annual inflation stands at 934%, according to independent economists. But our country has exceeded debt of 100% of GDP for the first time in decades. Tu ne cede malis,sed contra audentior ito, Website powered by Mises Institute donors, Mises Institute is a tax-exempt 501(c)(3) nonprofit organization. Power & Market offers a contrarian take on world events. Railroad stock climbed from 189.2 to 446.0, while public utilities rose from 82.0 to 375.1.”. The newly discovered votes were overwhelmingly in favor of Johnson. Tax ID# 52-1263436, as the (only) role of capital is to increase the productivity of labor, it means we don't have to work much to support a very high standard of living. Ironically, we vote for a president who has limited power, but a hand on the nuke button; whereas, we don’t vote for the Fed chair, who has nearly unlimited power, and a hand on the economic equivalent to the nuke button; the ability to conjure money out of thin air. Elected officials have the power to tax and spend and to make decisions about where we, as a society, should direct our collective resources. Mr. Taylor alleges that in September of 2013 he was placed in a cell covered in human feces and left there for six days... On November 2, the United States Supreme Court ruled in the case Taylor v. Rojas. Or perhaps itâs just journalists who don;t understand economic numbers. So get off your high horse. They should have all of the money but the people who make it by working or operating businesses should not. There is no other time. But, as we've known since Menger, the means of production have only value to the extent they contribute to the production of consumers' goods, the consumption of which is the realization of value. Additionally, the fact that the court ruled against the state in this case should give us hope for future cases. But as of Tuesday’s vote, the Republican majority Senate still has not confirmed her nomination. Quoted by MSN/MarketWatch, Hawking makes several very simple mistakes in his attempted economic commentary. Jerome Powell did the same during this recession. And it’s ultimately what drew me into checking out Jo Jorgensen. Ray Dalio explains that money borrowed to boost spending today must eventually be paid back. This sends a message to the lower courts that they are to interpret qualified immunity broadly. When you are in politics you are in a wasp’s nest with a short shirt-tail. Originally published by the Future of Freedom Foundation. It was, as you might imagine, a mix of unassailable data combined with our friend Tom's strong prescription for liberty and personal choice rather than centralized state edicts. As noted above, the Senator can paint a picture that the nation’s money supply would be somehow handed over to the President and Congress. By harvesting forests and exploiting fossil fuels to power our societies we have disrupted Earthâs carbon cycle, altering oceanic and atmospheric chemistry and affecting our planetâs energy balance in ways that cause upheaval to lifeforms. The Fed’s Power Grows. Understand Free Money Here's a random spin of subjective By signing cryptocurrencies you know there — why is a are a Users touted as alternatives to quite a bit -- worth zero. The majority of people will undoubtedly be watching to see how the election is called and the looming fallout, but we must remember: the government is financed by the people and also by its central bank. One would never realize from the way that Donald Trump boasts about record stock market levels that the worldâs mature economies actually look to be condemned to long term stagnation. That's not something we do. Recently, I told my wife that the 2020 election follies made me think of John Milton. As for Fed chair Jerome Powell, who kept rates on hold, his Q&A after the committee meeting revealed that regardless who is president, as long as the Fed can expand the balance sheet at will, they continue holding all the cards. Nothing changed on Wednesday and Thursday after the election. “If” the two Republican Senators were in attendance, and “if” Mitch voted for Shelton, then things would look much different; but that did not happen. How can I start printing money with stock and crypto? In the past, the court has ruled broadly on the question of qualified immunity. So it is worth remembering John Milton’s words on behalf of freedom of belief and expression, and their connection to our ability to discover truth. These terms need to be understood before you can understand how the economy works or how it should work. The speech was nothing less than a heartfelt tour de force against the terrible lockdowns and pseudoscience plaguing the debate over Covid, and a call to reexamine tradeoffs and priorities. The court recently granted cert in the case Brownback v. King. Big Digital—what writer Ilana Mercer calls "Deep Tech"— is not a collection of private companies in the sense we think of such. Since her nomination, we’ve seen countless displays of this “system,” which appears to not even help those it claims to serve. The Fed Fiscal Theory Monetary Theory. But our country has exceeded debt of 100% of GDP for the first time in decades. If then it be profitable for him to read, why should it not at least be tolerable and free for his adversary to write…it follows then, that all controversy being permitted, falsehood will appear more false, and truth the more true; which must needs conduce much to the general confirmation of an implicit truth. We can run from the forces of nature, but we cannot hide. That will give you lots of practice. This wouldn’t bode well, as the Wall Street Journal reports that Democrat Mark Kelly would be sworn in on Nov 30, if combined with the three Republicans Mitt Romney, Susan Collins and more recent “dissenter” Lamar Alexander, it would make an already slim “yes” confirmation all the more difficult. Sooner or later that accumulated debt comes due, resulting in colossal fires that are difficult to contain. Of course, sometimes the “war” can be waged by the state upon its own people, as in the case of the war on drugs or the war on poverty, etc. Sometimes understanding economics or not understanding economics leads you to the same call to arms. Imagine the Fed in 2021; no Judy Shelton, a governor with respect for sound money. Assuming Biden is inaugurated and the Republicans hold the Senate, what, if anything, could this mean for the Fed? If everything that life on Earth does is fueled by the Sunâs energy, then the activities of Earth life may not necessarily increase entropy overall because the Sunâs massive entropy already has us covered. The Fed’s Power Grows. Johnson election theft took place in 1948, when he was running for the Democratic nomination for US Senate against Texas Governor Coke Stevenson, one of the most admired and respected governors in the history of the state. And forget about serious immigration reform. This is where thermoeconomics comes in, reconceptualizing economics in a way that accounts for inescapable physical laws. To speak up often meant feeling anger and scorn. She commented that I may have been the only one in America to make that connection to the second most important author in the English language, after Shakespeare, best known for his poetry. In fact, most geniuses seem to simply not get economics. However, the court decided to rule on this case. After all, very little of this year’s politics has been poetic (though it could be argued to fit somewhere in Paradise Lost). The power of Kings and Magistrates is nothing else, but what is only derivative, transferred and committed to them in trust from the People, to the Common good of them all, in whom the power yet remains fundamentally, and cannot be taken from them, without a violation of their natural birthright. Thermoeconomics also provides a more realistic perspective from which to view conventional economic questions. CAPITAL - Capital is that part of wealth which is put aside for the further production of wealth. Then, on Monday more returns came in from the Rio Grande Valley. Disruption canât be put back in the tube. On the Sunday morning after the run-off, Stevenson was leading by 854 votes. But better to take Jorgensen’s position in my mind, to use Switzerland as our model, neutral and well armed, open to the world for trade and for tourism, while remaining secure in our defense. However, unlike many social sciences, economics is … Most Americans I think do not really understand economics. But It's Looking Very Unlikely. After all, not only was he once the most famous living American, he garnered much of his fame through both his serious and humorous reflections about politics and government. Oscar Wilde once said, “An idea that is not dangerous is unworthy of being called an idea at all.”. Whereas todayâs mainstream dogma takes perpetual economic expansion as a given, the law of entropy rules out eternal growth. The candidates re-arrange the facts to suit themselves and keep the lies and half-truths spinning in the air while the great gullible public cheers and shouts and stomps its approval. Watching as Biden and Trump supporters went at it, I found myself bewildered by what was hardly being discussed, by the dearth of coverage of the serious issues facing us today. Minority communities in particular continue to be devastated. Humanitarian “interventionists,” assisting with aid, certainly. In fact, one could say that is best reflected in the Declaration of Independence’s assertion of unalienable rights to “life, liberty and the pursuit of happiness,” which, while more famously connected to the thought of John Locke, can also be collapsed into the word liberty, as Milton used it, as our right to life is part of our liberty and our ability to pursue happiness is the result of liberty. Revisiting Milton’s arguments in these areas is a good way to recognize the risks we have already been exposed to and their ominous implications for the future and a good source of reinforcement for the principles our country was founded upon. If Judy Shelton does not get confirmed to the Federal Reserve, we lose an opportunity to expand the knowledge base at the Fed. Nonetheless, as the system is currently designed, it requires elected Senators like Alexander to be charged with managing the economic affairs of the entire nation; whether these senators understand economics is besides the point. As the Washington Post reported, to investigate what obviously appeared quite suspicious Stevenson employed the assistance of Frank Hamer, the Texas Ranger who had trapped and killed Bonnie and Clyde. They are filled with possibility and hope. Humanity exists in a finite space with ever-tightening constraints and, unfortunately, no amount of financial chicanery will ever succeed in cheating the unbreakable laws of our universe. Here are some excerpts from the article: “. The strength of finance capitalism is its ability to distribute capital widely so that more people can participate in the economic game, raising living standards because many hands make light work. Americans have famously opened up their hearts when global disasters strike. The problem is that compound debt interest accumulates faster than productivity and wages grow, meaning the economyâs debt-to-income and debt-to-GDP ratios become heavier over time. California has diminished the middle class so badly that one in four people are now living below the poverty line. Increasingly, however, I’ve been filled with growing repugnance, watching as the disputed election drags on. The “you just don’t understand economics” attack is particularly unfair because it fails to consider the possibility that people on the left understand economics perfectly well but have good reasons for rejecting certain economic premises. Our Congress….In their private life they are true to every obligation of honor; yet in every session they violate them all, and do it without shame….In private life those men would bitterly resent—and justly—any insinuation that it would not be safe to leave unwatched money within their reach; yet you could not wound their feelings by reminding them that every time they vote ten dollars [in] appropriation, nine of it is stolen money and they the marauders. Americans have died in droves. As Ms. Rampell writes, today’s economists, trained in the modern Keynesian framework, believe corrections aren’t allowed and malinvestment should be enabled by cheap money forever, with the result being zombie companies wasting precious capital. The true gig economy is that we can work only for an hour or two -, It Doesn't Take a Genius to Understand Economics, Comments for It Doesn't Take a Genius to Understand Economics, Print It Doesn't Take a Genius to Understand Economics, We Need Some of Mark Twain's Humor Right Now, Comments for We Need Some of Mark Twain's Humor Right Now, Print We Need Some of Mark Twain's Humor Right Now, YouTube Attempts to Silence the Mises Institute, Comments for YouTube Attempts to Silence the Mises Institute, Print YouTube Attempts to Silence the Mises Institute. Lacking the capacity to make economic sense is not a new affliction. Living things require energy to sustain themselves and grow, and an economy is no different. Creating credit isnât the same as creating wealth. While we wait to see who will head our government into the new year, and while we expect a new change in government could also bring changes to the Fed, we cannot reasonably expect these changes will amount to anything more than superficial. Even economists have trouble defining exactly what economics means. Check out my Table of Contents for a list of everything Iâve written on Medium. What does this mean? On its surface, the world today is that of finance capitalism, of mortgages and interest rates and dividends and bond yields and price-to-earnings ratios as reported by Business News Network and Bloomberg. When Caro was researching his book, he secured a statement from Luis Salas, an election judge in Jim Wells County, who acknowledged the fraud and confessing his role in it. Economic activity exploits our environment to meet our needs, using energy to make greater local order of the resources at our disposal. The real effect of robots "producing everything" is that the cost of production plummets, which offers producers profits. For instance, he seems to not understand the difference between a natural resource (the physical production factor) and an economic resource (the subject value), which leads him to erroneously conclude that hoarding, and the resulting increased scarcity of physical resources, impoverishes humanity. They don’t understand that you can get things fast, done well, or done cheap; you can get ANY two but you can’t get all three. No man…can be so stupid to deny that all men naturally were born free, being the image and resemblance of God himself. An example is the recently departed physicist Stephen Hawking, who - like so many - made rather ridiculous statements of economic nature. I have only to look around at our sons and daughters who served our military to see the cost of our decades of arrogance and folly. It’s why, even if libertarians are kept from debates and underreported, going forward I will more openly support their positions and ideas. CAPITAL - Capital is that part of wealth which is put aside for the further production of wealth. Carl Icahn: Republicans Donât Understand Economics and Itâs Killing USA. In this case, they must confirm someone to serve on the board of governors to manage the nation’s central bank, an idea championed by many anti-capitalists, including Karl Marx. This sordid process is different for each company, (some are more complicit than others, a few are heroically non-compliant) but it involves a mix of early start-up funding; connections and contracts with state agencies, particularly relating to defense and surveillance; and propaganda campaigns in service of state narratives. Britain only finished repaying its WWII debt in 2006. That provides an excellent excuse to turn to someone... That provides an excellent excuse to turn to someone many Americans have fond memories of—Mark Twain. Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it. If you want it cheap but well done you best be prepared to … However, all micro-based macro models make very strong assumptions on aggregate demand that are absolutely not vindicated by the data. And where is real reform of our criminal justice and prison systems? Nations grow corrupt, love bondage more than liberty. His words sharpen our ability to judge that deviation from the ideas that created America. Economist 6bff. Capitalism requires success and failure. None can love freedom but good men; the rest love not freedom, but license, which never hath more scope than under tyrants. Yet, it’s difficult to argue with one of the most powerful men on the planet when he says: And so if the idea is money financed fiscal policy, that's not something that we would consider. All congress knows about money is how to rake it in, and steal from the people, and put it in their accounts. Economics involves a lot of fairly easy calculus rather than a little very hard calculus. Print Presidents Come and Go. Men think they think upon the great political questions…but they think with their party, not independently. Natural disasters are another reminder of our debt to the biosphere. Â Take a look, Waves of Fear: Trade War becomes a Currency War, U.K. Faces Longest Fall in Living Standards Since Records Began, Socialism vs. Capitalism: Employee-Owned Companies Offer a Third Way, A Post-Keynesian perspective of money, financial intermediation and systemic instability, Teacher Strikes Show That Workers Have Newfound Power, Why Invest and 7 Asset Classes You Can Invest In.
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