Milton Friedman

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Bernie Sanders Is A "Testament To American Suckerdom"





While pro-Bernie progressives are free to create their own communities in Ron Paul’s world, Ron Paul libertarians are compelled by force to participate in Bernie’s world. That is the fundamental difference between liberty and socialism, between voluntaryism and collectivism, between statism and private property. Nothing prevents progressives from living as they wish now, except the very things they viciously oppose: decentralization, secession, and local control.

 
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Depression, Debasement, & 100 Years Of Monetary Mismanagement





There must be some dark corner of Hell warming up for modern, mainstream economists. They helped bring on the worst bubble ever... with their theories of efficient markets and modern portfolio management. They failed to see it for what it was. Then, when trouble came, they made it worse. But instead of atoning in a dank cell, these same economists strut onto the stage to congratulate themselves.

 
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Pimco Economist Has A Stunning Proposal To Save The Economy: The Fed Should Buy Gold





"In the context of today’s paralyzed political-fiscal landscape how silly is it to suggest the Fed purchase a significantly large quantity of gold bullion at a substantially greater price than today’s free-market level, perhaps $5,000 an ounce?  Admittedly, this suggestion is almost too outrageous to post under the PIMCO logo, but NIRP surely would have elicited a similar reaction a decade ago. But upon reflection, it could be an elegant solution since it flips the boxes on a foreign currency “prisoner’s dilemma”. Most critically, a massive gold purchase has the potential to significantly boost inflationary expectations, both domestic and foreign."

 
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Hamilton’s Good for the Ten-Spot





Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twtter @Steve_Hanke.

Alexander Hamilton has always been a political lightning rod. In consequence, his legacy has been subjected to multiple smear campaigns. One began when Franklin Delano Roosevelt lambasted Hamilton in a speech delivered at the Commonwealth Club in 1932. Since then, the anti-capitalist crowd has used Hamilton as a whipping boy. 

 
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The Keynesian House Of Denial





The Eccles Building and its Washington/Wall Street acolytes have become a House of Keynesian Denial because the assumption that capitalism is an 80 pound recessionary weakling without the constant ministrations of the state is dead wrong.

 
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Bernanke's New Helicopter Money Plan - Sheer Destructive Lunacy





Bernanke has been a charlatan and intellectual lightweight all along but the gist is that the US economy is wanting for some non-existent ether called “aggregate demand”. And that this ether is something the Fed can easily create by handing an open-ended spending account to politicians, and one that would never have to be repaid or even serviced with interest! It puts you in mind of the medieval theologians who endlessly debated as to the number of angels which could fit on the head of a pin. The trouble is, there is not such thing as angels. Nor is there any such thing as economic growth or wealth that can be conjured by politicians spending Bernanke’s utterly counterfeit money.

 
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Ben Bernanke: "Helicopter Money May Be The Best Available Alternative"





"Money-financed fiscal programs (MFFPs), known colloquially as helicopter drops, are very unlikely to be needed in the United States in the foreseeable future. They also present a number of practical challenges of implementation, including integrating them into operational monetary frameworks and assuring appropriate governance and coordination between the legislature and the central bank. However, under certain extreme circumstances—sharply deficient aggregate demand, exhausted monetary policy, and unwillingness of the legislature to use debt-financed fiscal policies—such programs may be the best available alternative."

 
Steve H. Hanke's picture

On The Minimum Wage and Populism





Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

Last week, a slew of politicians in California, New York, and the United Kingdom embraced higher minimum wages.

 
Steve H. Hanke's picture

On the I.M.F.’s Nefarious Activities – Greece, Indonesia, and Who Knows What Else





Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.

Over the weekend, the New York Times reported that WikiLeaks transcripts suggested that the International Monetary Fund (I.M.F.) had discussed the possibility of hatching nefarious plots against Greece. Immediately, Prime Minister Alexis Tsipras accused the I.M.F. of trying to “politically destabilize Europe.”

 
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Japan Goes Full Krugman: Plans Un-Depositable, Non-Cash "Gift-Certificate" Money Drop To Young People





The Swiss, the Finns, and the Ontarians may get their 'Universal Basic Income' but the Japanese are about to turn the Spinal Tap amplifier of extreme monetary experimentation to 11. Sankei reports, with no sourcing, that the Japanese government plans to unleash "vouchers" or "gift certificates" to low-income young people to stimulate the "conspicuous decline" in consumption among young people. The handouts may not be deposited, thus combining helicopter money (inflationary) and fully electronic currency (implicit capital controls and tracking of spending).

 
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Toward A Grand New Bargain: How Donald Trump Can Clear The Field And Realign American Politics





It’s actually pretty easy. At an apt moment very soon, Trump should offer Governor Kasich the VP slot and Senator Cruz the vacant Supreme Court seat. Such a grand bargain would not only clear the primary field and quash any backroom hijacking of the nomination by the Washington GOP establishment; it would also permit each man to play his highest and best role at this great inflection point in the nation’s history.

 
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Life And Times During The Great Depression





I thought the Depression was going to go on forever. For six or seven years, it didn’t look as though things were getting better. The people in Washington DC said they were, but ask the man on the road? He was hungry and his clothes were ragged and he didn’t have a job. He didn’t think things were picking up.”

 
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The Chart That No Minimum-Wage-Supporting Socialist Wants You To See





Seattle has experienced the largest 3 month job loss in its history last year, following the introduction of a $15 minimum wage. We can only imagine the impact such a change has had on the prospects of employment for the young and unskilled.

 
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