The Scots and Gresham’s Law

Posted: November 18, 2014 by Robert A. McKeown in Economics, Gold, Money
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The recent Scottish independence elections had raised certain hopes among libertarians and anarchists. Their desire to see a free and independent Scotland (and a smaller Great Britain) enraptured images of Mel Gibson playing “Braveheart” William Wallace and a proud people, once again donning their kilts and marching to the pipes, taking up the cause for liberty. Alba gough brath! Read the rest of this entry »

rsz_1_abraham_lincolnNovember 11th is Veterans’ Day, originally called Armistice Day. It is the 96th anniversary of the Germans surrendering to the Americans, British, and French on French soil in 1918. Of course, this was a great blow to the German economy, and contributed to Hitler’s rise to power. On November 11th, the Germans believed they were “stabbed in the back,” and their feelings of betrayal lead many to become or support Nazis. This was known as “Dolchtosslegende,” the Dagger Myth. Read the rest of this entry »

The Error of Pricing Goods in Gold

Posted: October 8, 2014 by Robert A. McKeown in Economics, Gold, Money, Prices, Value
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We’ve all heard experts, pundits and talk show hosts pontificating about gold and silver. We’ve heard examples of their so called “intrinsic” value, about how gold and silver retain their value over time. This is all true, except when these people attempt to make price comparisons of goods in gold or silver terms. We’re again going to rely on Austrian economic analysis and determine something new about their claims. Hopefully, this analysis won’t lead to me becoming a sort of pariah in hard money circles. Read the rest of this entry »

Robert McKeown had written an article titled, “Creative Destruction, Technological Unemployment and Choice” about the social and economic rot that may occur in a post-technological society. I for many reasons neither believe in technological utopias or technological dystopias. I believe that they are essentially an impossibility. The government’s already planning for a tech dystopia as we speak. Read the rest of this entry »

Many economists and pundits have predicted an economic collapse in the “not to distant” future. Some predict a deflationary collapse, while others predict an inflationary one. The common thread among these people is the belief that a collapse in imminent. We can use Austrian analysis and determine just who is correct. Read the rest of this entry »

Creative destruction has become again, a popular term to explain the dislocation of workers in western labor markets. Although first coined by Karl Marx to describe how capitalism would be destroyed by the bourgeois, Joseph Schumpeter (1883-1950), an Austrian economist, (not part of the Mengarian Austrian Economic School) modified the meaning to be understood as the outcomes of introducing new methods of production, new technologies and discoveries and the reallocation of resources to new lines of production by entrepreneurs. The “new” replacing the “old”.

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Fat Merica resized

The one most important reason that the Left-Right Paradigm is totally false is its narrative about a horizontal struggle between two factions of the working people. In reality, the struggle is actually between the working-class and a centralized, privileged authority. But what the poisonous paradigm does is that it says that certain kinds of centralization, authority, privilege are good, but others are not. It then goes on to pit the working-class against itself, and every four years, two plutocratic puppets pretend to be bitter opponents, when in reality, they are cut from the same cloth. Read the rest of this entry »