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 »
Tags: gold, prices, pundits, silver, subjectivity, value
Tags: creative destruction, cronyism, dystopia, Gates, intervention, Koch, Luddite, Sandberg, technological unemployment, Tesla, utopia, Zuckerberg
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 »
Tags: collapse, currency crisis, Federal reserve
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 »
Tags: 3D printing, human action, Keynes, Ricardo, robotics, Schumpeter, unemployment
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”.
Tags: bourgeois, consumerism, left-right, moralism, plutocrats
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 »
Tags: collapse, culture, economy, inflation, Monty Pelerin, society, State
A country dies slowly.
Those living during the decline of Rome were likely unaware that anything was happening. The decline took over a couple of hundred years. Anyone living during the decline only saw a small part of what was happening and likely never noticed it as anything other than ordinary.
Countries don’t have genetically determined life spans. Nor do they die quickly, unless the cataclysm of some great war does them in. Even in such extreme cases, there are usually warning signs, which are more obvious in hindsight than at the time.
Few citizens of a dying nation recognize the signs. Most are too busy trying to live their lives, sometimes not an easy task. If death occupies their mind, it is with respect to themselves, a relative or a friend. Most cannot conceive of the death of a nation. Read the rest of this entry »
Tags: Garry Reed, libertarian, Loose Cannon Libertarian, Selected Salvos
Recently, I began reading Garry Reed’s book, “Selected Salvos from the Loose Cannon Libertarian” and found myself enjoying every page. Garry Reed’s writing style is something bordering H.L. Mencken and Groucho Marx. His quick wit and colorful turn of a phrase gives the reader something to chuckle about while being informed. After having read volumes of economics books and tomes this little collection of his articles, between 2001 and 2002, I found quite refreshing. It was like cheating on a diet with a pizza and a beer. Read the rest of this entry »