June 28th, 2015
in Op Ed
by Chris Casey
Typically defined as "the number of times one dollar is spent to buy goods and services per unit of time", historically low monetary velocity is blamed for stymieing the Federal Reserve's ability to achieve a targeted rate of price inflation. It is cited as delaying the onset of price inflation which was imminently predicted by some financial commentators in the aftermath of the Great Recession. It is viewedby all as problematic as it is powerful, as vexing as it is valid. Yet, despite its nature and magnitude having been debated for decades between Keynesian and Monetarist economists, monetary velocity is simply a pervasive and damaging myth.
June 27th, 2015
in Op Ed
by William K. Black, New Economic Perspectives
A New York Times article entitled "Championing Environment, Francis Takes Aim at Global Capitalism" quotes a conventional Harvard economist, Robert N. Stavins. Stavins is enraged by Pope Francis' position on the environment because the Pope is "opposed to the world economic order." The rage, unintentionally, reveals why conventional economics is the most dangerous ideology pretending to be a "science."
June 26th, 2015
in Op Ed
by James Rickards, Daily Reckoning
Editor's Note: Jim Rickards has published a third book entitled "The Big Drop: How to Grow Your Wealth During the Coming Collapse." It's available exclusively for readers of his monthly investment letter called Strategic Intelligence. Before you read today's essay, please click here to see why it's the resource every investor should have if they're concerned about the future of the dollar.
by Mark Thornton, Ludwig von Mises Institute
Appeared originally at Mises Institute, 16 June 2015
Inequality is a top news items for 2015 driven largely by the Baltimore riots, the minimum wage debate, Thomas Piketty's book Capital in the Twenty-First Century, and now the entry of socialist Bernie Sanders into the race for US president.
by Michael Pettis, China Financial Markets
What can they possibly be thinking? This is not the sort of thing I normally write about, but I have to say that if I had any say in the matter I would most strenuously oppose removing or 'diminishing" Alexander Hamilton's portrait from the ten-dollar bill.