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The Great Unwinding of Mainstream Incoherence

August 31st, 2014
in Op Ed

Fixing the Economists Article of the Week

by Philip Pilkington

A recent post by Lord Keynes inspired me to write up some very general thoughts on the state of mainstream economics. Today, I believe, mainstream economics is completely incoherent. What do I mean by that? Well, basically if you are in the mainstream you can pretty much believe in whatever you want these days.

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The Wall Street Journal Claims that only the “Left” is Willing to Prosecute Banksters

August 31st, 2014
in Op Ed

by William K. Black, New Economic Perspectives

This is my third installment in my series of columns discussing the WSJ's rant against even feeble actions by Attorney General Holder to hold the banks and (a pittance of banksters) even slightly accountable for leading the three epidemics of mortgage fraud that caused the financial crisis and the Great Recession. The WSJ is enraged not at how feeble Holder's efforts have been, but that Holder dared to take any action against the elite frauds. The WSJ explicitly frames the question of accountability for the banks and banksters as a left v. right divide. Only the "populist left" is in favor of not granting the banks and banksters immunity from the criminal and civil laws for leading the most destructive fraud epidemics in history.

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Don’t Assume What Is “Unseen” Doesn’t Exist

August 30th, 2014
in Op Ed

The Ceteris Paribus Trap

by Gary Galles, mises.org

The use of the ceteris paribus, or "other things equal" assumption is an essential aspect of economic education. It is an important caveat that helps make sense of a complicated world by clarifying the incentive stories that comprise the core of economics.


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Japan’s Stealth Austerity Doesn’t Work

August 30th, 2014
in Op Ed

by Rodger Malcolm Mitchell, www.nofica.com

Austerity, aka deficit reduction, stems from the belief that government income pays for government spending. This is belief is correct for monetarily non-sovereign entities: Cities, counties, states, businesses and people.

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We Must Not Hesitate to Call the Islamic State’s Crimes Genocide

August 29th, 2014
in Op Ed

by Michael Bohlander, The Conversation

After capturing various major Iraqi cities and towns, attacking the Yazidis, and beginning a still-ongoing battle with the Iraqi Kurds, the Islamic State’s (IS) campaign of terror and barbarism shows no sign of slowing.

Despite all the evidence of murder, cruelty and destruction, the international community has failed to use all the rhetorical and legal tools at its disposal.

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