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2024-03-01
The Federal Reserve Board is responsible for formulating macro stabilization policy. More specifically, the Federal Reserve Board seeks tradeoffs between inflation and unemployment rates. Fed officials need meaningful data to formulate useful policies.
2024-02-23
Earlier this month, The New York Post reported that the mayor of New York is giving away pre-paid cash cards—each carrying "up to $10,000"— to foreign nationals in New York. Most of these foreign nationals—i.e., "illegal immigrants"—have arrived in New York with no invitation, no employment prospects, and no plan for housing. But most of them plan on staying. And why shouldn’t they? Upon arrival, thousands of them immediately went on the public dole in some way or another, relying on taxpayer-funded shelters, housing programs, and a variety of sources for "free" food. Those immigrants who have not found taxpayer funded housing in hotels—there are presently at least 66,000 of them—simply live on the taxpayer-funded streets as vagrants.
The latest idea from the city’s central planners is to
2023-12-02
Ever wonder if you were living in the Dystopian States of America? Senator Rand Paul’s Deception: The Great Covid Cover-Up, published October 10, 2023, does not disarm those haunting feelings.
This book is not for those who wish to place everything we have learned during the covid-19 control program in a memory hole. To the contrary, Paul is encouraging those who would pursue the truth to join him in confronting the difficult questions this period raises, including the origin of the covid-19 organism: did it arise naturally and spill over from an animal into the human species, or did it emerge as an accident from the Wuhan Institute of Virology (WIV). He further asks what our government has done to conceal its possible funding of the WIV “gain-of-function” research that was being done
2023-12-01
Economists, investors, businesspeople, and yes, even our wise politicians seem to believe that the Federal Reserve, using its various “tools” to create money out of thin air (which is illegal for mere mortals like us), can control the economy and financial markets any way it likes.
In particular, these people believe that the Fed doesn’t want a recession and a stock bear market, and the Federal Reserve can simply prevent these economic events from happening.
The Market Is Much Bigger than the Fed
However, the world doesn’t work that way.
The economy and financial markets are much bigger and more powerful than the Fed. The reason the Fed appears to “work” in preventing recessions and bear markets is that recessions and bear markets are typically much shorter than economic expansions and
2023-11-28
November 28 marks the 1894 birth of one of American history’s most prolific public intellectuals—Henry Hazlitt. According to Llewellyn Rockwell, Hazlitt “was familiar with the work of every important thinker in nearly every field” and “wrote in every important public forum of his day.” His published work as a journalist, literary critic, philosopher, and economist ran to roughly ten million words before his death in 1993, including perhaps the most popular economics book ever written—Economics in One Lesson (though looking back on that book later, Hazlitt concluded that “so far as the politicians are concerned . . . the lesson . . . does not seem to have been learned anywhere”).
According to Tom Malone, “What set Hazlitt apart from other writers on economics was the incredible clarity of
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