The justification given for "QE2," another round of quantitative easing, is of course the threat of deflation. But if we actually look for ourselves, we see that prices are not falling — not that it would be bad if they were.
The new ecofascist short film "No Pressure" is a beautiful example of the environmentalist movement's dropping its pleasant-looking mask and joking about its true authoritarian nature. People explode into a bloody mess when they decline to participate.
Just as the State has no money of its own, so it has no power of its own. All the power it has is what society gives it, plus what it confiscates from time to time on one pretext or another; there is no other source from which State power can be drawn.
Schumpeter is properly assiduous about Smith. He obviously had total contempt for Smith, and for good reason. And he hates Ricardo — that's another great thing about Schumpeter. His hatred of Ricardo shines through.
Bernanke's remarks were long and ponderous, Fedspeak plus excerpts from a typical intermediate-macroeconomics textbook. One thing this newest piece of Fedspeak surely won't do is give us maximum employment and price stability.
Everywhere we find some warlike tribe of wild men breaking through the boundaries of some less-warlike people, settling down as nobility and founding its state. The goal is always the same: exploitation.
Even though these economists — especially Diamond — are very smart and productive, they and their colleagues have hardly helped the plight of the unemployed, as we stumble ever deeper into depression.
The technique of the historicists’ indictment of capitalism is simple indeed.
Under socialism, the costs of one person's decisions are spread equally throughout society, to the point that that individual hardly feels the penalties of his value judgments — short of illness and death.
The well-known problem of the tyranny of the majority is present in both corporate/investor democracies and political democracies. What sets one apart from the other are the remedies available to the disgruntled minority.
