The more historians and publicists worshiped and adored the greatness and the majesty of Franklin Roosevelt, the more they scorned his predecessor as the dour man in the high collar who tried but failed to thwart the nation's ascension to paradise.
We are born into this world believing that success in anything will be met with praise and acclaim. We are not often told the truth that we see in this film: success is more likely to be met by envy, hate, disparagement, put downs, and loathing, sometimes from the most unexpected sources.
A so-called lowering of "real" interest rates by means of money pumping is basically an act of a diversion of real wealth from wealth generators to various nonproductive activities. Hence, contrary to popular thinking, the Fed's attempt to lower the real interest rate in fact leads to a higher real interest rate.
That students are in the streets demonstrating against this pension reform suggests professors and politicians have failed to explain what economists call the lump-of-labor fallacy. Jobs are not fixed and do not depend exclusively on the supply of labor.
There are two fundamentally opposed means whereby man, requiring sustenance, is impelled to obtain the necessary means for satisfying his desires. These are work and robbery, one's own labor and the forcible appropriation of the labor of others.
How would appeals work in a voluntary system of private law? Would defendants be able to appeal clearly outrageous convictions? If so, then what's to stop a murderer from indefinitely appealing his cases?
We are witnessing the fall of the American dream, which has always been about having hope in the future. This is a striking fact of our times, one made even more devastating as we look at the economic fundamentals.
Everyone knows something is wrong here. Everyone. Except perhaps for patent lawyers, federal judges, and Orrin Hatch. I take that back. I think even most patent lawyers know something is wrong.
He understood economic relationships, and he saw that such economic concepts as scarcity, price, profit, and investment have implications that go far beyond the scope of economic behavior as ordinarily represented in works of "economic" or "social" fiction.
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.
