According to the Austrian Business Cycle Theory (ABCT) the artificial lowering of interest rates by the central bank leads to a misallocation of resources because businesses undertake various capital projects that prior to the lowering of interest rates weren’t considered as viable. This misallocation of resources is commonly described as an economic boom.
Before we discuss the economic situation of China, a few words about China’s strongman, Xi Jinping. The “new Chinese emperor” has engineered a meteoric rise. He started off as simple rural laborer but is now the most powerful Chinese president since Deng Xiaoping. Such a career path requires strength, tact, and probably a dash of unscrupulousness.
Books Eleven to Twelve
BOOK ELEVEN
Just two weeks after President Trump pulled the US from the Iran nuclear agreement, his Secretary of State, Mike Pompeo, issued 12 demands to Iran that could never be satisfied. Pompeo knew his demands would be impossible to meet. They were designed that way. Just like Austria-Hungary’s ultimatum to Serbia in July, 1914, that led to the beginning of World War I. And just like the impossible demands made of Milosevic in 1999 and of Saddam Hussein in 1991 and 2003, and so many other times when Washington wanted war. These impossible demands are tools of war rather than steps toward peace.
Books Six to Ten
BOOK SIX
1
The substance of the universe is obedient and compliant; and the reason which governs it has in itself no cause for doing evil, for it has no malice, nor does it do evil to anything, nor is anything harmed by it. But all things are made and perfected according to this reason.
Books One to Five
BOOK ONE
1
From my grandfather Verus I learned good morals and the government of my temper.
The world has been plagued with periodic bouts of the economic rollercoaster of booms and busts, inflations and recessions, especially during the last one hundred years. The main culprits responsible for these destabilizing and disruptive episodes have been governments and their central banks. They have monopolized the control of their respective nation’s monetary and banking systems, and mismanaged them. There is really nowhere else to point other than in their direction.
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Leftist political commentators continue to be in denial about Venezuela.
On his show, Last Week Tonight with John Oliver, comedian John Oliver recently covered Venezuela’s current economic crisis.
Like any leftist analysis of Venezuela’s economic disaster, Oliver’s segment completely misses the mark.
