On, Wednesday the DJIA took an 800 plus point beating. On Thursday, another 500 points were shed. At the same time, the mood of real estate buyers has darkened. Austrian Business Cycle Theory is proven right again.
President Trump is blaming the central bank, “No, I think the Fed is making a mistake. They’re so tight. I think Fed has gone crazy.” Just in case Chairman Powell was listening and cares, Trump repeated the “crazy” line over and over.
ZeroHedge reports:
Just in time for midterms, Facebook has removed 559 pages and 251 accounts they claim have been spreading misinformation and spam. Several of the pages however - some with millions of followers, were pro-Trump conservatives who had spent years cultivating their followings.
Imagine being a poor person and getting to choose your country. Which one would you select?
The answer probably depends on your goals in life. If you want to emulate “Lazy Robert” and be a moocher, you could pick Denmark. You’ll surely get more than enough money to survive.
Listen to Ryan McMaken’s commentary on the Radio Rothbard podcast.
When the topic of inequality comes up, some libertarians and conservatives tend to approach the issues as something that doesn’t matter at all. “I don’t care about inequality,” they say. “Inequality occurs naturally, and its just an obsession of leftists...if anything it’s a good thing.”
As we’ve noted here in the past, the Federal reserve in recent months has begun publishing its “ Underlying Inflation Gauge “ which takes into account a broader measure of inflation than the more-often used CPI measure.
When we say “inflation” in this context, of course, we mean price inflation, and not money-supply inflation. And it may prove to be a useful measure when comparing if we wish to compare price-inflation growth to wage or income growth.
According to the Federal Reserve’s Underlying Inflation Gauge, the 12-month inflation growth in June (the most recent month reported) was at 3.33 percent. That’s the highest rate recorded in 158 months, or more than 13 years. The last time the UIG measure was as high was in April 2005, when it was at 3.36 percent.
[From the Rothbard Archive, originally published in The New York Times, September 4, 1971.]
On Tuesday, I looked at some recent research suggesting that both wealth and incomes are declining — all while the Fed’s monetary policy has become ever more interventionist and regulatory.
The conclusions involved were premised on some assertions about Fed policy.
Tom Woods joined Matt Welch of Reason TV for a wide ranging interview with topics including his transformation from a pro-war Republican to a passionately anti-war libertarian, the impact of Ron Paul on the liberty movement, and politics in the age of Donald Trump.
