Recently, there has been an intense debate in Europe on the TARGET2 system (Trans-European Automated Real-time Gross Settlement Express Transfer System 2), which is the joint gross clearing system of the eurozone.1 The interpretation of this system and its balances has provoked divergent opinions.
What is the longest-running socialist experiment? What has its success been?
If someone asked you to defend the idea that socialism has failed, what would you offer as your example?
Where did modern socialism begin?
In America.
That’s right: in the land of the free and the home of the braves. On Indian reservations.
They were invented to control adult warriors. They had as a goal to keep the native population in poverty and impotent.
Did the system work? You bet it did.
Today’s worldwide paper-, or “fiat-,” money regime is an economically and socially destructive scheme — with far-reaching and seriously harmful economic and societal consequences, effects that extend beyond what most people would imagine.
Fiat money is inflationary; it benefits a few at the expense of many others; it causes boom-and-bust cycles; it leads to overindebtedness; it corrupts society’s morals; and it will ultimately end in a depression on a grand scale.
U.S. banks are awash in deposits as the industry continues to lick its wounds from the 2008 crisis. The net loan to deposit ratio for all banks is just 70%, the lowest level since 1984, reports David Reilly for the WSJ.
Today, Murray N.
According to real estate site Zillow, almost 16 million homeowners owe more on their mortgage than the underlying collateral is worth. At the same time, the LA Times reports that 90% of these underwater homeowners are current on their mortgage payments.
Kudos to Bob Murphy for his incisive exposé and demolition of Krugman’s statistical legerdemain in today’s Mises Daily. It is not only an enlightening piece but also a delightful read.
As the Christian Science Monitor noted, Tokyo Skytree opens as the tallest tower in the world. It is a broadcasting and observation tower and so it does not qualify as a skyscraper and therefore it does not signal a global economic crisis. However, with regional records being set in the Pacific Rim, China, India, and Europe as well as a new world record skyscraper in development in Saudi Arabia it reinforces the warning signals from the Skyscraper Index.
