This is a brilliant essay by Philip Fischer that I’ve transcribed from Common Stocks and Uncommon Profits and Other Writings, the third book, Developing and Investment Philosophy. Here it is:

This much is clear: the massive buildup of debt through the system of fiat money and fractional reserve banking with a central banking as the money printer of last resort cannot conceivably be paid off. It will have to be defaulted in one way or another: either through an outright (nominal) default, or by inflating the dollar down to zero value. But which way?

A very nice review of Thomas Woods’s history book from John Seiler at the Orange County Register, and a not-so-nice one from Mark Goldblatt of the New York Post.

Jared Diamond’s book Guns, Germs and Steel: A Short History of Everybody for the Last 13,000 Years is a fascinating and quite readable speculation on the relationship between geography and history. He has assembled a cornucopia of interesting facts and plausible insights concerning the course of events over the last 13,000 years. The result is well worth reading, despite the fact that I think the ambition of his main thesis reaches well beyond his actual achievement.

There was a interesting BBC News story about the European Union’s broken “stability pact” . The big three Euro zone countries, Germany, France and Italy all wants the rules limiting government deficits abolished or made formally meaningless (In practice they have long been meaningless), whereas some smaller countries like Holland, Austria and Finland want the rules to remain-and be enforced. Most likely the big three will prevail.

Ron McKenzie has submitted the following question to the BLOG:

I can understand how in a free market for justice, a variety of justice providers would emerge. However, I cannot see how they would be effective without the power to coerce. I can see how they would be able to resolve a dispute over a contract, as both parties could agree to the justice provider’s jurisdiction.

Not according to Casey Research, who read the plan. Instead:

Former U.S. Attorney General John Ashcroft will serve Regent University in its new Center for Law and Justice beginning July 1, 2005, as a Distinguished Professor of Law and Government.

Castro angry over Forbes listing: