“I would like to thank you for attempting to educate the average clueless soul like myself in this arena of finance. Sorry, I still have not found an article or book that comes anywhere in explaining what M1 and M2 is. Still clueless.”
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From the St. Louis Fed:
With all the attention being given to “The Return of the King,” the third installment in the Lord of the Rings series, consider having a look back at this explanation of what it all means: Tolkien v. Power.
Contrary to the War Party’s prediction that the Saddam capture would solve all that ails us, Robert Samuelson writes: “The Saddam rally was a bust. If you expected the tyrant’s capture to boost stocks or the dollar, you were disappointed—and therein lies a story. A great drama is now unfolding in the world’s money markets. In 2003, the United States’ current account deficit (a broad measure of trade) will total around $550 billion, a modern record.
A version of this review appears in the Winter issue of The Mises Review, the literary review publication of the Mises Institute archived here. Also, you can subscribe here.
War Is a Force That Gives Us Meaning. By Chris Hedges. Anchor Books, 2002. 211 pgs. What Every Person Should Know About War. By Chris Hedges. Free Press, 2003. Xvi + 175 pgs.
I believe that Austrian economists can benefit from reading Linked, the recent book by Albert-László Barabási, a professor of physics at the University of Notre Dame. Barabási’s ideas contain both promising paths and dangerous pitfalls for the Austrian paradigm.
I was going to blog on the raising of the terror alert in the days after Saddam’s capture—another example of a policy yielding the opposite of its stated intentions—but Bumper Hornberger already has: “Well, U.S. officials have raised the terrorist color code on the eve of the Christmas holidays, which means that we all,once again, have to be “vigilant” (whatever that means).
This is the most recent of my four essays looking at the compatibility of Austrian Economics with Objectivism. This one deals with metaphysics and epistemology and some implications for value theory [and ethics].
Metaphysics and Epistemology for a Free Society: The Views of Menger, Mises, and Rand
The others in this series are:
