The Motley Fool notes that Congress’ recent overhaul of the Fair Credit Reporting Act, and especially its “No Credit Report Left Behind” provision, is yet another federal override of tougher state laws, such as California’s, where a new state law prohibited banks, insurance companies, and others from sharing their customers’ personal information.
The last editor of the Wall Street Journal to have a serious interest in economics dies.
The current international monetary system, based on floating fiat currencies, brings about tremendous distortions which inevitably must be corrected. This much has been known to Austrians for some time. Awareness is now starting to spread to mainstream economists. To understand how we got here requires some historical background.
“One of the characteristics of the market economy,” wrote Mises “is the specific way in which it deals with the problems offered by the biological, moral, and intellectual inequality of men.” (Ultimate Foundation of Economic Science)
Last night, I was reading “Sleeping Beauty” to my little girl. It seems a bad witch puts a curse on the royal baby such that before she turns 16, she will prick her finger on a spinning wheel and die. The book then says, as if it is a completely normal thing to do, that the King orders all spinning wheels in the kingdom to be destroyed.
“This ‘animated gif‘ tracks the spread of the gold standard from 1870 to 1913.” See also Christopher Meissner’s paper on that subject. (Thanks to Sam Koritz.)
In Abbeville County, South Carolina, a fellow named Arthur Bixby barricaded himself in his house and unloaded on the cops who were trying to serve a warrant on him. The standoff is now over. Bixby is hospitalized in critical condition, while his son and wife are in custody, and two officers are dead.
An article on Bloomberg reviews the evidence that the signs of inflation are starting to appear in the economy. Jim Puplava explains why this current inflation is moving gold back to the center of the world monetary system.
