Fox News reviews “a terrific new book by Washington Post reporter Cindy Skrzycki (search ) called The Regulators:  Anonymous

A recent post (Why Social Security Can’t Work) cited an article from First Quadrant which argued that as a society ‘ages’ savings ‘become irrelevant’, only the ratio of workers to retirees counts. 

I have met the same fallacy being expressed elsewhere.

A correspondent of mine cited the hypothetical example of an almost completely aged society, left with only one worker upon whom to rely – a man who, he argued, could not possibly want, or would be able to, purchase all their assets, or provide enough means of subsistence so the Oldies could live.

In an effort to keep their currencies from rising against the dollar, mercantilist governments in Asia are continuing to purchase vast amounts of dollars.   The situation is unsustainable in the opinion of Chris Wood of CSLA (part of an Austrian-oriented group of market strategists at that firm).  So reports the Asia Times.

Greenspan is Forever Blowing Bubbles, by Gary North (LRC): “The central banks have only just begun to inflate. We now face a witch’s brew: enormous debt, enormous confidence in fiat money, and six decades without a major financial catastrophe have lulled people into complacency. I am not talking about the common man, who has no understanding of such matters.

This piece from the St. Louis Fed argues for a price index that adjusts for quality. But the discussion also demonstrates the implausibility of the very idea of a price level. “Comparing Apples and Oranges.” Posted by Jeffrey Tucker

Self-Sufficiency is the Route to Poverty (TechCentralStation.com), quoting Rothbard and Mises: “Here’s a blunt fact: Self-sufficiency is the route to poverty. If we spend all our time growing our own food and fibers, making our own clothes and shelter and tools, there is no time left to accumulate the capital that improves well-being (e.g. medical care). Mere subsistence is neither pleasant nor helpful to others.

Was NBER’s announcement that the recession ended in ‘01 poltically motivated?  An ArgMax reader suspects this may be the case:

Greenspan’s assets unhurt by 2002 bear (CNN.com): “Federal Reserve Chairman Alan Greenspan’s conservative approach to investing kept his nest egg secure in 2002, a year when many Americans in his income bracket lost money. In 2002, the Dow Jones industrial average lost 17 percent — its worst decline since 1977. But the central bank chief’s own portfolio changed little in value.