Unhappy news from the Department of Labor: The number of unemployed persons increased by 360,000 in June to 9.4 million, and the unemployment rate rose from 6.1 to 6.4 percent. Since March, unemployment has increased by 913,000. The rate for adult men edged up for the third month in a row; at 6.1 percent, the jobless rate for this group was 0.8 percentage point higher than in March. The teenage unemployment rate, at 19.3 percent, has trended up since the beginning of the year. Over th
A very charming look at the two great thinkers Ronald Hamowy knew: “Everyone familiar with Rothbard’s writings is aware that he wrote a truly prodigious amount. What is not as well known is that he seems to have totally mastered the literature in those fields in which he had an interest. He had a vast library and unlike the books in my own library, all of Murray’s books had been read, and read with care.
Paul Kasriel on reasons for the Fed’s anti-deflation hysteria: “I have been wondering why the Fed has recently became obsessed with “an unwelcome substantial fall in inflation.” After all, if the economy is “cleared for takeoff,” why would the Fed care if inflation falls, or even if deflation occurs? What’s wrong with 4% real GDP growth and zero inflation? I have come up with two explanations for the Fed’s new obsession. One of the explanations is that the Fed wants is to create a diversion.
New blackouts add to Iraq’s woes (Washington Post): “The persistent blackouts — U.S. and Iraqi specialists blame sabotage, looting, war damage and the failure of antiquated equipment — have transformed a city that once was regarded as the most advanced in the Arab world to a place of pre-industrial privation where shopkeepers hawk their wares on the sidewalk, housewives store food in iceboxes and families sleep outdoors. The lack of steady electricity is regarded by several U.S.
Krispy Kreme, and how it became the hottest brand in America.
New market commentary from Sean Corrigan: The Bankers’ Bankers Meet
Posted by Mises.org News
Jefferson on American Liberty by Gary Galles
Jefferson’s Philosopher: John Locke
The Growth of Libertarianism in Colonial America by Murray N. Rothbard
The Great Declaration Confusion by Lew Rockwell
Equality: The Unknown Ideal by Roderick Long
By T. F. Stone with apologies to Billy Joel. (Courtesy of Norman Singleton)
He cut it once, he cut it twice
He cut it twelve times before
But still they believe to the core
That this cut was needed even more
But there’s no market bounce
And is it time really, instead, for the Mapleleaf gold ounce?
Yes they stand there pleadin’
With their portfolios bleedin
‘Cause deep down they want even more
A broader understanding of “Say’s Law” would assist those who continued to be puzzled by macroeconomic questions, but even better would be to understand the context in which this Law was formulated. Say not only built a case for the essential stability of a free market (in contrast to the instability of the present mixed economy) but also made the case for the free society against every alternative.
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