The notes to the Fed’s Financial Statements read like a disclaimer at the end of an Rx drug commercial. However, a financial statement review would not be complete without a look at the fine print. The question is: How bad is it?
Never mind the $16 billion dollar loss that was capitalized, let’s start with the $1.2 trillion dollar loss that never happened, as Page 43 explains:
What better way to “celebrate” tax season than to talk taxes? Stop me if you’ve heard this one: Taxation is not theft. It’s just the law of the land. You want to live in this country, you pay the long-established, constitutional, customary tax. If you’re not okay with that, there are plenty of other countries to choose from whose customs and edicts you may find more agreeable. Just go live there, and best of luck to you!
Money first originated through the voluntary exchange of commodities, such as gold and silver, in order to eliminate the inefficiencies of barter.
As Austrian school of economics founder Carl Menger explained:
Previously I explained Ludwig von Mises’s descriptive philosophy of the consent of individuals as the only thing that gives value to norms and authority. Individuals interpret norms and authority as useful—whether or not they are useful in reality for individuals’ purposes of coexistence. I continue with the explanation of how group consent originates and how it sustains norms and authorities with the help of ideologies and public opinion.
The federal government’s Bureau of Labor Statistics (BLS) released new price inflation data last week, and according to the report, price inflation during the month decelerated slightly, coming in at the lowest year-over-year increase in twenty-three months. According to the BLS, Consumer Price Index (CPI) inflation rose 5.0 percent year over year in March before seasonal adjustment.
