Shostak suggests that the NBER's definition does not provide an explanation of what a recession is all about. Instead it describes the various manifestations of a recession. And this is precisely what is wrong with it.
What matters for individuals is not whether they are employed as such but the purchasing power of their earnings.
Our analysis indicates that not only can fiscal stimulus not revive the economy but, on the contrary, it can also make things much worse.
The only chance to prevent the exchange value of fiat money from collapsing altogether is a return to sound money — a way that would start by reanchoring fiat monies to gold, as outlined most prominently by Mises, Rothbard, and Sennholz.
Anthropogenic Global Warming (AGW) promoters have good reason for steering people away from the science. Once you start to tug on that ball of yarn, the entire politically motivated fraud starts to unravel.
However, it is perhaps not too optimistic to assume that those governments and parties whose policies have led to this crisis will some day disappear from the stage and make way for men whose economic program leads, not to destruction and chaos, but to economic development and progress.
Bernanke and the other macro wizards will just so happen to find that their models point them toward bailing out the major bankers and other politically connected titans of finance.
Discarding the possibility of a change in public labor policy, the only means of restoring equilibrium in the labor market is through a sustainable increase in aggregate demand for labor — an increase in private investment.
This is the sense in which our fiat-money, fractional-reserve system uses "debt-based money."
The bottom line is that, for today's 21-year-old, Social Security is a negative return.
