Mainstream economists claim China needs more consumption and a bigger welfare state. They think China's high savings rate is a bad thing. These economists are wrong.
A divided America remains a wealthy America, and a postsecession America would be wealthy enough to retain a defensive military. Moreover, it's even cheaper to maintain an effective nuclear arsenal than to keep up a large conventional military.
"I am not against bank notes as such … I want to give everybody the right to issue his own banknotes. The problem then would be to get other men to accept such private banknotes; maybe nobody will take them."
Negative rates are a huge transfer of the wealth of savers and real wages to the government and the indebted. A tax on caution. The destruction of the perception of risk that always benefits the most reckless.
Regardless of how knowledgeable we are and regardless of various technological ideas, without an expanding pool of real savings, expansion in economic growth is not going to emerge.
Rather than representing “white supremacy,” the evolution of mathematics has been a globe-, race-, and culture-spanning collaboration of advancements, an ongoing development of more effective tools for anyone to use.
Behavioral economists and psychologists define as irrational anything that doesn't fit into a narrow model of behavior. Anything "irrational"—like buying the "wrong" stock—must be fixed with government regulation.
