Post War Economic Propaganda
I dug up this interesting little film made during World War II which talks about all the economic problems that would come when the soldiers came home and firms lost their government contracts. As Keynesian economist Alvin Hansen said,… Continue reading
Austrians vs. Keynesians: A Case Study
The Keynesian model and the Austrian economic philosophy continue to lock horns. Similar ideas have gone toe to toe for three centuries now trying to explain the business cycle. Thomas Malthus and Jean-Baptiste Say made their case in the 19th century,… Continue reading
Did World War II Get Us Out of the Depression? Paul Krugman Thinks So. I Don’t.
Dig hole... Fill hole back in... Become Rich!
Paul Krugman is back spouting more nonsense than ever. It’s not on par with his most epic screw up; when in 2002 he recommended “Alan Greenspan needs to create a housing bubble… Continue reading
The Forgotten Not-So-Great Depression of 1920
As my colleague Andrew Syrios has made abundantly clear, he thinks Glenn Beck is a royal douchebag. In Andrew’s eyes, Beck comes in second place only to Keith Olbermann for the king of douchbaggery. This puts Andrew in quite… Continue reading
“Volcker Rule” Both Practical, and Admission
The inflation fighter himself, Paul Volcker knows government safety nets. And stogies.
The inflation fighter of the 1970s and 80s, former Federal Reserve Chairman Paul Volcker, wants to make sure banks don’t take the economy to the brink of destruction… Continue reading
Milton Friedman: “Abolish the Federal Reserve”
Many on the left, such as hack journalist Naomi Klein, blame our current mess on Milton Friedman and his economic policies. Others, such as current Fed chairman, Ben Bernanke claim to be a follower of the Nobel prize winning economist. After admitting the Great Depression was the Federal Reserve's fault, like Friedman and his colleague Anna Schwartz claimed, Bernanke said, "But thanks to you, we won't do it again." Since Friedman believed what caused the depression was rampant deflation, Bernanke presumably believes the Fed's massive increase in the quantity of money will stabilize the economy. So is he following Friedman's advice? Well not quite, you see, Friedman kinda thought we should go ahead and abolish the Federal Reserve: Continue reading
Swift Wits: Should We Sell Alaska to Pay Off Debt?
David Walker, the former comptroller general of the GAO, has said the United States is on pace for bankruptcy. Fiscally speaking, things look really bad. So what should we do? Well, real estate developer Aaron Bistons has an idea and a petition to back it up. Sell Alaska! Continue reading
If Only Barack “Hoover” Obama was Barack “Harding” Obama
Now that we can admit Hoover did more than any president before him in fighting off an economic recession, what should we conclude from this... The first time the Federal Government significantly intervenes to stop an economic downturn just happens to be at the beginning of the worst depression in American history, thus proving the government didn’t do enough? Continue reading
The Uselessness of Political Terminology: Part 1
What this whole mess elucidates is, as far as politics (and subsequently, economic policy) are concerned, actual positions are of little importance. All that matters is that you root for your team, be they Democrats or Republicans. Thus, we see Fox News begin to attack every push for increased state power, while MSNBC defends such policies. Under Bush, it was the opposite. Continue reading
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