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Tuesday, July 07, 2009
The Economics of Illusion - L. Albert Hahn - Mises Institute
The Economics of Illusion - L. Albert Hahn - Mises Institute: "For it presupposes an economy whose members do not see through the changes brought about by monetary or fiscal manipulation — or, as some might say, the swindle. Above all, it presupposes that people are blinded by the idea that the value of money is stable"
Studies Say $196 Billion Wasted on United Nations Health Programs - United Nations - FOXNews.com
Studies Say $196 Billion Wasted on United Nations Health Programs - United Nations - FOXNews.com: "In one paper, WHO researchers examined the impact of various global health initiatives during the last 20 years.
They found some benefits, like increased diagnosis of tuberculosis cases and higher vaccination rates. But they also concluded some U.N. programs hurt health care in Africa by disrupting basic services and leading some countries to slash their health spending."
It shouldn't be surprising that a large bureaucracy is very ineffective.
They found some benefits, like increased diagnosis of tuberculosis cases and higher vaccination rates. But they also concluded some U.N. programs hurt health care in Africa by disrupting basic services and leading some countries to slash their health spending."
It shouldn't be surprising that a large bureaucracy is very ineffective.
Obama: Status Quo Will Be Much More Costly Than Price of Overhaul Bill - Political News - FOXNews.com
Obama: Status Quo Will Be Much More Costly Than Price of Overhaul Bill - Political News - FOXNews.com: "President Obama says he recognizes the heavy price tag of revamping the health care system but that it would be much more costly to do nothing."
Then he should be able to prove that.
Then he should be able to prove that.
Planned Economy or Planned Destruction?
Campaign For Liberty — Planned Economy or Planned Destruction?: "How anyone could believe all the lies about capitalism and business and then believe that an omnipotent government knows all the answers, has no corruption, and will 'protect' us is beyond me. I am much more afraid of a tyrannical government than any private business. Virtually ALL evil throughout the history of the world was purported by governments, not the free market. Nazi Germany, Stalin, Mao, Castro et cetera were all oligarchies - not bastions of laissez-faire capitalism.
The ONLY way a business can harm the people is with government privilege that FORCES the people to use their product or service through some government act, legislation, or coercion. Otherwise, market forces come into effect and bad, evil, inefficient business would go away because people, voting with THEIR money, will in effect vote them out of existence by not patronizing that particular business."
The ONLY way a business can harm the people is with government privilege that FORCES the people to use their product or service through some government act, legislation, or coercion. Otherwise, market forces come into effect and bad, evil, inefficient business would go away because people, voting with THEIR money, will in effect vote them out of existence by not patronizing that particular business."
How Much Money Inflation? - Howard S. Katz - Mises Institute
How Much Money Inflation? - Howard S. Katz - Mises Institute: "In pursuit of the answer to how the monetary base got to be bigger than the money supply itself, I called the St. Louis Federal Reserve, and they were good enough to send me the following reply:
Half of all transaction deposits do not appear in M1 [the money supply] due to retail deposit sweeping. Adding these back into M1 causes M1 to be larger than the monetary base. (In retail deposit sweeping, banks reclassify checkable deposits as savings deposits so as to reduce statutory reserve requirements. Within certain legal bounds, such behavior is acceptable to the Fed. Bank customers are unaware that such reclassification is occurring.)
Plus the FOMC has increased the Fed balance sheet to levels never before seen. Banks are holding deposits at the Fed and not making a great deal of new loans (they are making some, but it is a recession after all). If the banks made new loans, that would generate more deposits to be included in M1.
Transactions deposits are simply demand deposits plus other checkable deposits. That is, they are total bank deposits and, as such, are an important part of the money supply."
Half of all transaction deposits do not appear in M1 [the money supply] due to retail deposit sweeping. Adding these back into M1 causes M1 to be larger than the monetary base. (In retail deposit sweeping, banks reclassify checkable deposits as savings deposits so as to reduce statutory reserve requirements. Within certain legal bounds, such behavior is acceptable to the Fed. Bank customers are unaware that such reclassification is occurring.)
Plus the FOMC has increased the Fed balance sheet to levels never before seen. Banks are holding deposits at the Fed and not making a great deal of new loans (they are making some, but it is a recession after all). If the banks made new loans, that would generate more deposits to be included in M1.
Transactions deposits are simply demand deposits plus other checkable deposits. That is, they are total bank deposits and, as such, are an important part of the money supply."
The China Card | Doug Bandow | Cato Institute: Commentary
The China Card | Doug Bandow | Cato Institute: Commentary: "First, the United States should indicate that it is willing to share the cost of caring for any refugees who end up over the border in China (or Chinese humanitarian activities in the North in the aftermath of a collapse). The price would be small compared to the cost of North Korea's current regime. And over the long-term a stable, reform-oriented government in the North or a reunified peninsula would offer Beijing obvious economic benefits. The PRC already trades more with South Korea than does the United States. It likely would enjoy a similar advantage in a more prosperous North Korea.
Second, the Republic of Korea, with a nearly $900 billion GDP, should join Washington in making such an offer. The cost of German reunification caused Seoul to hope for at least a modest North Korean economic revival before reunification on the peninsula. However, Pyongyang's increasingly provocative behavior suggests that the price of immediate reunification would be smaller than that of a war or arms race.
Third, the United States should enlist Japan, with the world's second largest GDP of $4.8 trillion, in this effort. Nearly one million ethnic Koreans live in Japan, with the majority hailing from the North. Tokyo could pledge its financial support, as well as indicate its willingness to accept the return of the one hundred thousand ethnic Koreans who emigrated to the DPRK during the 1960s along with their estimated two hundred thousand family members. In return, a new regime in Pyongyang might be more willing to satisfy Japan's demands for an accounting of its citizens kidnapped over the years.
Fourth, the Korean Diaspora could offer its private support. There are more than two million Korean-Americans, more than two hundred thousand ethnic Koreans in both Canada and Russia, about one hundred twenty-five thousand in Australia, and tens of thousands each in countries throughout Asia and Europe. All could assist in the event of a messy end to the Kim regime.
Fifth, the Obama administration should promise the PRC that the United States would not take geopolitical advantage of Chinese intervention. Thus, Korean reunification would not result in American troops on China's border. Instead, U.S. forces would come home. They aren't needed even today to defend the South. And they certainly wouldn't be required if the DPRK disappeared.
Sixth, Washington should point to the risk of further proliferation throughout East Asia. A nuclear North Korea is more a problem for its neighbors than for America. China should not assume that the United States would or could forever restrain the ROK and Japan from responding in kind if they found themselves facing a hostile, nuclear-armed North. Nor is it in the interest of America to remain in the middle of such an unstable geopolitical mix. In short, Beijing would share the nightmare of a nuclear DPRK.
Finally, the United States, backed by leading Asian and European states, should point out that Chinese leadership in resolving the problem of North Korea would enhance the PRC's international reputation. China has emphasized its determination to "rise" peacefully; there would be no better evidence of its good intentions or leadership potential than helping to rid the world of the brutal, threatening regime in Pyongyang."
Second, the Republic of Korea, with a nearly $900 billion GDP, should join Washington in making such an offer. The cost of German reunification caused Seoul to hope for at least a modest North Korean economic revival before reunification on the peninsula. However, Pyongyang's increasingly provocative behavior suggests that the price of immediate reunification would be smaller than that of a war or arms race.
Third, the United States should enlist Japan, with the world's second largest GDP of $4.8 trillion, in this effort. Nearly one million ethnic Koreans live in Japan, with the majority hailing from the North. Tokyo could pledge its financial support, as well as indicate its willingness to accept the return of the one hundred thousand ethnic Koreans who emigrated to the DPRK during the 1960s along with their estimated two hundred thousand family members. In return, a new regime in Pyongyang might be more willing to satisfy Japan's demands for an accounting of its citizens kidnapped over the years.
Fourth, the Korean Diaspora could offer its private support. There are more than two million Korean-Americans, more than two hundred thousand ethnic Koreans in both Canada and Russia, about one hundred twenty-five thousand in Australia, and tens of thousands each in countries throughout Asia and Europe. All could assist in the event of a messy end to the Kim regime.
Fifth, the Obama administration should promise the PRC that the United States would not take geopolitical advantage of Chinese intervention. Thus, Korean reunification would not result in American troops on China's border. Instead, U.S. forces would come home. They aren't needed even today to defend the South. And they certainly wouldn't be required if the DPRK disappeared.
Sixth, Washington should point to the risk of further proliferation throughout East Asia. A nuclear North Korea is more a problem for its neighbors than for America. China should not assume that the United States would or could forever restrain the ROK and Japan from responding in kind if they found themselves facing a hostile, nuclear-armed North. Nor is it in the interest of America to remain in the middle of such an unstable geopolitical mix. In short, Beijing would share the nightmare of a nuclear DPRK.
Finally, the United States, backed by leading Asian and European states, should point out that Chinese leadership in resolving the problem of North Korea would enhance the PRC's international reputation. China has emphasized its determination to "rise" peacefully; there would be no better evidence of its good intentions or leadership potential than helping to rid the world of the brutal, threatening regime in Pyongyang."
Biden: 'We Misread How Bad the Economy Was' - Political News - FOXNews.com
Biden: 'We Misread How Bad the Economy Was' - Political News - FOXNews.com: "The vice president says the Obama administration 'misread how bad the economy was' but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending gains momentum."
You were wrong again but you assure us that you are right now? Sounds hard to believe.
You were wrong again but you assure us that you are right now? Sounds hard to believe.
Thursday, July 02, 2009
The 10 Most-American Cars - Auto - FOXNews.com
The 10 Most-American Cars - Auto - FOXNews.com: "So, it's the Fourth of July, and you're feeling a little more patriotic than usual. Sounds like a great time to buy a domestic car, right?
Well, first you need to answer the question: 'what is a domestic car?' Is a Chevy built in South Korea domestic, or how about a Hyundai assembled in Alabama?
Since that debate is not likely to be settled anytime soon, we've decided to keep it simple and list the top 10 domestic cars based strictly on content, as compiled by the National Highway and Transportation Administration."
Well, first you need to answer the question: 'what is a domestic car?' Is a Chevy built in South Korea domestic, or how about a Hyundai assembled in Alabama?
Since that debate is not likely to be settled anytime soon, we've decided to keep it simple and list the top 10 domestic cars based strictly on content, as compiled by the National Highway and Transportation Administration."
Inflation: What You See and What You Don't See - Thorsten Polleit - Mises Institute
Inflation: What You See and What You Don't See - Thorsten Polleit - Mises Institute: "As far as its impact on prices goes, the rise in the monetary base sponsored by the Fed has so far been restricted to an invisible effect.
First and foremost, the base money increase prevents banks' troubled asset prices from adjusting to lower levels. Buyers of these assets have to pay a higher price when compared to the scenario in which the Fed hadn't increased the money supply.
In addition, prohibiting the prices of banks' assets from adjusting downwards keeps markets from performing an essential function, namely, rewarding those players who serve the needs of their clients and pushing those players out of the market who do not.
Furthermore, as prices of banks' troubled assets are kept from declining, the need for revaluing other assets (such as book loans extended to firms, house builders, and governments; bonds; stocks, etc.) tends to decline or is prevented altogether."
First and foremost, the base money increase prevents banks' troubled asset prices from adjusting to lower levels. Buyers of these assets have to pay a higher price when compared to the scenario in which the Fed hadn't increased the money supply.
In addition, prohibiting the prices of banks' assets from adjusting downwards keeps markets from performing an essential function, namely, rewarding those players who serve the needs of their clients and pushing those players out of the market who do not.
Furthermore, as prices of banks' troubled assets are kept from declining, the need for revaluing other assets (such as book loans extended to firms, house builders, and governments; bonds; stocks, etc.) tends to decline or is prevented altogether."
The Consequences of the Culture of Death | Doug Bandow | Cato Institute: Commentary
The Consequences of the Culture of Death | Doug Bandow | Cato Institute: Commentary: "There's no doubt that the circumstances of many of those seeking abortions are difficult. Nor can any defender of liberty feel comfortable advocating government intrusion in such a personal matter as childbirth.
Yet a baby is not the property of his or her mother. Few people disagree that children have the full right to life like adults. Moreover, the moment of birth makes no difference in the moral value of life. Even some abortion advocates are uncomfortable with the brutality of many late term abortions, of which the late Sen. Daniel Patrick Moynihan said 'This is too close to infanticide.'
Nevertheless, 'viability' should have no more moral significant than birth. Once formed, every human life is unique. That death is presented as the preferred option for 'unwanted' children is bizarre."
"The strongest argument for not restricting abortion is personal liberty. Yet liberty always has been constrained when another person is involved. Especially when the other person exists only because of one's free choice.
Abortion is not a matter of choice, but an attempt to flee from responsibility. Other than in the case of rape, pregnancy results from the decision to have sex, freely made. People are, rightly, legally free to have sex with whomever they desire whenever they desire. That being the case, they also should be held responsible for the consequences of their decisions. One of those consequences is a baby."
"We also see the demand to force medical students to learn and hospitals to provide abortion. And for pharmacies to provide abortifacients. Freedom of conscience is twisted to mean the denial of freedom of conscience."
Yet a baby is not the property of his or her mother. Few people disagree that children have the full right to life like adults. Moreover, the moment of birth makes no difference in the moral value of life. Even some abortion advocates are uncomfortable with the brutality of many late term abortions, of which the late Sen. Daniel Patrick Moynihan said 'This is too close to infanticide.'
Nevertheless, 'viability' should have no more moral significant than birth. Once formed, every human life is unique. That death is presented as the preferred option for 'unwanted' children is bizarre."
"The strongest argument for not restricting abortion is personal liberty. Yet liberty always has been constrained when another person is involved. Especially when the other person exists only because of one's free choice.
Abortion is not a matter of choice, but an attempt to flee from responsibility. Other than in the case of rape, pregnancy results from the decision to have sex, freely made. People are, rightly, legally free to have sex with whomever they desire whenever they desire. That being the case, they also should be held responsible for the consequences of their decisions. One of those consequences is a baby."
"We also see the demand to force medical students to learn and hospitals to provide abortion. And for pharmacies to provide abortifacients. Freedom of conscience is twisted to mean the denial of freedom of conscience."
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