War Is Hell — Even for the US Economy

Yesterday, President Trump announced the United States will significantly increase its military presence in Afghanistan, with some estimating an additional 4,000 troops could be joining the 8,400 already on the ground. Without even a conversational understanding of the current status of the war or our policy objectives, I do not wish to criticize the consensus opinion of America’s brightest military minds that a troop surge is needed. There is no question that those who arrived at this decision are deeply aware of the enormous sacrifice that comes with sending more of America’s promising youth to fight overseas, and did not

Why Does Bitcoin Have Value?

This article was posted originally at the Epoch Times. Up 158 percent against the U.S. dollar this year, bitcoin is now the best-performing currency. Many are confused as to how this mathematical protocol can be worth more than $2,600, and why it keeps going up. The short answer: Bitcoin is money, just a little better and cheaper than the alternatives. If you don’t understand money, you cannot understand bitcoin. For most of us, money is the U.S. dollar, the fiat currency of the United States issued by the Federal Reserve and maintained by the commercial banking system. But even this system

Some Economists are Mad at Amazon… For Lowering Your Grocery Prices

Last week, Jeff Bezos sent Keynesian economists into a frenzy with the announcement that Amazon.com would be purchasing the Whole Foods grocery chain. So why were the Keynesians in despair? Because Jeff Bezos is going to lower your grocery prices. You read that right. Take this coverage from Bloomberg: When online retail giant Amazon.com Inc. announced last Friday that it would purchase Whole Foods Market Inc., a plunge in retail and grocery stocks reinforced the disinflationary tone set by three straight months of disappointing data on consumer prices. It’s an example of the technological forces that are increasing competition and

Banks Are Creating Our Money — And It’s Not Working for the Rest of Us

This article was posted originally at the Epoch Times. The one force that causes the most harm in our economy also happens to be the least well-known and understood. While the left blames greedy corporations and individuals, and the right blames the government, it is in fact the collusion between the government and private banks that leads to problems like environmental degradation, unemployment, income inequality, and many more. In the United States and most other countries, the government grants private banks the right to create money out of nothing and forces individuals to accept said money as legal tender and to use

The One, Serious Problem with Trump’s Budget

Last week, President Trump released a budget plan that was widely praised by conservatives for reining in future spending. However, buried near the back of the budget (page 51) is one item in need of further attention — the Trump administration’s interest rate projections. Under Trump’s budget, interest rates on 10-year bonds are projected to rise from 2.7 percent currently to 3.8 percent in 2027. While the 1.1 percent rise in interest rates over the next decade is in accordance with Blue Chip forecasts (which could explain why the figures were chosen for budgetary purposes), the fact that Trump’s budget

Ron Paul Cheers Historic, New State Law Ending Taxes on Gold Coins

Arizona just became the second state, after Utah, to remove state income tax from gold and silver coins. Ron Paul, for one, is cheering: Every supporter of free markets should cheer Arizona’s passage of HB 2014. There is no more justification for forcing individuals to use government created money than there is for forcing them to drive government manufactured cars. In fact, as the Federal Reserve’s 114 years of failure shows, giving monopoly control over our money supply to a secretive central bank is the most dangerous form of government intervention… By taxing any increase in the value of gold

Central Banks Were Invented by Communists

This article was originally posted at the Epoch Times. If you visit the Federal Reserve’s Facebook page, you will seldom find a positive comment. That’s because people who don’t care about central banking won’t go to the Fed’s Facebook page. That leaves only the ones who are positive about it—if they exist—and the ones who don’t like central banks. The right doesn’t like central banks because of their centrality. The banks centralize power over interest rates, and the right doesn’t like central control over pretty much anything. The left doesn’t like central banks because they represent money, capitalism, and “too big

Trump’s Fed Nominee Will Join the Gang That Can’t Shoot Straight

Recently, Politico reported that former Treasury undersecretary Randy Quarles will likely be nominated as the Federal Reserve’s top bank regulator. Since a potential Quarles appointment is viewed by some as a continuation of “business as usual” at the Fed, it’s prudent to revisit the Fed’s recent ineptitude that has shrunk its credibility. This Friday, the Bureau of Economic Analysis will release its early estimate of how the U.S. economy performed in the first quarter of 2017. Adding greater intrigue, the Federal Reserve’s economic forecasts are all over the place. The Fed’s confusion over the health of the economy is made

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