Tag archive

Federal Reserve

Economics

Beware The Predictions Of “Experts” Like Janet Yellen

Speaking in London, Federal Reserve chair Janet Yellen predicted recently that the “the system is much safer and much sounder” and explained that the Federal Reserve is prepared to deal with numerous enormous shocks to the economy. In her conversation with Lord Nicholas Stern, Yellen also went on to list the reasons that, thanks to central bank intervention, there is unlikely to be another financial crisis “in our lifetimes.” For those who have lived through more than one business cycle, however, alarm bells tend to go off every time an economist, central banker or high-ranking government official declares that there’s little to no danger of economic turmoil in the near future. There is a long history of spectacularly bad predictions being made shortly before economic crises. Famously, shortly before the Crash of 1929—one of the earlier crises that occurred on the Federal Reserve’s watch—Herbert Hoover proclaimed that “We in America today are nearer to the final triumph over poverty than ever before in the history of any land.” But,… Keep Reading

Culture/Economics

What Derek Carr’s Contract Teaches Us About Wall Street And Income Inequality

Derek Carr has just signed the most lucrative deal in NFL history, receiving a five-year extension worth $125 million with the soon-to-be Las Vegas Raiders. At $25 million per year, Carr edges out Indianapolis Colts quarterback Andrew Luck (though Luck’s contract did reward him with over twice as much in guaranteed money). Carr also becomes a big winner in the Raiders’ taxpayer-funded escape from Oakland, with his contract scheduled so most of the money kicks in after the franchise moves to income-tax-free Nevada. While the structure of Carr’s contract offers another opportunity to discuss the “jock tax,” it also serves to illustrate a more important issue: why Wall Street wins whenever the Fed expands the monetary supply. Keep Reading

News

Trump Buries “America First” Agenda In One Day, Shifts Drastically Toward Establishment

In a startling turn of events, President Donald Trump has thrown his anti-globalist mandate to the wind. In just one day, Trump reversed his stance on labeling China a currency manipulator, announced his support for expanding the North Atlantic Treaty Organization (NATO), indicated his willingness to keep Janet Yellen at the helm of the Federal Reserve, and affirmed his support for the Import/Export bank. “The secretary-general and I had a productive discussion on what more NATO can do in the fight against terrorism,” Trump said at a joint press conference with NATO Secretary General Jens Stoltenberg on Wednesday. “I complained about that a long time ago and they made a change and now they do fight terrorism… I said it was obsolete. It is now longer obsolete.” Additionally, Trump claims he is “now open” to keeping current Federal Reserve Chairwoman Janet Yellen in her post. “I do like a low-interest rate policy, I must be honest with you,” Trump told the Wall Street Journal in an interview. In another… Keep Reading

News

Rep. Thomas Massie’s “Audit The Fed” Bill Approved In House Committee

The House of Representatives Committee on Oversight and Government Reform approved a measure today that would audit the Federal Reserve, in spite of intense opposition from Democratic legislators and global banking sector. Rep. Thomas Massie (R-KY) introduced H.R. 24, the Federal Reserve Transparency Act of 2017, more commonly referred to as “Audit the Fed.” It is the copy of legislation that Massie introduced in the past, based on Rep. Ron Paul’s signature bill that he introduced repeatedly over the course of his Congressional career. Keep Reading

Economics

The Voluntary Gold Standard: Realizing Sound Money Through Decentralization

Because of the enduring legacy of Ron Paul, most liberty-minded individuals understand the importance of sound money in relation to freedom. It is now a well-understood fact that a government stripped of its power to print money is necessarily a limited one. That is why the cause of liberty and the gold standard go hand-in-hand. The conundrum that we as liberty conservatives face right now is understanding how to reach our noble mission in a prudent manner. We know where we need to go, but we just haven’t quite figured out how to get there. Looking at our dismal monetary system, it is difficult to be optimistic about what is to come. The damage has been done, and it is likely irreversible. At first glance, there seems to be no easy way to escape the madness. If the Federal Reserve was brought to an end overnight and no longer had the power to manipulate interest rates, assure bailouts for corporate banks, and pump money into the moribund economy, there… Keep Reading

Politics

I’m a Ron Paul Guy, And I’m Supporting Ted Cruz

The other night as my wife Kelsey and I were getting ready for bed, we were talking about the 2016 presidential race and discussing how things would shape up for the first-in-the-nation caucus state – our home state – of Iowa.  We had both heard that Ted Cruz was set to announce his candidacy at midnight, and were keeping a finger on the pulse of the reaction within our liberty-heavy political circles. My wife’s phone buzzed, and then I heard her groan. Another of our friends had asked her who we would be supporting for president in the state where politicos never sleep. Both of us knew that we were leaning toward supporting Sen. Ted Cruz, but both of us also knew that we didn’t want to have “the talk” with another of our Randian friends at 11 o’clock on a Sunday night. I had to chuckle as she tried to think of ways to defer the familiar question one more time.  Despite the fact that no candidates had… Keep Reading

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