The
Rational Argumentator
Issue CXCII
April 27-28, 2009
Government Stimulus Packages are Attempts to Deny Reality:
Edward W. Youkins
April 27, 2009
Many economists and politicians think that the effective way to increase output is by means of a fiscal stimulus package (i.e., by increasing the overall spending in the economy). Dr. Edward Younkins writes that such economists do not understand that there must first be a flow of real savings if producers are to fund the purchase of capital goods and other goods and services necessary to increase production. The construction of additional plant and equipment is made possible only by increased savings (i.e., a decrease in current consumption). Capital dictates the economy’s ability to produce goods and services, to employ labor, and so on. This is what makes an increase in future consumption possible. This was recognized two centuries ago by classical economist, John-Baptiste Say. Unfortunately, his insight was supplanted by the ideas of John Maynard Keynes, who thought that the economic system usually has sufficient capital or perhaps sometimes even too much capital.
The Nuttiness of Negative Interest Rates:
Robert P. Murphy
April 28, 2009
In his April 18 New York Times op-ed, Harvard professor (and Bush adviser) Greg Mankiw calls on the Federal Reserve to promise future inflation, in order to fix the economy. Dr. Robert P. Murphy writes that Mankiw's article beautifully illustrates what is wrong with today's economics profession: it consists of very sharp guys (and gals) who can develop interesting models that spit out policy recommendations that would destroy the economy.
Greenspan's Bogus Defense:
Robert P. Murphy
April 28, 2009
In his March 11 Wall Street Journal op-ed, former Federal Reserve Chairman Alan Greenspan tried to exonerate himself from the housing boom and bust. Even though more and more analysts are realizing that Greenspan's low interest rates fueled the bubble, the ex-maestro himself uses statistics to defend his record. Dr. Robert Murphy takes on Greenspan's spurious arguments.
History
The Fake History of the Depression:
Robert P. Murphy
April 28, 2009
Since late 2007, more and more commentators have drawn parallels between our current financial crisis and the Great Depression. Nobel laureates and presidential advisors confidently proclaim that it was Herbert Hoover's laissez-faire penny pinching that exacerbated the Depression, and that the American economy was saved only when FDR boldly ran up enormous deficits to fight the Nazis. But as Dr. Robert Murphy documents in his new book, The Politically Incorrect Guide to the Great Depression and the New Deal, this official history is utterly false.
Politics
Secession: The Ultimate States' Right:
Ron Paul
April 27, 2009
Last week the governor of Texas ignited a media firestorm for his remarks involving the idea of secession. He did not call for Texas to secede from the United States. He merely pointed out that the federal government was treading heavily on the sovereignty of the states and that this can not continue indefinitely without a breaking point. The reaction to Governor Perry’s statements has been nothing short of hysterical. He has been called treasonous for making this obvious point and opening up a discussion. Ron Paul is not calling for secession either. However, there is nothing wrong with a healthy and open discussion of this issue.
Responses to Piracy:
Ron Paul
April
27, 2009
The recent episode with the Somali pirates has brought to the forefront
many questions about maritime security.
What is the best way to deal with a gang of criminals, not
acting on behalf of any country, when they attack private vessels? Under whose jurisdiction
are these types of criminals to be prosecuted?
Most importantly, how do we deter such attacks in the
future? Ron Paul addresses some of these issues.
A Culture of Surveillance:
Chuck Baldwin
April
28, 2009
Dr. Chuck Baldwin writes that once again, the passing of a Republican
Presidential administration and the advent of a Democratic Presidential
administration have resulted in zero change in the overall direction of
the ship of state. In the name of "national security," the federal
government of this country continues to deepen its commitment to what
can only be described as a police-state mentality. And, once again, the
national news media in America chooses to ignore the story, and by so
doing, shows willful compliance with this disturbing phenomenon.
Videos
Atheism and Liberty: Compatible and Mutually Reinforcing - Video - Part 1 of 3:
G. Stolyarov II
April 27, 2009
Atheism and Liberty: Compatible and Mutually Reinforcing - Video - Part 2 of 3:
G. Stolyarov II
April 27, 2009
Atheism and Liberty: Compatible and Mutually Reinforcing - Video - Part 3 of 3:
G. Stolyarov II
April 27, 2009
"Do not bite at the bait of pleasure, till you know there is no hook beneath it."
~ Thomas Jefferson