Issue CCXCIV

August 25, 2011

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Economics
First in Line for New Money
Douglas French

August 25, 2011

While times are tough for normal folks, Wall Street royalty has been celebrating after receiving bailouts and other special assistance from the Federal Reserve. This article by Douglas French illustrates the practical consequences of the US fiat-money system, by means of which wealth is redistributed to a politically connected financial class.

Waffle House Economics
Douglas French

August 25, 2011

The Waffle House food chain is ubiquitous in the South. Its buildings are tiny, while its signs are tall and impossible to miss in bright yellow with black letters. The menu is as uncomplicated as the building. Likely the hash-browns capital of the world, there is nothing pretentious about the Waffle House. Douglas French reviews Waffle Street: The Confession & Rehabilitation of a Financier by James Adams and derives from it some economic lessons about both the restaurant chain and the US banking system.

Is Deleveraging Bad for the Economy?
Robert P. Murphy

August 25, 2011

The economic pundits have stressed more and more that this crisis is special because it involves "deleveraging," and for that reason isn't a run-of-the-mill recession. Because households and corporations are collectively trying to reduce their net indebtedness, it is allegedly up to the federal government to run massive budget deficits in order to prop up aggregate spending. Dr. Robert Murphy writes that deleveraging — a fancy word for paying down debt — is a painful process, but necessary given the extravagant living of the boom period. Rather than fight it, the federal government and Fed should get out of the way. They certainly shouldn't implement policies — such as zero-percent interest rates and trillion-dollar deficits — that will only build up the problem once again.

Saved by a Trillion-Dollar Coin?
Robert P. Murphy

August 25, 2011

Now that the "crisis" over the federal debt ceiling has been averted, we can leisurely explore two of the wackier proposals that emerged during the state of panic. Not surprisingly, the schemes involved the Federal Reserve and its ability to circumvent, not just standard accounting, but also the traditional divisions of political power. Dr. Robert Murphy believes it is worth studying the episode carefully because we will probably see one or more of these "solutions" promoted as the only answer to another crisis in the not-too-distant future.

Politics
S&P States the Obvious
Ron Paul

August 25, 2011

Federal politicians did not get much time to pat themselves on the back for supposedly rescuing the economy with the debt limit deal in early August.  The ink was barely dry when Standard & Poor's downgraded the US debt ratings anyway, roiling world financial markets.  Anyone who has taken an honest look at the federal government's fiscal situation, taken into account how Washington works and the direction it is going would have a very difficult time arguing with S&P's decision, although, writes Rep. Ron Paul, a strong case can be made that this was too incremental a downgrade and that it took far too long for S&P to admit the obvious. 

The Illusion of Safety
Ron Paul

August 25, 2011

Recent incidents of violence in Norway and London have made us understandably uncomfortable here at home, as many fear that a worsening economy will lead to violence and unrest in American cities.  Rep. Ron Paul writes that this is why Congress must view the economy as its first priority and a matter of national security: unless and until we get our fiscal house in order to foster economic growth, civil society will continue to deteriorate.

Are You Authorized to Defend Yourself?
Wendy McElroy

August 25, 2011

What will you do if rioting sweeps US cities as it did British ones last week? Vigilantism is defined as "Taking the law into one's own hands and attempting to effect justice according to one's own understanding of right and wrong." Typically, it occurs when traditional law enforcement is absent, ineffective, or corrupt. Wendy McElroy writes that when exercised in defense of person and property, vigilantism is the direct expression of an individual's right to protect himself or innocent others against aggression. It is also defined as "action taken by a voluntary association of persons who organize themselves for the purpose of protecting a common interest."

Videos
Ron Paul's $1.75 Million Money Bomb, New Hampshire Straw-Poll Win, and Ways You Can Help
G. Stolyarov II

August 25, 2011


Mr. Stolyarov congratulates Ron Paul's fundraising success during the August 20-21 money bomb, as well as his impressive performance at the New Hamprshire Straw Poll. Furthermore, if you wish to support Ron Paul, Mr. Stolyarov discusses several ways you can help improve his chances of winning the Republican Presidential nomination and the election.

Ron Paul's Views on Evolution Are Irrelevant!
G. Stolyarov II

August 25, 2011


Mr. Stolyarov - an atheist, materialist, and rationalist who considers the theory of evolution to be solidly validated - responds to those who would discredit Dr. Ron Paul's campaign for office on the grounds that Dr. Paul does not agree with the theory of evolution. Just as it does not matter if your waiter or car mechanic believes in evolution, neither does this matter with respect to your President, as long as your President pursues sensible policies and safeguards individual liberty and the Constitution.

The Liberation of Libya
G. Stolyarov II

August 25, 2011


Mr. Stolyarov congratulates the people of Libya in ridding themselves of the 42-year tyranny of Moammar al-Gaddafi. The real task before them, the task of establishing a free society and form of government, is just beginning. However, this is the task of the Libyan people, not of the United States or NATO. The United States should use this opportunity to withdraw from all further military involvement in Libya.

 "Capitalism should not be condemned, since we haven't had capitalism." 
~ Ron Paul