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Austrian Economics: Understand Economics, Understand the World
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The Obama Deception: The Mask Comes Off
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Category: Economy - Browse by Category - News - Analysis - Highlights - Multimedia - Latest Comments Page 4 Thursday September 3rd, 2015

Friday March 27th, 2015
Payday Loans: Leave this Industry Alone posted 03/27/2015, 5:28 PM (Jeffrey Tucker)
[Category: Economy]
"Bunch of do gooders shutting down the last chance these people had."

This sentence is a rare moment of truth concerning the coming regulation (or shutdown) or the payday loan industry. It appeared in the comment box on the New York Times story. Otherwise, most comments were out for blood. Regulate them! Limit interest! Make them all suffer
... (more)

Wednesday March 25th, 2015

Perfect 10 Ordered to Pay Giganews $5.6m After Failed Copyright Battle posted 03/25/2015, 3:34 PM (TorrentFreak)
[Category: Economy]
Perfect 10 must pay $5.6m in legal fees following a failed copyright battle with Usenet provider Giganews . On the heels of a February ruling in which a California Court heavily criticized the adult publisher, this week Perfect 10 was described by a Judge as a serial litigator intended to function as a "tax write-off".... (more)

Tuesday March 24th, 2015

Give'em the Old Razzle Dazzle posted 03/24/2015, 3:56 PM (Peter Schiff)
[Category: Economy]
Janet Yellen channels Billy Flynn? Last week the Fed Chairwoman treated us to a master class of rhetorical misdirection which produced some memorable examples of doublespeak, including the soon to be classic "Just because we removed the word 'patient' does not mean we're going to be 'impatient."' But perhaps more surprising than her new heights of verbal dexterity was the market's euphoria at being so blatantly manipulated. Never has the ... (more)

"BitLicense" Foolishness posted 03/24/2015, 3:56 PM (Cato @ Liberty)
[Category: Economy]
When New York’s Superintendent of Financial Services first encountered Bitcoin, he evidently thought it was a way to build his reputation as a hangin' superintendent of financial services. (Doesn’t quite roll off the tongue like "hangin' judge," does it…) He sent subpoenas to everyone in the Bitcoin world and went on TV talking about "narcoterrorists." That was foolishness.

Unfortunately, he also hatched the idea of crea
... (more)

Monday March 23rd, 2015

Dark Web's 'Evolution' Market Vanishes Along With $12 Million posted 03/23/2015, 1:10 PM (Naked Security)
[Category: Economy]
At this moment, there are likely hives of peeved drug dealers out there looking to track down the vanished operators of what was up until a few days ago the dark web's top market, Evolution.

Rumor has it that the online shop's closure on Wednesday wasn't a law enforcement bust a la Silk Road, but rather that the administrators packed up as much as $12 million (about £8.14 million) in Bitcoin and headed for the hills.
... (more)

Friday March 20th, 2015

Half of Americans Unaware of Obamacare Penalty posted 03/20/2015, 1:59 PM (WashingtonExaminer)
[Category: Economy]
Tax Day is less than a month away, but many Americans are unaware Obamacare's tax penalty goes into effect this year — or that they have extra time to sign up for coverage.

A Kaiser Family Foundation poll released Thursday found that while slightly more than half of respondents were aware the penalty kicks in this year, one in five think it goes into effect next year, roughly one in six say they don't know when it goes into effect, and one in 10 believe it was rolled out last year
... (more)

Thursday March 19th, 2015

The Best "Democracy" Money Can Buy: For Every Dollar Spent Influencing US Politics, Corporations Get $760 Back posted 03/19/2015, 12:13 PM (Zero Hedge)
[Category: Economy]
The first time we read the recent analysis by the Sunlight Foundation in which it combed through 14 million corporate records, including data on campaign contributions, lobbying expenditures, federal budget allocations and spending, in order to determine the "rate of return" on lobbying and spending to buy political goodwill, we were left speechless. ... (more)

The Costs and Benefits of Ethanol posted 03/19/2015, 12:12 PM (The Beacon)
[Category: Economy]
Here’s a back-of-the-envelope calculation on how much the mandate to require ethanol in motor fuel costs consumers, and benefits farmers.

This article notes that in 2000 about 5% of the corn crop went to the production of ethanol, and by 2013, 40% of the corn crop was devoted to ethanol production. The increased demand for corn resulted in a doubling of the per bush
... (more)

Tuesday March 17th, 2015

Bureaucracy Unlimited posted 03/17/2015, 11:33 AM (The Freeman)
[Category: Economy]
Big Gov and Big Biz. Are they holding hands, shaking hands, or boxing? It depends on the day and the issue. But while Big Biz hardly seems like a sympathetic character, Big Gov always has the upper hand.

Remember Arthur Anderson? Perhaps not. It used to be the biggest accounting firm around. Then the Justice Department went after it with little proof but lots of gusto. The megalith firm fought the law, and the law won (temporarily). The Department of Justice obtained a criminal co
... (more)

'Taxi Kingpin' in Massive Debt Thanks to Uber posted 03/17/2015, 11:30 AM (New York Post)
[Category: Economy]
The city’s “Taxi Kingpin’’ is having trouble hacking it as he battles mounds of debt — thanks to Uber.

Gene Freidman, who owns more than 900 city cab medallions, has been hit so hard by the car-hailing app that he can’t meet his bills — and Citibank is now foreclosing on at least 90 of his medallions to recoup what he owes, court records and sources say.

“Gene Freidman’s business model requires him to lease out hundreds of cars every day, and because he can’t find d
... (more)

Internet Providers Win Court Case Over 'Pirate Tax' posted 03/17/2015, 11:29 AM (TorrentFreak)
[Category: Economy]
Belgian Internet providers have won their court case against music group SABAM, which had demanded a 3.4 percent cut of all subscriber fees to compensate artists. The court ruled that ISPs are a mere conduit and can't be taxed as a public broadcast medium.... (more)

Monday March 16th, 2015

Who Will Regulate the Bank Regulators? posted 03/16/2015, 12:28 PM (Robert P. Murphy)
[Category: Economy]
A fascinating report by Finn Poschmann from the C.D. Howe Institute discusses the history of bank regulation in the U.S., Canada, and U.K. It explains the movement away from shareholder liability in banks, towards the current system where taxpayers are ultimately on the hook for a bank’s solvency. This leads to a situation of “moral hazard” where bank managers do not ... (more)

Government Regulation: Another Hidden Tax posted 03/16/2015, 12:28 PM (Mises Institute)
[Category: Economy]
Perhaps due to it not being as readily quantifiable as government taxation, debt, welfare, and money creation; regulation has too often been superficially dealt with. In many ways, the largely “hidden tax” of regulation is a bigger threat to liberty, economy, and morality than other weapons of forceful government intervention.... (more)

Saturday March 14th, 2015

New Report Shows How Western-Imposed Prohibition Policies Hurt Poor Countries posted 03/14/2015, 6:41 PM (
[Category: Economy]
Wealthy Western countries are undermining good governance and social and economic development in poor, drug-producing countries by pressuring them to enforce prohibitionist policies that exploit peasant farmers and waste millions of dollars a year on failed crop eradication and drug interdiction programs. That's the conclusion of a recent report by the British advocacy group Health Poverty Action (HPA). ... (more)

Wednesday March 11th, 2015

Jury Says Robin Thicke And Pharrell Infringed... Even If They Didn't Mean To: Told To Pay $7.3 Million posted 03/11/2015, 6:34 AM (Techdirt)
[Category: Economy]
This isn't a huge surprise, even as it's ridiculously problematic, but the jury in the "Blurred Lines" copyright case has ruled that Robin Thicke and Pharrell Williams infringed on Marvin Gaye's song, and thus now owe $7.54 million. I had guessed that this is how the jury would rule solely because it was possible to play Blurred Lines lyrics over the Gaye composition and have it soun... (more)

Tuesday March 10th, 2015

Venezuela To Start Fingerprinting Supermarket Shoppers posted 03/10/2015, 8:06 AM (Zero Hedge)
[Category: Economy]
Back in August, when we wrote about the latest instance of trouble in Maduro’s socialist paradise, we cautioned that as a result of the economic collapse in the Latin American nation (and this was even before the plunge in... (more)

Monday March 9th, 2015

Nearly At 'Full Employment'? 10 Reasons Why The Unemployment Numbers Are A Massive Lie posted 03/09/2015, 7:33 AM (The Economic Collapse)
[Category: Economy]
On Friday, we learned that the official “unemployment rate” has fallen to 5.5 percent. Since an unemployment rate of 5 percent is considered to be “full employment” by many economists, many in the mainstream media took this as a sign that the U.S. economy has almost fully “recovered” since the last recession. In fact, according to the Wall Street Journal, some Federal Reserve officials believe that “the U.S. economy is already at full employment“. But how can this possibly be? It certainl... (more)

Why It Matters If the Dollar Is the Reserve Currency posted 03/09/2015, 7:33 AM (Mises Institute)
[Category: Economy]
We refer to the dollar as a “reserve currency” when referring to its use by other countries when settling their international trade accounts. For example, if Canada buys goods from China, China may prefer to be paid in US dollars rather than Canadian dollars. The US dollar is the more “marketable” money internationally, meaning that most countries will accept it in payment, so China can use its dollars to buy goods from other countries, not solely the US. Such might not be the case with the Cana... (more)

Marc Faber On Possibility Of A Gold-Backed Chinese Currency posted 03/09/2015, 7:31 AM (YouTube)
[Category: Economy]

Thursday March 5th, 2015

Redflex Profit Plunges 414 Percent posted 03/05/2015, 7:29 AM (TheNewspaper)
[Category: Economy]
Redflex Traffic Systems continues to struggle for survival. The red light and speed camera giant told Australian investors on Tuesday that profits plunged 414 percent in the fist half of the fiscal year. Compared to the net profit of $5 million recorded last year, Redflex saw $10 million in red ink. The news could soon become even worse.... (more)

Wednesday March 4th, 2015

Lord Rothschild Warns Investors of 'Most Dangerous Geopolitical Situation Since WWII' posted 03/04/2015, 8:34 PM (Infowars)
[Category: Economy]
Lord Jacob Rothschild has warned investors that the world is mired in the most dangerous geopolitical situation since World War II.

The 78-year-old chairman of RIT Capital Partners, a £2.3bn trust, used the organization’s annual report to caution savers that the focus of the firm would be the preservation of shareholders’ capital and not short term gains.

Rothschild said that “a geopolitical situation perhaps as dangerous as any we have faced since World War II” has
... (more)

My Libertarian Vacation Nightmare: How Ayn Rand, Ron Paul & Their Groupies Were All Debunked posted 03/04/2015, 8:33 PM (Salon)
[Category: Economy]
My family and I traveled last month to a Honduras city known for its libertarian ideals. Here's what happened next.... (more)
Here's some other libertarian havens that prove libertards wrong: North Korea, Cuba, and Venezuela. Oh yeah, I almost forgot the late Soviet Union!

Honduras is a statist hellhole, that the leaders of the country want more money and therefor favor a few select "libertarian" policies (just as happened with Pinochet in Chile) doesn't change the entire framework of a society. - Chris

Tuesday March 3rd, 2015

Little-Known Laws That Cripple American Trade posted 03/03/2015, 9:58 PM (Mises Institute)
[Category: Economy]
The harm that Britain’s protectionist Navigation Acts imposed on the colonies was a major impetus for the American Revolution. But the United States did not abandon those unjustifiable restrictions. Even before the Bill of Rights was adopted, Congress in 1789 enacted similar protectionist restrictions on coastal shipping. It is centuries past time to eliminate such harmful restrictions and the Jones Act that is their modern progeny.... (more)

Monday March 2nd, 2015

Video: Obama Supporters Endorse Karl Marx As Next POTUS posted 03/02/2015, 7:11 PM (Infowars)
[Category: Economy]

Cultural commentator Mark Dice returns with another video highlighting how the combination of the cult of personality and general ignorance can lead Americans to agree with any ridiculous statement one can think of.

This time Dice, donning his Obama t-shirt once more, has passers by agreeing with him that it is a good idea for the German Communist economist Karl Marx, who died in
... (more)

How Money Production Can Worsen Income Inequality posted 03/02/2015, 7:11 PM (Mises Institute)
[Category: Economy]
The starting point for any serious reflection on our subject is the fact that money production does not bring about uniform and simultaneous changes. An increasing money supply tends to entail a higher money price level, but the individual prices change at different points of time and each to a different extent (i.e., Cantillon effects).... (more)

Thursday February 26th, 2015

'Destitute' Kim Dotcom Begs High Court For Millions posted 02/26/2015, 1:37 PM (TorrentFreak)
[Category: Economy]
Kim Dotcom was in court today pleading for access to his seized assets. A reportedly "destitute" Dotcom asked for the release of US$152,000 a month for living expenses and as much as US$3m for legal fees. The Megaupload founder said if funds aren't forthcoming, living in a mansion may no longer be an option.... (more)

Tuesday February 24th, 2015

Where is the Skyscraper Curse Today? posted 02/24/2015, 2:27 PM (Mises Institute)
[Category: Economy]
Super tall buildings, or skyscrapers, are being built at an astonishing rate. Ninety-seven buildings that exceed 200 meters (656 feet) high were constructed in 2014, setting a new record. The previous record was eighty-one buildings completed in 2011. The total number of skyscrapers in existence now is 935, a whopping 350 percent increase since the year 2000.

Another record set in 2014 was the completion of eleven super-tall skyscrapers of over 300 meters or nearly 1,000 feet. Tha
... (more)

Monday February 23rd, 2015

Are the Ruling Elites in China Now More Pro-market than the Ruling Elites in the USA? posted 02/23/2015, 1:56 PM (The Beacon)
[Category: Economy]
The current issue of the Cato Policy Report (January/February 2015) contains a short article about a book by Zhang Weiying called The Logic of the Market: An Insider’s View of Chinese Economic Reform, which was originally published in Chinese (and said to be a best-seller in China in that form) and was recently translated into English. The author is the director of Peking University’s Center for Mark... (more)

Friday February 20th, 2015

Why Economic Dependence on Others Is a Good Thing posted 02/20/2015, 1:52 PM (Mises Institute)
[Category: Economy]
In public policy discussions, the words independence and dependence make frequent appearances. Given that American political ideology has in many ways been defined by the Declaration of Independence, Americans naturally think of independence as good and dependence as bad. As a consequence, arguments to implement government policies to reduce our dependence on others — dependence on “foreign oil” being the most common current manifestation — often find a receptive audience.... (more)

Thursday February 19th, 2015

It's Called Recovery, but Where's the Beef? posted 02/19/2015, 1:12 PM (Robert Higgs)
[Category: Economy]
Many economists and other analysts have recognized that the recovery from the U.S. economy’s most recent contraction has been unusually weak—weaker, for example, than any other since World War II. But analysts have disagreed in characterizing the current recovery, which according to the National Bureau of Economic Research, the semi-official arbiter of business-cycle chronology, began in mid-2009 after a contraction that had continued for ten quarters. Some aspects of the economy, such as real G... (more)

Monday February 16th, 2015

How Truly Free Markets Help the Poor posted 02/16/2015, 3:14 PM (Mises Institute)
[Category: Economy]
Discussing poverty as an advocate of free markets is tricky business in today’s world. If one takes poverty seriously and points out the very real plight of the impoverished, it is often assumed that one must therefore be advocating for government “solutions” to the problem. The knee-jerk reaction of many defenders of free markets is to simply deny that poverty exists much at all, or that if the poor just try a little harder, or aren’t so lazy, they won’t be poor anymore.

This sor
... (more)

Friday February 13th, 2015

U.S. Government Debt Is Now at a Once-Unimaginable Level posted 02/13/2015, 10:01 AM (The Beacon)
[Category: Economy]
Earlier today I was looking through some old records, and I came across a flyer for a symposium in which I participated at Seattle University early in 1990. The flyer announced the symposium topic by asking: “A $3 Trillion National Debt: Does It Matter? What Can We Do About It?” The topic seemed timely enough, given that the gross federal debt has just passed the $3 trillion mark for the first time and was rising at a brisk pace. Back then, $3 trillion seemed like “real money,” so some people we... (more)

Thursday February 12th, 2015

Ross Ulbricht, Martyr for Progress, and the Rise of Darkcoin posted 02/12/2015, 9:17 AM (Jeffrey Tucker)
[Category: Economy]
Convicted on all counts, said the jury in the case of Ross Ulbricht, the man who built the original Silk Road website. He faces a minimum of 30 years in prison and a maximum of life.

Never mind that the online drug-distribution market is bigger than ever, and that there are dozens of newer and more polished versions of the Silk Road. It is inconceivable that they will ever go away in this digital age. And the administrators have learned from this trial. They will be more careful
... (more)

Do We Need the State to License Professionals? posted 02/12/2015, 9:16 AM (The Freeman)
[Category: Economy]
Economics columnist Eduardo Porter gave fans of economic freedom a pleasant surprise when he recently praised Uber in the New York Times. He even wondered whether other occupations besides taxis suffered from artificial state restrictions. As welcome as this analysis was, Porter still conceded the basic premise of occupational licensing and made a smart-aleck remark about the bad ... (more)

Wednesday February 11th, 2015

$386M Allegedly Missing, As Investors Fear Bitcoin Ponzi posted 02/11/2015, 7:40 AM (CNBC)
[Category: Economy]
>Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process.

The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors.

The reports coming ou
... (more)

Friday February 6th, 2015

The World's Email Encryption Software Relies on One Guy, Who is Going Broke posted 02/06/2015, 7:16 AM (ProPublica)
[Category: Economy]
The man who built the free email encryption software used by whistleblower Edward Snowden, as well as hundreds of thousands of journalists, dissidents and security-minded people around the world, is running out of money to keep his project alive.... (more)
Right after this came out the internet delivered and he's now rolling in dough, good for him. - Chris

Katy Perry Sics Lawyers On Left Shark Vendor posted 02/06/2015, 7:16 AM (CNN)
[Category: Economy]
"Our client [Perry] recently has learned that you have been involved in the manufacture, sale, marketing and distribution of merchandise featuring a shark sculpture which embodies and uses the [Super Bowl halftime show], and that you have displayed this product on your website, in connection with such sale and distribution," the letter read.

The letter from the law offices of Greenberg Traurig demanded that, the website where Sosa sells his sculptures, cease and desi
... (more)

Red Light Camera Profits Continue To Tumble posted 02/06/2015, 7:16 AM (TheNewspaper)
[Category: Economy]
Red light camera vendor Redflex Trafic Systems saw its stock plummet more than 16 percent overnight as news of its dismal financial performance hit investors. The company on Thursday formally announced a $10 million trading loss for the financial year, even though the company had previously said it would break even. ... (more)

Wednesday February 4th, 2015

How Government Helped Create the Coming Doctor Shortage posted 02/04/2015, 2:14 AM (Mises Institute)
[Category: Economy]
For the last five years, attempts to reform America’s health care system have focused primarily on the demand side of the market, and specifically on the market for insurance. Yet, these reforms have not achieved significant improvements in health care outcomes, nor reductions in cost. As health care specialist John C. Goodman has pointed out in Forbes, the slowed growth of health care spending in the United States is a trend that correlates most closely with supply side reforms suc... (more)

Gallup CEO: 5.6% Unemployment Is One Big Lie posted 02/04/2015, 2:14 AM (Gallup)
[Category: Economy]
Here's something that many Americans -- including some of the smartest and most educated among us -- don't know: The official unemployment rate, as reported by the U.S. Department of Labor, is extremely misleading.

Right now, we're hearing much celebrating from the media, the White House and Wall Street about how unemployment is "down" to 5.6%. The cheerleading for this number is deafening. The media loves a comeback story, the White House wants to score political points and Wall
... (more)

White House: Deficit Will Increase 20% This Year (Despite Record Tax Revenue) posted 02/04/2015, 2:13 AM (CNS News)
[Category: Economy]
( - The data that the White House published with President Obama's fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.

According to Table S-1 in the "Summary Tables" appendix to the Obama bud
... (more)

Monday February 2nd, 2015

Video: Obamacare Supporters Sign Petition to Extend Obamacare to Pets posted 02/02/2015, 8:23 AM (Infowars)
[Category: Economy]

Beachgoers in San Diego expressed support for extending Obamacare to cover pets, signing a petition that would make people who earn over $80,000 dollars a year pay for the cost of other people’s veterinarian bills.

The stunt was the latest effort from Mark Dice and again underscores how many Americans will blithely go along with virtually anything, no matter how ludicrous, so lo
... (more)

Friday January 30th, 2015

How Much Longer Can the U.S. Economy Bear the Burdens? posted 01/30/2015, 10:02 PM (Robert Higgs)
[Category: Economy]
Ordinary people, and sometimes experts as well, tend to overreact to short-term economic changes. The current economic malaise in the United States and Europe has brought forth a bevy of commentators convinced that this time the economy has taken a permanent turn for the worse. Never again, they declare, will we enjoy growing prosperity as we did in days of yore. Some of these Chicken Littles do see a possible means of escape from the impending doom, but only if the government carries out an ext... (more)

Realtor: 'Paranoia' Driving Wealthy to Buy Homes in New Zealand posted 01/30/2015, 10:02 PM (Infowars)
[Category: Economy]
“Paranoia” is one of the primary factors motivating the wealthy to purchase secret getaways in New Zealand, according to one realtor, with concerns about personal safety and global crises driving the search to acquire a safe haven in a remote location.

During the Davos Economic Forum, economist Robert Johnson made headlines when he revealed that “hedge fund managers all over the world….are buying airstrips and farms in places like New Zealand because they think they need a get
... (more)

The Death Of The American Dream In 22 Numbers posted 01/30/2015, 10:02 PM (Michael Snyder)
[Category: Economy]
We are the generation that gets to witness the end of the American Dream.  The numbers that you are about to see tell a story.  They tell a story of a once mighty economy that is dying.  For decades, the rest of the planet has regarded the United States as “the land of opportunity” where almost anyone can be successful if they are willing to work hard.  And when I was growing up, it seemed like almost everyone was living the American Dream.  I lived on a “middle class” street and I went to a sch... (more)

Thursday January 29th, 2015

Why Has Day Care Become So Unaffordable? posted 01/29/2015, 6:04 PM (The Freeman)
[Category: Economy]
Social democrats want to nationalize childhood by having government fund and manage universal day care. Social conservatives want the family to be the day care, which is a lovely idea when it’s affordable. Libertarians don’t seem much interested in the subject at all. That leaves virtually no one to tell the truth about the only solution to the shortage and high price of day care: complete deregulation.

Let’s start the discussion right now.

The Obama administrati
... (more)

Tuesday January 27th, 2015

America's Best-Selling Cars And Trucks Are Built On Lies: The Rise Of Fake Engine Noise posted 01/27/2015, 4:43 PM (Washington Post)
[Category: Economy]
Stomp on the gas in a new Ford Mustang or F-150 and you’ll hear a meaty, throaty rumble — the same style of roar that Americans have associated with auto power and performance for decades.

It’s a sham. The engine growl in some of America’s best-selling cars and trucks is actually a finely tuned bit of lip-syncing, boosted through special pipes or digitally faked altogether. And it’s driving car enthusiasts insane.

Fake engine noise has become one of the auto industr
... (more)

We're No. 12! Report: U.S. Not Among Top Nations for Economic Freedom posted 01/27/2015, 4:42 PM (CNS News)
[Category: Economy]
( - The United States does not rank among the Top 10 countries in the world for economic freedom, according to the Heritage Foundation's 2015 Index of Economic Freedom.

Instead, the U..S. ranked only 12th--after Hong Kong, Singapore, New Zealand, Australia, Switzerland, Canada, Chile, Estonia, Ireland, Mauritius, and Denmark.

Estonia was formerly a part of the Soviet Union.
... (more)

Huge Blow to Irish Import Stores in U.S. as Cadbury is Banned posted 01/27/2015, 4:42 PM (
[Category: Economy]
British-made chocolates will no longer be available in the United States after a legal settlement. Irish import stores which rely heavily on Cadbury products, such as Irish Roses and other treats may be deeply affected.

Due to a settlement with the Hershey’s Company, Let’s Buy British Imports, (LBB), the leading importer of foods from Britain to America, has agreed to stop importing all Cadbury’s chocolate made overseas, the New York Times reports.
... (more)

Monday January 26th, 2015

Obamacare Program Costs $50,000 For Every American Who Gets Health Insurance posted 01/26/2015, 11:29 PM (The Daily Mail)
[Category: Economy]
It will cost the federal government – taxpayers, that is – $50,000 for every person who gets health insurance under the Obamacare law, the Congressional Budget Office revealed on Monday.

The number comes from figures buried in a 15-page section of the nonpartisan organization's new ten-year budget outlook.

The best-case scenario described by the CBO would result in 'between 24 million and 27 million' fewer Americans being uninsured in 2025, compared to the year bef
... (more)

Radical Leftists Win Election In Greece - Future Of Eurozone In Serious Jeopardy posted 01/26/2015, 12:42 PM (Michael Snyder)
[Category: Economy]
Radical leftists have been catapulted to power in Greece, and that means that the European financial crisis has just entered a dangerous new phase.  Syriza, which is actually an acronym for “Coalition of the Radical Left” in Greek, has 36 percent of the total vote with approximately 80 percent of the polling stations reporting.  The current governing party, New Democracy, only has 28 percent of the vote.  Syriza leader Alexis Tsipras is promising to roll back a whole host of austerity measures t... (more)

Friday January 23rd, 2015

Are Falling Prices a Bad Thing? posted 01/23/2015, 2:53 PM (The Beacon)
[Category: Economy]
Popular opinion seems to be that falling prices–or even stable prices–are bad for the economy, but I’ve never seen any good arguments about why. I’ve just read another article about this, that gives six clearly numbered reasons, so let’s look at what the article says to see if they hold up.

First, the article says, “When shoppers see persistent price declines, they hold ou
... (more)

Thursday January 22nd, 2015

London Mayor to Pay 'Six-Figure' American Tax Bill posted 01/22/2015, 3:24 PM (The Telegraph)
[Category: Economy]
Boris Johnson has finally agreed to pay a huge tax bill to the US government ahead of his visit to America, despite previously insisting he would not bow to the “absolutely outrageous" demand.

The London mayor, who was born in New York and holds a US as well as a British passport, has said he will pay the unsettled capital gains tax bill, thought to be in the region of £100,000.

His decision will ensure that his visit to Boston, New York and Washington next month -
... (more)

Wednesday January 21st, 2015

Why Should the Government Deliver Mail? posted 01/21/2015, 1:00 PM (Jacob G. Hornberger)
[Category: Economy]
In a country where people extol the virtues of free enterprise, why is the U.S. government involved in the delivery of mail? After all, it would be difficult to find a better example of a violation of the principles of free enterprise than the U.S. Postal Service.

Making the situation worse is the fact that the Postal Service is a monopoly. That means that the law expressly prohibits anyone in the private sector from competing against the government in the delivery of first-class
... (more)

Let’s Secede from the American Monetary Union posted 01/21/2015, 12:59 PM (Mises Institute)
[Category: Economy]
The Swiss central bank’s recent move to de-peg the Swiss franc from the euro reminds us of the importance of choice in currency. By pegging the Swiss franc to the euro, the Swiss central bank was in effect subsidizing the euro by refusing to compete with it. If carried into the long term, this would have meant a de facto monetary union between the euro and the franc. Fortunately for most people however, the Swiss central bank maintained its legal independence from the euro and the peg was eventu... (more)

Tuesday January 20th, 2015

Marc Faber: "The Only Way To Short Central Banks Is To Be Long Gold" posted 01/20/2015, 11:31 AM (Zero Hedge)
[Category: Economy]
Amid all the turmoiling on global financial markets over the last few months, one 'asset' has held up surprisingly well (to some). As Marc Faber recently told SocGen's global strategy conference this week, gold has absorbed its fair share of the commodities-market blows in recent years, but now is the time to move back into the precious metal, "I'm positive [that] gold will go up substantially [in 2015] — say 30%." As Marketwatch reports, Faber singled out U.S. stocks as especially overvalued bu... (more)

Honduras to Unveil First ZEDE in March posted 01/20/2015, 11:31 AM (Panam Post)
[Category: Economy]
In March, Honduras is to officially unveil plans for its first Zone of Employment and Economic Development (ZEDE), due to be constructed on the southern Pacific coast of the Central American nation.

The government will formally present the multi-million dollar project once the partnering Korean International Cooperation Agency (KOICA) submits feasibility plans.
... (more)

Friday January 16th, 2015

Peter Schiff: Swiss Surrender Wins Currency War posted 01/16/2015, 9:47 AM (Peter Schiff)
[Category: Economy]
By ending its three year currency peg to the weakening euro Switzerland has become the first major economy to surrender in the international currency war, and in so doing has given a long-delayed victory to the Swiss people. Contrary to the indignant reaction by the media and financial establishment, the decision is not a disaster for Switzerland. A continuance of an open-ended peg to the euro could have ultimately ruined the country. Its surprise move, perhaps prompted by the European Central B... (more)
Schiff Podcast on the move...

What In The World Just Happened In Switzerland? posted 01/16/2015, 9:47 AM (The Economic Collapse)
[Category: Economy]
Central banks lie.  That is what they do.  Not too long ago, the Swiss National Bank promised that it would defend the euro/Swiss franc currency peg with the “utmost determination”.  But on Thursday, the central bank shocked the financial world by abruptly abandoning it.  More than three years ago, the Swiss National Bank announced that it would not allow the Swiss franc to fall below 1.20 to the euro, and it has spent a mountain of money defending that peg.  But now that it looks like the EU is... (more)

The True Cost of the Homeownership Obsession posted 01/16/2015, 9:47 AM (Mises Institute)
[Category: Economy]
In 2014, the US homeownership rate fell below 65 percent, which means it’s back to where it was during the 1970s and much of the 1990s. Various federal agencies have long made homeownership a priority, and have introduced a bevy of government and quasi-government programs including the GSEs like Fannie Mae, FHA-insured loans, VA-insured loans, the Bush administration’s “American Dream Downpayment Initiative” and, of course central bank meddling to keep interest rates nice and low for the mortgag... (more)

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