The cultism surrounding the U.S. economy and the U.S. dollar is truly mind boggling, and by “cultism” I mean a blind faith in the fiat currency mechanism that goes beyond all logic, reason and evidence.
Today is the Federal Reserve’s 100th birthday. It’s likely to slip by with little fanfare, though it should be a day that lives in infamy. It’s more destructive than Pearl Harbor. In fact, it made Pearl Harbor — and all wars in the past two centuries — possible.
Hello Mr. Livingston,
We’ve been reading your newsletter for quite some time now. I have a question. What do I do with $150,000 dollars in the bank? I believe everything you are saying is about to happen and we are worried about losing our hard earned retirement savings. Please advise.
Thank you and God Bless,
A young married couple recently told me they’re trying to figure out how to make less money so they can qualify for a subsidy in order to make the Affordable Care Act “affordable” for them. Around the same time, and half a continent away, the San Francisco Chronicle published a story that reveals many middle-class Americans are awakening to the same dilemma.
I just read The Insidious, Hidden Nature Of Theft By Government, which was excellent as usual. However, I question the ending conclusion, “Preserve your labor, your savings and retirement with gold and silver…” Every author of similar articles seems to conclude the same thing. And, I would agree if we were free to own it. Today we are, but what about tomorrow? No author ever mentions that in 1933 the “hoarding” of gold and silver became illegal, per Executive Order 6102. Hoarding at the time meant that it was illegal to own any amount of gold over a mere value of $100 (a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $7800 as of 2011). This information is at http://en.wikipedia.org/wiki/Executive_Order_6102.
I can’t imagine that you are not aware of this, so why are you not pointing this out to your readers. After everyone “preserves” their wealth by buying gold, I believe it’s going to be taken away. People are being led to slaughter.
I welcome a rebuttal that makes good sense. More importantly, if this can happen again, please warn your readers.
Thank you for your consideration,
This post, written by John P. Chochran, originally appeared on the Ludwig von Mises Institute website on September 11. Paul Krugman has recently been critical of Friedman (and Phelps), the Phillips curve, and the Natural Unemployment Rate (NUR) theory in the process of arguing that due to the recent Great Recession, the accompanying financial crisis, […]
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Addressing the Nation 42 years ago to “outline a new economic policy,” President Richard Nixon failed to disappoint: Wage and price controls were instituted, the automobile industry was browbeaten into reducing prices and a 10 percent tariff was assessed on all imports. All this occurred before Nixon announced his grandest exploit: the termination of U.S. commitments to exchange gold for dollars with foreign governments.
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