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"Someone said that inflation is like jumping off the top of the Empire State Building. The sensation is great as long as you keep on going."
--David H. Scott
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The Truth About Bailouts
by Peter Schiff
If Washington bails out General Motors, the funds will never be recovered.
Similarly any money that the world lends to America to finance more consumption will never be repaid. We will simply blow through it, and be back, hat in hand, begging for more. As we painfully learned in the housing bust, lending people money that they cannot pay back makes no sense.
This applies equally to foreign central banks lending to America as it does to commercial banks lending to homeowners.
Like GM, our economy is in desperate need of a restructuring. Spending must be replaced with savings, and consumption with production.
(read more here)
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The Neo-Alchemy of the Federal Reserve
by Ron Paul
As the printing presses for the bailouts run at full speed, those in power are no longer even pretending that the new giveaways will fix our problems. Now that we are used to rewarding failure with taxpayer-funded bailouts, we are being told that this is "just a start," more funds will inevitably be needed for more industries, and that things would be much worse had we done nothing.
The updated total bailout commitments add up to over $8 trillion now. This translates into a monetary base increase of 75 percent over the last two months. This money does not come from some rainy day fund tucked away in the budget somewhere - it is created from thin air, and devalues every dollar in circulation. Dumping money on an economy, as they have been doing, is not the same as dumping wealth. In fact, it has quite the opposite effect.
(read more here)
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More Signs of An Unstoppable Economic Meltdown
by Stephen Lendman
In this environment, gold may be the safest of all asset classes at a time none are safe, and no one can predict how bad things may get before they improve. What's likely, however, is that the road ahead will be painful, protracted, and unlike anything experienced before so all the old rules don't apply, and no one knows what, if anything, may work.
This saga has a long way to run, and the path ahead is down.
(read more here)
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How the Fed Works
by Jake Towne
In this article, I hope to share, as simply as possible, enough details for you to understand how modern-day central banking tries to control the money supply, and even how the value of the paper money in your wallet or the electrons in your bank account fluctuates on a daily basis.
First I will formally define fractional reserve banking and describe how it expands or contracts the money supply. Next I will share how the Federal Reserve controls monetary policy and supply with its three major tools - "printing" or "de-printing" money (technically referred to as "open market operations" by the FED), bank reserve requirement ratios, and the infamous "Fed-rate."
(read more here)
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Economics in One Lesson
by Walter Block, Mises.org
Writing this introduction is a labor of love for me. You know how women sometimes say to each other "This dress is you!"? Well, this book is me! This was the first book on economics that just jumped out and grabbed me. I had read a few before, but they were boring. Very boring. Did I mention boring?
In sharp contrast, Economics in One Lesson grabbed me by the neck and never ever let me go. I first read it in 1963. I don't know how many times I have reread it since then. Maybe, a half-dozen times in its entirety, and scores of times, partially, since I always use it whenever I teach introductory economics courses.
Every widespread economic fallacy embraced by pundits, politicians, editorialists, clergy, academics is given the back of the hand they so richly deserve by this author: that public works promote economic welfare, that unions and union-inspired minimum-wage laws actually raise wages, that free trade creates unemployment, that rent control helps house the poor, that saving hurts the economy, that profits exploit the poverty stricken; the list goes on and on. Exhilarating.
(read more here)
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In the spirit of liberty,
From All of Us on the Populist Party team
Copyright 2008, The Populist Party of America
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