Peter Schiff is right

Highly recommended:
- "104. Peter Schiff: Why Was Anyone Surprised By the Crash?", Peter Schiff on the LewRockwell.com podcast.

Rant of the Year (2)

Following the Rant of the Year,

Robert Gibbs vs. Rick Santelli



Rick Santelli Responds to Whitehouse Mouthpiece Robert Gibbs on CNBC's Kudlow:

"this is an unprecedented White House assault on a member of the media" — says Kudlow — "the worst press relations we've seen in a lifetime"



White House Press Secretary Defiles The Office of The President

Rant of the Year

Rick Santelli and the "Rant of the Year"

synchronized global recession

Spending ourselves rich

Fred Thompson

Henry Hazlitt in 1946 over the current crisis

Government-guaranteed home mortgages, especially when a negligible down payment or no down payment whatever is required, inevitably mean more bad loans than otherwise. They force the general taxpayer to subsidize the bad risks and to defray the losses. They encourage people to "buy" houses that they cannot really afford. They tend eventually to bring about a oversupply of houses as compared with other things. They temporarily overstimulate building, raise the cost of building for everyone (including the buyers of the homes with the guaranteed mortgages), and may mislead the building industry into an eventually costly overexpansion. In brief, in the long run they do not increase overall national production but encourage malinvestment.

Henry Hazlitt, Economics in One Lesson

Privatize profits, socialize losses

from Cafe Press

The Austrians Were Right

"The Austrians Were Right" by Ron Paul:

Over and above this are those who understand that political power is controlled by those who control the money supply. Liberals and conservatives, Republicans and Democrats came to believe, as they were taught in our universities, that deficits don’t matter and that Federal Reserve accommodation by monetizing debt is legitimate and never harmful. The truth is otherwise. Central economic planning is always harmful. Inflating the money supply and purposely devaluing the dollar is always painful and dangerous.

The basic problem is that proponents of big government require a central bank in order to surreptitiously pay bills without direct taxation. Printing needed money delays the payment. Raising taxes would reveal the true cost of big government, and the people would revolt. But the piper will be paid, and that’s what this crisis is all about.

the origins of the financial crisis

IMD Professor Arturo Bris explains the origins of the financial crisis in a video presentation

Ron Paul on the G20 Meeting

Bob Murphy: Ron Paul on the G20 Meeting: Bretton Woods II or III?

Ron Paul is probably the best person in the world to comment on this stuff, because he understands the economics better than 95% of professional economists, and he of course understands politicians better than 100% of professional economists.

Here, Ron Paul on Neil Cavuto.

Creeping Smoot-Hawleyism

"Creeping Smoot-Hawleyism may deepen recession" By Martin Hutchinson:

Within three days of promising not to impose further tariffs, Russia and India raised them to protect domestic industries. Russia also tightened import quotas while the EU imposed anti-dumping duties. Creeping protectionism seriously threatens the global economy.

Austrian Theory of the Business Cycle

LewRockwell.com Podcast #17 - Austrian Theory of the Business Cycle

a few demands

Via Reason,

learn economics

Via BK Markus,

Progressives Should Audit the Fed

"Progressives Should Audit the Fed" by Joe Schembrie:

.... the Fed is a cartel of commercial banks consisting of the very crony-capitalist interests that Progressives normally oppose ....

With the ten-trillion dollar-plus money supply inflating prices at five percent annually, the Fed creates at least five hundred billion dollars a year in new money. The value diluted by those billions belongs to citizens but goes to cronies. There ought to be Progressive outrage. Where is it?

another explanation

Understanding The Financial Crisis--For Kids and Grownups

too much government

President Bush Discusses Financial Markets and World Economy:

History has shown that the greater threat to economic prosperity is not too little government involvement in the market, it is too much government involvement in the market.

We saw this in the case of Fannie Mae and Freddie Mac. Because these firms were chartered by the United States Congress, many believed they were backed by the full faith and credit of the United States government. Investors put huge amounts of money into Fannie and Freddie, which they used to build up irresponsibly large portfolios of mortgage-backed securities. And when the housing market declined, these securities, of course, plummeted in value. It took a taxpayer-funded rescue to keep Fannie and Freddie from collapsing in a way that would have devastated the global financial system.

Peter Schiff Was Right

Peter Schiff Was Right

Gene Callahan:

Here we see a series of “esteemed” commentators, including Arthur Laffer and Ben Stein, basically laughing in Peter Schiff’s face even while he calls the coming downturn very accurately. The best moment may be Ben Stein insisting that Merrill Lynch was being “given away” at $76. (The stock today is at $14.)

la crisis financera

Entrevista con Jesus Huerta de Soto

In The Know: Should The Government Stop Dumping Money Into A Giant Hole?

In The Know: Should The Government Stop Dumping Money Into A Giant Hole?