The Centenary of the Cartel’s Charter

The Centenary of the Cartel’s Charter.

So it’s the 100 year anniversary of the creation, by legislation, of the Federal Reserve. How appropriate that not more than two weeks ago I picked up a used (but basically new) copy of G. Edward Griffin’s The Creature from Jekyll Island? I’ve always wanted this book, but given opportunity cost, I tended to put off going out of my way to buy it. Finding a recent (perhaps the latest) edition at a bargain center for less than $2.00, however, proved irresistible. I think maybe I should start it tonight in honor of this day. Or at least give this another listen:

End the Fed!!!

What Ails You, Economy?

What Ails You, Economy?

The Keynesian is ever mistaking economic activity for economic growth, credit expansion for wealth creation, profligacy for progress. Growth, wealth, progress. He uses his own definitions of each to reinforce his definitions of the others. And they are all fallacious.

When the Austrian tells the Keynesian that the printing and spending of mere pieces of paper cannot lead to more wealth in society, the Keynesian retorts that it is undeniable that credit expansion and stimulus lead to more economic activity. In this he is technically correct. Printing more dollars and handing them out to those who would consume and invest them, does indeed lead to “activity,” even more perhaps than there otherwise would have been.

But our Keynesian assumes, or assumes that his audience will assume, that mere economic activity is growth, is wealth, is progress. Presumably this includes even that activity which our Austrian rightly considers overinvestment (more properly, malinvestment), overconsumption, and/or the proverbial breaking of windows, each of these a common side-effect of the Keynesian witchdoctor’s remedies (often intended to cure ailments caused by earlier interventions, some Keynesian, some not).

If the Keynesian’s definition of economic activity doesn’t (oh, but it does!) include these things then the burden of proof is on him to show that his prescriptions lead to more real growth than would their absence on an unhampered market. And that his incantations lead, on the whole, to economic health rather than disease. A free market is largely unencumbered by the ailments mentioned above so in order to do this it would need to be shown that the sicknesses that do affect it are somehow worse than those caused by intervention.

And to be sure, pure economic freedom isn’t perfect. It has its own share of maladies. But these are all coughs and sneezes by comparison. Cures, if they are needed at all, come from the market itself. The economic meddlers and potion peddlers only serve to make things worse.

We must admit that not even on the most unfettered of markets does all economic activity lead to growth. For human actors err, and the market punishes their errors. How much more is all this the case under a centrally-planned expansionary-monetary/stimulatory-fiscal regime?  And how much more severe will be the punishment?

My Driver’s Side Window was Smashed by a Vandal Friday Night

My Driver’s Side Window was Smashed by a Vandal Friday Night.

He stole some change, my insurance and registration papers, and my door pass for getting into where I work. On the bright side, it took me less than 24 hours and cost only $25 to get the glass replaced. I did all the labor myself. On the weekend. Using Craigslist.

So far, no one has offered me this condolence:

“It is an ill wind that blows nobody good. Everybody must live, and what would become of the glaziers if panes of glass were never broken?”

You think maybe they have been reading Bastiat?

Humanitarian Wars can be Unjust too

Humanitarian Wars can be Unjust too.

[Originally posted at Notes on Liberty]

If you hate evils committed by individuals as much as you hates evils committed by institutions, and vice versa, as I think most people who are even remotely libertarian — wait, no! remotely human! — do, does it truly follow that you must condone one in order to combat the other? Maybe it does, at least in the short term, in a place and time where relationships between all these things have been so distorted. In this case, the distortion is caused primarily by the monopolization of not only judicious force, but very nearly all force, initiative and responsive, at every level, by a single institution (with many manifestations and interlocking jurisdictions). If you haven’t guessed already, that institution is the state. Continue reading

Hating Energy Dependence, Not Loving Energy Independence

Hating Energy Dependence, Not Loving Energy Independence.

I worked on this piece on and off from November 30th to January 21st. I wrote the bulk of it on the first day, and most of the editing since then had been cosmetic. It is somewhat related to a project I was helping a friend with, although that is not the reason I wrote it. This piece originally appeared on January 21st at Notes on Liberty, where it was my first for that blog.

WHAT’S SO BAD ABOUT ENERGY DEPENDENCE?

Contrary to what one might be led to think, energy independence need not be the opposite of energy (inter)dependence. Likewise, contrary to what many advocates of free markets and free trade will say, energy dependence (perhaps not their choice of words), is not a good thing. Energy interdependence certainly can be a good thing, but in today’s world I can’t agree that every instance of it always is. Continue reading

One Year Later at PTPOL

One Year Later at PTPOL.

Well, this blog has been registered at WordPress.com for one year now. It took a while to get it off the ground, but it hit the ground running. (How’s that for a mixed – and contradictory – metaphor, by the way?) Click here to learn more about the blog, and here to learn a little bit about it’s author.

140 posts, 6,602 views, 482 comments, 200 WordPress likes, 192 Facebook likes, 54 followers on WordPress, 1150 followers on Twitter.

Not bad for an amateur one-man team, right? Well, its the readers that are more to thank. Without them there really is no point in writing.

Continue reading