In Defense of Debt Collection

Llewellyn H. Rockwell Jr.

(Originally posted on

You know hypocrisy, as when the pot calls the kettle black? Well, this news report gives new meaning to the idea:

The rise in American consumer debt has been accompanied by a sharp increase in complaints about aggressive and sometimes unscrupulous tactics by debt collection agencies, a phenomenon that has government regulators increasingly concerned.

Continue reading “In Defense of Debt Collection”

Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse

Mihai Macovei

(Originally posted on

President Trump’s protectionist trade measures against China and other external partners have not caused a reduction of the total US trade deficit. The latter actually grew further as China’s exports found indirect ways into the US and massive domestic spending schemes were expanded during the pandemic.

Continue reading “Thanks to Federal Megaspending, the Trade Deficit Has Only Gotten Worse”

This Is What Could Trigger Big Growth in CPI Inflation

Brendan Brown

(Originally posted on

Many episodes of monetary inflation, some even long and virulent, do not feature a denouement in a sustained high CPI inflation over many years. Instead, these episodes have the common characteristics of asset inflation and the monetary authority levying tax in various forms – principally inflation tax or monetary repression tax. For the monetary inflation to undergo combustion into sustained high CPI inflation it must generate necessary one or two necessary conditions. First, currency collapse; or second, a credit boom which spawns a persistent tendency of demand to exceed supply at present prices across a broad range of markets in goods and services.

Continue reading “This Is What Could Trigger Big Growth in CPI Inflation”

Why Stimulus Does Not Stimulate

Robert Blumen

(Originally posted on

Congress is hard at work on a stimulus bill. Doubtless their efforts will pay off. Does anyone stop to ask what it is about stimulus that stimulates? And what, exactly, does it stimulate? Start by spending a lot of money that the government does not have, borrow the difference, and the central bank prints the difference and buys up the debt. But does that increase the production of useful things? To answer this, we look at an unlikely friend, Keynes and his General Theory.

Continue reading “Why Stimulus Does Not Stimulate”

Is Guaranteed Basic Income the Solution to Robots Taking Our Jobs?

Robert Blumen

(Originally posted on

The idea of universal basic income (UBI) is near the peak of the hype cycle. Democrat Andrew Yang made it the flagship issue of his presidential campaign. A small industry of advocates tirelessly push arguments in its favor. I will address two in this piece. The first: the claim of permanent elimination of jobs. The second: the resulting need for income to compensate for the fall in purchasing power from the lack of work. Both rely on long-discarded economic fallacies. 

Continue reading “Is Guaranteed Basic Income the Solution to Robots Taking Our Jobs?”

Why America’s Oligarchs Are Moving Left

José Niño

(Originally posted on

These days it’s not your typical latte-sipping millennials who are going woke. Taking a stroll around America’s largest metro areas will have one believe social justice is the latest fad that’s sweeping across corporate boardrooms. Much has been written about woke capital—businesses’ recent pivot to signal their affinity for leftist movements—and what it means for society at large. Suffice it to say that since last year, this trend has accelerated at breakneck speeds.

Continue reading “Why America’s Oligarchs Are Moving Left”

Texas Says It Can Enforce Immigration Restrictions. Texas Is Right

Ryan McMaken

(Originally posted on

Texas governor Greg Abbott yesterday announced that the State will build its own border wall and will jail anyone “who enters our state illegally and is found trespassing, engaged in vandalism, criminal mischief, or smuggling,” 

Continue reading “Texas Says It Can Enforce Immigration Restrictions. Texas Is Right”

Is the Subjectivist Theory of Value Ideological?

David Gordon

(originally posted on

According to Marxists, the subjective theory of value is just bourgeois apologetics. By using the subjective theory, economists conceal the fact that the proletariat under capitalism is exploited. The labor theory of value shows that labor is the source of all surplus commodity value not accounted for by the cost of production of a commodity.

Continue reading “Is the Subjectivist Theory of Value Ideological?”

With Reverse Repos, The Fed Is Now Trying to Clean up Its Own Mess

Doug French

(Originally posted on

This spring Scott Pelley of 60 Minutes asked Fed chair Jerome Powell, “And you believe the system, because of the oversight of the Fed, has the wherewithal to stand a significant shock to the markets?” 

Continue reading “With Reverse Repos, The Fed Is Now Trying to Clean up Its Own Mess”

World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion

(Bloomberg) — Inc. founder Jeff Bezos has the resources to launch himself into space. Elon Musk does, too.

In many ways, though, the richest people left the vast majority of the world behind long ago.

Continue reading “World’s Richest Face Tax Blow After 40% Wealth Surge to $8.4 Trillion”