While not a jubilee year, last week marked the 230th anniversary of the US Constitution. Naturally, most of its devotees enthusiastically praised the document which by now is seen on a par with Holy Writ itself. An editorial from Investor’s Business Daily provides an example of such hagiography: The Constitution’s beauty is that it not … Continue reading A Constitutional Anniversary to Forget
It is altogether fitting that crypto currencies, in particular Bitcoin, have witnessed a meteoric rise in this illusionary age. Not only has their monetary value gone to dizzying heights, but they are now being touted as the destroyer of the current, crumbling monetary order and the next paradigm upon which a new money and banking … Continue reading Bitcoin in an Illusionary Age
The Trump Administration has presented the first part of its plan to overhaul a number of Wall Street financial regulations, many of which were enacted in the wake of the 2008 financial crisis. The report is in response to Executive Order 13772 in which the US Treasury Department is to provide findings "examining the United … Continue reading The Ultimate Regulatory Reform: Abolish Fractional Reserve Banking!
John Connally, President Nixon's Secretary of the Treasury, once remarked to the consternation of Europe's financial elites over America's inflationary monetary policy, that the dollar "is our currency, but your problem." Times have certainly changed and it now appears that the dollar has become an American problem. In a recent interview with the Wall Street … Continue reading Donald & the Dollar
Former Federal Reserve Chairman Alan Greenspan, who was once laudably referred to as “Maestro” for his supposed astute stewardship of U.S. monetary policy, commented last week on the nation’s current political and economic climate: We’re not in a stable equilibrium. I hope we can all find a way out because this too great a … Continue reading Donald and the “Maestro”
Franklin Delano Roosevelt called the Japanese “surprise” attack on the U.S. occupied territory of Hawaii and its naval base Pearl Harbor, “A Date Which Will Live in Infamy.” Similar words should be used for President Nixon’s draconian decision 45 years ago this month that removed America from the last vestiges of the gold standard. On … Continue reading “A Date Which Will Live in Infamy:” President Nixon’s Decision to Abandon the Gold Standard
Despite trillions of paper currency units poured into the world economies since the start of the financial crisis, there has been no recovery, in fact, all legitimate indicators have shown worsening conditions except, of course, for the pocketbooks of the politically -connected financial elites. Yet, despite the utter failure of the current money and banking … Continue reading Don’t Expect a Return to a Gold Standard Any Time Soon
Last week, an Irish court sentenced three prominent banksters for their roles in the 2008 financial crisis. Judge Martin Nolan, who pronounced judgment, said that the bansksters had committed "a very serious crime." He continued, "The public is entitled to rely on the probity of blue chip firms. If we can't rely on the probity … Continue reading Jailing Banksters Will Not Resolve the Economic Crisis
Antonius Aquinas 