The promoters of crypto currencies have gushingly touted them as the mechanism by which the present central banking cabal and the system of nation states which derive much of their power from will be brought down and replaced by digital money. Despite their meteoric rise as speculative “assets,” there are fundamental economic reasons why they … Continue reading Bitcoin: A Tower of Monetary Babel
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!
The purported pope of the Catholic Church recently attacked “libertarianism.” As a number of theologians have ably shown, Jorge Bergoglio, a.k.a Pope Francis, cannot be a legitimate pope since he was neither ordained as a priest or consecrated as a bishop in the traditional Catholic rite of Holy Orders. And, since he is not … Continue reading Pope Francis and Libertarianism
Last Thursday's wanton attack on a Syrian air field by the US and its bellicose actions toward North Korea have brought to the forefront the real cost of candidate Trump's landslide victory last November. Unlike most laymen, accountants, and financial analysts, economists look at cost differently. For economists, cost or more specifically, "opportunity cost," means … Continue reading The Cost of a Trump Presidency
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
Neo-Marxist Pope Francis As the new year dawns, it seems the current occupant of St. Peter’s Chair will take on a new function which is outside the purview of the office that the Divine Founder of his institution had clearly mandated. Besides being a self proclaimed expert on global warming and a vociferous advocate of … Continue reading Pope Francis Now International Monetary Guru
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
Antonius Aquinas 