It's Rule 5 Sunday Monday!
"It is true that a free banking environment is an agent of wealth promotion … However, it is overlooked by the opponents of the Volcker rule that the present banking system has nothing to do with free banking and thus a free market."
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It's Rule 5 Saturday!
This, seriously, has to be the greatest speech ever given at the Federal Reserve. Read it. Read it twice. Three times. Robert Wenzel is a true American hero!
" … I ask you, I plead with you, I beg you all, walk out of here with me, never to come back. It's the moral and ethical thing to do. Nothing good goes on in this place. Let's lock the doors and leave the building to the spiders, moths, and four-legged rats."
New York Fed: Leave the Building!
It's Rule 5 Saturday!
"[E]asy money leads to the impoverishment of the middle and lower classes and ...
It's Rule 5 Sunday!
"If an entrepreneur held a press conference and told his customers that they ...
It's Rule 5 Sunday!
"It doesn't take a tremendous amount of insight to see that 'free enterprise' ...
It's Rule 5 Monday!
"For if individuals do not have free will, and are not responsible for ...
It's Rule 5 Sunday!
"But without the state, I don't understand how aerospace will progress, and I ...
After issuing $32 billion of new 2-year bonds last Tuesday, the U.S. debt to GDP ratio hit 101%. Quietly. I guess the mainstream media was too busy arguing over contraceptives to bother reporting that we're on the road to Greece.
Oh, and surprise! The "federal government [will most likely] hit the debt ceiling sooner than expected."
Sweet, huh?
Who's going to bail out the U.S. when the inevitable default happens?
It's Rule 5 Sunday!
"A free society cannot survive without entrepreneurial action as well as entrepreneurial profit ...
It's Rule 5 Sunday!
Doing Your Own Thing...
It's Rule 5 Sunday!
Set Culture Free
Recently Salon featured an interview with author Robert Levine, entitled "Does culture really want to be free?" Levine has written a new book, Free Ride, on the subject of intellectual property (IP). His subtitle is How Digital Parasites Are Destroying the Culture Business and How the Culture Business Can Fight Back, the thesis of which is predicated on a misunderstanding of property rights and a poor grasp of economics.
In this essay I'll begin with a brief outline of property rights, explain how IP fails to meet the requirements of tangible property, and refute some of Levine's other fallacies.
It's Rule 5 Sunday!
Defending Kim Kardashian...
It's Rule 5 Saturday!
Gloom, Doom, and Optimism...
Since The Classic Liberal is a political blog, the following two articles offer a couple of ...
It's Rule 5 Saturday!
How to Fix the Housing Crisi...
It's Rule 5 Saturday!
The Economic Delusions of the Political Class
The New York Times recently ran an "analysis" article entitled, "Debt Problem's Sure Cure: Economic Growth." This is something that falls into the category of "Gee, why didn't I think of that?" All you need is growth, so let's go get us some growth! That will take care of everything!
Journalist Catherine Rampell asserts,
There is, in theory, a happy solution to our debt troubles. It's called economic growth. No need to raise taxes or cut programs. Just get the economy growing the way it used to.
It's Rule 5 Sunday!
My Advice to Young People
Over the last few years I've been freely dispensing financial advice to young people. I usually preface my remarks by saying, "I feel funny telling you what to do with your life, but since I'm bald you know I'm older and that I worry a lot." In the present article I'll summarize my recommendations. I am comfortable reproducing them for wide distribution, because they are conservative tips that would be appropriate in any setting, but are particularly important given my dire views on the Western economies.
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