This scheme makes money a hot potato burning the hands of anyone holding it more than three seconds. It destroys savers. And it destroys the formation of capital that is the seed corn of future growth. It turns every principle of sound economics on its ear. It is not economics, in fact. It is anti-economics. Any economist proposing it should be stripped of his title.
In a 2009 article, the Huffington Post went into considerable detail about the number of people with PhD degrees in economics employed by the Board of Governors of the Federal Reserve System. This is the government’s branch of the Federal Reserve. It is not one of the 12 regional Federal Reserve banks, all of which …
The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the person of inferior emotional balance or the get-rich-quick adventurer. They will die poor. – Jesse Livermore, How to Trade in Stocks The trouble with capitalism’s guardians is that they …
As the world gets more digital, people forget about the benefits of transacting in cash. And government officials know that.
While the world has evolved over the centuries, human emotions have remained the same — happiness, sadness, jealousy, greed, fear. The ruling class and working class are equally afflicted by these emotions. Seeking the easy option is another human frailty that has stood the test of time. It is for these reasons we are destined …