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Book Review: Free Market Revolution: How Ayn Rand’s Ideas Can End Big Government

In Free Market Revolution, co-authors Yaron Brook and Don Watkins, colleagues at the Ayn Rand Institute, undertook a difficult task. Since Ayn Rand made the case for egoism as the morality of capitalism in Atlas Shrugged (and more pointedly in Capitalism: The Unknown Ideal), numerous books have argued that free markets produce wealth, discussing various […]

High Frequency Trading

The financial press and alternative investing blogosphere is all abuzz about proposed German controls that attack High Frequency Trading (http://www.cnbc.com/id/49174317). Government always justifies its coercive intrusion into markets by appeal to a sense of the “public good”, and its interference never delivers the goodies as advertises (see my doctoral dissertation for a full explanation of […]

Book Review: The Golden Revolution

There are many books on the market today about the coming collapse of the global dollar-based monetary system. Many of them purport to help the reader “profit” from the collapse(!) Others are filled (just like the blogosphere from which they often come) with dark, conspiratorial whispers, psychologizing of leaders in government and finance, and preposterous […]

In Defense of the Corporation

© April 28, 2012 by Keith Weiner Today, the government of the USA is in an accelerating transition. For the first 100 years (with a few exceptions) the government of the USA existed to set man free from men. The rights of the people were respected by the law and by the courts. And it […]

Open Letter to Steve Keen

26/04/12 Keith Weiner Dear Professor Keen, I am a monetary scientist and a fan of some of your work. I admire the courage it took for you to call the Australian housing crisis as early as you did, and to make a bet that you would be right. But I came across this video (http://www.youtube.com/watch?feature=player_embedded&v=aqY_DYtp60s#), […]

Irredeemable Paper Money, Feature #451

I am writing this, having just returned from the fourth course at the New Austrian School of Economics, in Munich. The single biggest theme was the rate of interest and its linkage to prices. Kondratieff, among several others, have observed that rising prices lead to rising interest rates and vice versa. And the opposite case […]

Open Letter to M. Benjamin Bernanke to Discuss your Misunderstandings about Gold

Keith Weiner New Austrian School of Economics Gold Standard Institute M. Benjamin Bernanke Chairman of the Federal Reserve Re: Open Letter to Discuss Your Misunderstandings About Gold Keith Weiner Dear M. Bernanke: You have publicly gone on record with some off-the-wall assertions about the gold standard. What made you think you could get away with […]

A Politically Incorrect Look at Marginal Tax Rates

In my last piece, The Laffer Curve and Austrian Economics, I argued that the “Laffer Maxima” moves depending on where the economy is in the boom-bust credit cycle. I used an example of a marginal restaurant business in the bust phase, which fails when the income tax rate on the people who live nearby rises […]

Broken Hedges

Peter Tchir wrote a piece yesterday describing yet another hole in the banks’ balance sheets: I am not sure I fully understand it, but to me it looks something like this: A bank has a duration mismatch. Its funding is short-term, which means it must be rolled over frequently. This subjects the bank to the […]

Capitalism: Death By A Thousand Cuts

Capitalism died when they decided to subsidize railroads for the sake of national prestige in the mid 19th century. Capitalism died when, to compensate for the consequences of subsidized railroads, they passed anti-trust laws in 1890, under which it is illegal to have lower prices, the same prices, and higher prices than one’s competitors. Capitalism […]