Category Archives: Economy

John Maynard Keynes’ Influence At Harvard Business School, And Beyond

Debt, Economy, Political Economy, Socialism

Interesting points about what the procession of Harvard Business School elites has wrought on the American economy were made on Tucker Carlson Tonight. Making them was Duff McDonald, author of The Golden Passport.

Nothing in the interview was said about the baleful contribution of John Maynard Keynes’s credit and consumption-based voodoo economics on the entrenched thinking at Harvard Business School, and on world political establishment. (That’s not to say Keynes’ “politically inspired economic theory” is not covered in the book. It could well be.)

Because consumption is its be-all and end-all, consumer confidence is crucial to the Cult of Keynes. If the consumer is not crazy confident—even when he ought not to be—goes the “thinking,” he’ll quit consuming until he drops. In short, Keynesian economic animists hope that the holy spirit of “confidence” will enter the once bitten, twice shy lender, and make him lend. The same spell is supposed to mysteriously move the unemployed and penniless to spend.

In his wonderfully learned book, The Failure of the ‘New Economics, Henry Hazlitt summed-up the essence of Keynes’ General Theory: “The great virtue is Consumption, extravagance, improvidence. The great vice is Saving, thrift, ‘financial prudence.'” Duly, Keynes’ acolytes in all administrations are always vowing to make credit flow “the way it should.” Never mind that “all credit is debt,” and that, in Hazlitt’s words, “proposals for an increased volume of credit are merely another name for proposals for an increased burden of debt.”

Open Borders & GDP: Relying On One Statist Scam (GDP) To Promote Another

Debt, Economy, Free Markets, Government, IMMIGRATION, libertarianism, Paleolibertarianism

Ilya Somin, Professor of Law at George Mason University, states that “free migration throughout the world could potentially double world gross domestic product.”

Relying on the GDP measure to motivate for open borders is typical of the arguments made by lite libertarians.

The GDP measure is itself a state-driven metric. Official GDP numbers are deceptive because they chart—and include—the growth of government debt. In order to come to grips with America’s real economic prognosis, you must tease apart modest economic growth from the monstrous accretion of public debt.

“The GDP is a political construct, defined, tracked and manipulated by the D.C. political machine. GDP statistically conflates the growth of debt with economic growth.”

In a word, the good and surely sincere professor is relying on one statist scam, GDP, to promote another, centrally planned mass immigration.

Besides, a country is more than an economy.

TRUMP News Round-Up (March 26 – April 5)

Donald Trump, Economy, Foreign Policy, Free Markets, Gender, Healthcare, IMMIGRATION, Labor, Multiculturalism, Russia

As Steve Bannon Goes, So Goes the Promise of …

Is the foreign policy promised on the way out: America First?

Surveillance:

Ivanka milking the equal-pay nonsense:

Let’s have more of Melania, less of busybody Ivanka:

Yes to Dana Rohrabacher:

Job numbers are looking good, but not to our mad-hatter media:

No wonder DC dislikes Putin; he likes Russia just the way she is:

ForeignAffairs.com is getting religion on immigration restriction.

Julian Assange: They used him.

MICHAEL FLYNN: throwing him under the bus was probably WRONG, don’t you think?

Democrats in healthcare? Is this why we gave Trump the presidency and both chambers?

Robert Redford: The actor believes his own hype.

The best people are NOT in the Trump admin: Michele Bachmann, Phil Haney, Kris Kobach.

Ivanka’s office is way too close.

The CIA, America’s political police:

Leave Deep Space to the private sector:

Keeping bad company: Condoleezza Rice:

Supply and Demand is immutable, natural law, but … but …

Freedom Caucus: Thanks!

Equal-Pay Idiocy Refuted

Economy, Free Markets, Gender, Labor, Logic, Reason

The logic is as simple as it is foolproof. An “air-tight free-market argument,” as I explained: “If women with the same skills as men were getting only 78 cents for every dollar a man earns, men as a group would have long-since priced themselves out of the market. That entrepreneurs don’t ditch men en masse for women suggests that different abilities and experience are at work, rather than a conspiracy to suppress women.”  (“The Week of Whining Womin”)

The logic is not, however, female proof.

Ridiculous: