Feb 27, 2010
~ Walter Block, "You Are a Rotten Kid," LewRockwell.com, February 27, 2010
Feb 25, 2010
The recession is over.
~ Alan Greenspan, interview with Meet the Press, February 7, 2010
Feb 24, 2010
~ Milton Friedman, "The Monetary Studies of the National Bureau, 44th Annual Report," The Optimal Quantity of Money and Other Essays, Chicago: Aldine, pp. 261–284
The U.K. has been in Keynes overdrive for the past 18 months. The budget deficit is already more than 12 percent of gross domestic product, on a par with Greece. And while the Greeks are cutting spending, the British deficit is widening. Figures for January showed another fiscal blowout. At the same time, interest rates have been slashed to 0.5 percent. And the pound has slumped in value, which is supposed to boost demand for British goods, and help close the trade gap.
Just about everything possible has been done to encourage consumption. The results have been miserable.
Retail sales excluding gasoline in January fell 1.2 percent from the previous month, twice as much as economists forecast. The number of people receiving unemployment benefits jumped to 1.64 million in January, the highest level since April 1997. The yield on U.K. government debt is now higher than on Spanish or Italian bonds, a sure sign that investors are losing faith in the country’s ability to pay its debts. The inflation rate has also accelerated to 3.5 percent.
In reality, Britain has the worst of all possible worlds: a stagnant economy, a crippling budget deficit and rising prices.
~ Matthew Lynn, "Deathbed of Keynesian Economics Will Be in U.K.," Bloomberg.com, February 23, 2010
Feb 17, 2010
There has never been a program of this scale, moved at this speed, that has been enacted as effectively and as transparently as the Recovery Act.
~ President Barack Obama, "Obama says stimulus bill saved troubled economy," Associated Press, February 17, 2010
"Soros Warns Gold May Be the Next Bubble to Burst", Bloomberg, January 28, 2010
Feb 14, 2010
~ Gary D. Barnett, "Terrorism Is Terrorism: An American Contradiction in Terms," LewRockwell.com, February 13, 2010
Feb 12, 2010
~ Marc Faber, speaking at the Troika Dialog Forum in Moscow, February 5, 2010
Feb 11, 2010
~ Frédéric Bastiat
Feb 10, 2010
While an extraordinary amount of money for Main Street, there are some baseball players who are making more than that and don’t get to the World Series either, so I’m shocked by that as well.
~ President Barack Obama, "Obama Doesn’t ‘Begrudge’ Bonuses for ‘Savvy’ Blankfein," Bloomberg, February 9, 2010
Feb 2, 2010
You may be wondering – forget the 1930’s, these policies of Bernanke, are they not the same interventionist policies pursued only recently by former Federal Reserve Chairman Greenspan, the kind of policies that preceded not only the recent Housing Bust and Credit Implosion, but the Savings and Loan Crisis, the Peso Crisis, the Asian Crisis, Long Term Capital Management and the Tech Bust too.
The answer of course is yes.
You even may have noticed a disturbing pattern; that being, each crisis begets a larger interventionist response, yet before long we find ourselves in the midst of the next, even bigger crisis. You may then be tempted to conclude that despite repeated and ever growing monetary largesse, despite repeated and growing government intervention in the economy, the crises are getting bigger and bigger and bigger.
~ Michael Pollaro, "Ben Bernanke, Worthy of Person of the Year?," True/Slant, January 4, 2010