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The FDIC and the Follies of Modern Banking: Part 1
By David Kretzmann on September 1, 2009
When the Federal Reserve was signed into law in 1913, it was largely on the basis that the independent organization would assume the role of “lender of last resort” to struggling banks and institutions. This would allow the Fed to extend credit in order to prevent short-term economic hardships. As I wrote in my article, [...]
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Do Not Do That. Instead, Explain
By David Burns on March 8, 2010
Hatred toward, or paranoia about, a person’s government is not a trait monopolized by any one ideological group. It is an individual’s reaction to a real or perceived threat to control over his own destiny. While there is a long history of persons of various ideological backgrounds attacking the State, from the Reddist Reds to the most ardent Libertarians to [...]
The Peter Gibbons School of Economics
By David Burns on March 7, 2010
When Peter Gibbons (Ron Livingston) wasn’t hammering out TPS reports or watching Kung Fu with his soulmate Joanna (played by the lovely Jennifer Aniston), he was plotting the downfall of the evil Initech Corporation. Peter and his buddies, Micheal Bolton and Samir Nagheenanajar, would plant a computer virus in Initech’s accounting software that would take the fractional remainder of the company’s banking transactions and siphon them off into an account they had set up. If the caper worked, they would be set for life and no one would ever know the money was missing. The movie, Office Space (1991), became an instant classic and remains one of my favorites.
I Have My Limits
By David Burns on March 4, 2010
When it comes to listening or reading bad economics, I have my limits. I have thought about penning daily responses to the various bootlicking hacks that operate in the blogosphere, most notably Krugman’s little sister Berkeley economist Brad DeLong. Too bad I have discovered there is a limit to how much nonsense I can take.
Peak Oil: Did You Know?
By David Burns on March 2, 2010
Did you know that U.S government technocrats have been predicting the end of oil production since oil was first discovered in America in Titusville, Pennsylvania in 1866?
In 1866, shortly after the Pennsylvania discovery, the U.S. Revenue Commission told that nation that once oil production ended in America, as it expected, there would be no need [...]
What is an Olympic Gold Medal Worth?
By Jake Towne on February 27, 2010
“Paper money eventually returns to its intrinsic value — ZERO.” – Voltaire (1694-1778)
The world champion athletes at the Winter Olympics receive gold, silver, and bronze medals that contain roughly the same amounts of metal as the last Summer Olympics.
A gold medal contains 550 grams of silver and is layered with just 6 grams of [...]
