recession
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Budgets/TaxesFeatured
Ludwig von Mises and the Austrian Theory of Inflations and Recessions
by Richard Ebeling October 21, 2014Eighty years ago, in the autumn of 1934, there appeared in English one of the most important books on money and inflation penned in the twentieth century, The Theory of Money and Creditby the Austrian economist, Ludwig von Mises. Even eight decades later, it still offers the clearest analysis and understanding of booms and busts, inflations and depressions.
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EconomicsFeatured
Garth Brooks in Ireland: A Tale of Bureaucratic Insanity
by John Engle July 9, 2014A cautionary tale about the pitfalls of bureaucratic incompetence played out in Ireland over the last several days. American country music star Garth Brooks was scheduled to play five concerts in the Croke Park arena, one of the largest venues in the country. In all, 400,000 tickets were sold. That is an astonishing number, considering Ireland’s population is just under 4.6 million. Close to one in ten citizens was planning to attend!
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According to the Commerce Department, the economy based on its Gross domestic product–the value of its goods and services–fell at a seasonally adjusted annual rate of 2.9% in the first quarter of this year. That was the largest recorded drop since the end of World War II in 1945!
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The American Dream is one of the driving concepts in our country’s national story, one that occupies a special place in the national discourse. It is a sort of national ethos, born out of various statements of the Founding Fathers, particularly Thomas Jefferson’s in the Declaration of Independence: “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.”
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President Obama seems committed to forcing the minimum wage up through federal intervention. If he succeeds, it will only damage the economy further, resulting in higher unemployment and less growth. Here are four reasons a minimum wage is a bad idea.
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In campaigning for the presidency, Barrack Obama inspired popular support of millions of voters by eloquently promising to “transform” America with “fundamental” change. Now his popularity is at its all-time…
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In campaigning for the presidency, Barrack Obama inspired popular support of millions of voters by eloquently promising to “transform” America with “fundamental” change. Now his popularity is at its all-time low, his signature legislation, Obamacare, has been a disaster, his highly touted—and extremely expensive—stimulus program has failed. He has done nothing to lower the federal debt or tackle the future insolvency of Social Security, Medicare or Medicaid.And the economy continues to stumble 58 months after the recession officially ended.
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Even so, you do not have to be smart with numbers to know that the real state of the U.S. economy is pathetic these days. You can thank Barack Obama for that because, dear reader, he is utterly clueless regarding America’s economy; how it works, and what it needs to work.
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Today, more than any time, arguably, since the Great Depression, the prospects for improved housing outcomes are dimming for both the American middle and working classes. Not only is ownership dropping to twenty-year lows, there is a growing gap between the amount of new housing being built and the growth of demand.
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In 2013 the price of gold bullion lost 28 percent and closed near its low for the year. It was the first annual decline since 2000 and the worst since 1981. Gold ETFs experienced record redemptions, shrinking the funds 33 percent by year end, but they were the exception. Marcus Grubb, Managing Director of the World Gold Council, reported, “2013 has been a strong year for gold demand across sectors and geographies, with the exception of western ETF markets.” While investors were leaving ETFs, demand for gold jewelry, bars and coins was increasing, as were purchases by central banks. Globally, consumer demand increased 17 percent for gold jewelry and 28 percent for bars and coins.
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Environment/EnergyFeatured
Forty Years Ago, Scarcity Was Our Reality
by Marita Noon November 4, 2013October 17 was the fortieth anniversary of the oil embargo slapped on America by the Organization of Petroleum Exporting Countries (OPEC). That action changed the entire geopolitical map by taking the power from the United States and giving it to the Middle East. As a result of the embargo, America slid into a serious recession.
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Budgets/TaxesEconomicsFeatured
Economies, National Debts and Gold
by Edmund Contoski September 16, 2013A general optimism prevails in the United States and Europe that the economies have finally turned the corner and growth is resuming. Don’t get too excited.
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EconomicsFeaturedPolitics
Economically, Could Obama Be America’s Worst President?
by Peter Ferrara June 3, 2013As the Wall Street Journal summarized in its August 25-26, 2012 weekend edition, “For household income, in other words, the Obama recovery has been worse than the Bush recession.”