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Last month, I discussed briefly the views of Murray Rothbard about The Difference Between the Market and the Bureaucracy. Subsequently I read an interesting essay by Rothbard entitled Why the Bureaucracy Keeps Getting Bigger, which is adapted from Bureaucracy and the Civil Service in the United States, which originally appeared on September 14,…
I have to confess that when I completed my studies in economics with a PhD magna cum laude in 1969, I had never heard the names of the great contemporary “Austrian School” economists such as Friedrich von Hayek (1899 – 1992), Ludwig von Mises (1881 – 1973), and Murray Rothbard (1926 – 1995). Later, when I acquired my book collection relating to…
The Association of Mature American Citizens (Amac), published in January an article entitled The Biden Legacy: Nearly a Trillion in Improper Payments by Rachel Greszler who wrote that, “The fiscal year 2024 data are in, and they show that the Biden administration has overseen a record $926 billion in improper and unknown federal payments since…
Tom McClellan (www.mcoscillator.com) wrote recently about the similarities between 1978/1980 oil stock bubble and the current period: “1980 was when President Reagan defeated the incumbent President Jimmy Carter to win election. Reagan's victory was both anticipated and celebrated by Wall Street, as he was seen as a ‘transformative’ candidate with…
Investors would do well and remember the words of Sir Arthur Conan Doyle who opined that “It is stupidity rather than courage to refuse to recognize danger when it is close upon you.” About tariffs, the great economic journalist Henry Hazlitt said: “And this brings us to the real effect of a tariff wall. It is not merely that all its visible…
The Financial Times recently reported that “Chinese consumers helped drive an unprecedented boom in the global luxury sector in recent years but a deepening slowdown in the crucial market is now taking its toll on some of the sector’s biggest names. Shares across the industry dropped this week after Dior owner LVMH, the world’s biggest luxury…
The inconvenient truth is that An Unprecedented Monetary Destruction Is Coming. In democratic societies, people love everything that causes inflation but hate the consequences, which are among others rising consumer prices. It is therefore, no coincidence that debt-to-GDP has increased in all western democracies over the last 40 or so years. Marc…
For the last few months, I have been going after work (that is for me around 3 am in the morning) to a rather unique place in the world, which to my knowledge only exists in Chiang Mai. It is the Muay Thai Loikroh Boxing Stadium, which consist of an elevated boxing ring that is not surrounded by ascending spectator galleries, which are common…
In Singapore, the Government Investment Corporation (GIC) acts as a sovereign fund (it manages close to US$ 800 billion.) It just reported its 5-, 10- and 20-year returns. Its annualized 20-year nominal return dropped to 5.8% from the 6.9% return it reported a year ago. “On an inflation-adjusted basis, the GIC’s 20-year return fell to a four-year…
To my surprise, the Bangkok Post published in early May 2024 a reader’s letter entitled A failed State? The letter to the editor of the Post referred to a column written by a professor entitled: “Thai police graft highlights bigger issues.” The failed State letter to the editor stated that, “The characteristics of a failed state include, but are…
Marc Faber