The Sins of Our Fathers: Interest and the National Debt

By |2016-02-21T19:35:17-05:00January 20th, 2016|

According to the United States Treasury, the total national debt is $18.2 trillion. The annual, average interest rate on the debt as of July of 2015 is 2.3%, down from 2.4% in July of 2014. Here’s why that’s a problem. Low interest rates mean low carrying costs for debt. If the interest rate is [...]

The National Debt: Betraying Our Ancestors & Our Children

By |2016-01-16T13:01:00-05:00December 14th, 2015|

The national debt has surged more than half a trillion dollars in the last three weeks, as the suspension of the debt ceiling in late October has allowed the government to borrow as much as it wants. — Report in The Washington Examiner America’s national debt is approaching $19 trillion, and has surged over the least [...]

Legal Realism and ’Public Choice’ Economics

By |2018-12-05T11:52:54-05:00November 20th, 2014|

The musty old document that supposedly governs this country, the Constitution of the United States put into practice way back in 1789, makes no provision for the governmental institution that has proven the most influential of our time: the Federal Reserve. About the only clause in the whole multi-page document that might even remotely [...]

Bernanke Channels Nixon, Revives “We’re All Keynesians Now!”

By |2014-01-13T15:36:27-05:00October 4th, 2012|

At the famous Federal Reserve confab at Jackson Hole, Wyoming, Chairman Ben Bernanke laid the groundwork for Quantitative Easing III. He couldn’t contain himself about how well the first two versions of the big Fed asset-purchase program had turned out over the last few years—unemployment is down from the peak and all that. Bernanke [...]

Romney’s 400 Economists Made One Big Whiff

By |2014-01-24T10:05:38-05:00September 14th, 2012|

Mitt Romney A group of top economists, among them any number of Nobel laureates, signed a letter endorsing Republican presidential candidate Mitt Romney’s economic plan. These economists indicated that as president, Romney would do six salutary things. Romney would reduce taxes, control spending, limit and improve regulation, make social security and Medicare [...]

Chairman Bernanke Buries the Phillips Curve: Bravo!

By |2013-12-20T11:22:34-05:00April 9th, 2012|

Federal Reserve Chairman Ben Bernanke has been taking a lot of flak for his series of speeches at George Washington University over the last few weeks. Commentators have marveled at his mischaracterization of the gold standard and his defensiveness at the suggestion that loose Fed monetary policy of the early and mid-2000s played a [...]