BankNotes Archive – June 2018

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BankNotes Articles from June 2018

Continuing to Ponder Income Tax and Social Security

June 1, 2018

by R. Nelson Nash Let’s begin this pondering session with a definition of the term statism. Statism is the principle or policy of concentrating extensive economic, political, and related controls in the state at the cost of individual liberty. A statist is one whose fundamental belief system is fully grounded in … Read more

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Want to Be Valuable? Study History. Here’s Why

June 1, 2018

In a globalizing economy, the study of history is more relevant than ever. by Maarten van Doorn Albert Einstein is supposed to have said: Never memorize what you can look up in a book.” In Einstein’s days, books were unequaled as a source of information. We, on the other hand, … Read more

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Saving — not Spending — Is the Engine of Economic Growth

June 1, 2018

Frank Shostak Most economists concur with the view that what keeps the economy going is consumption expenditure. Furthermore, it is generally held that spending, rather than individual saving, is the essential condition for production and prosperity. Savings is seen to be detrimental to economic activity as it weakens the potential … Read more

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7 Lessons Business Owners Can Learn from Austrian Economics

June 1, 2018

Fernando Monteiro D’Andrea Apart from dealing with government intervention, understanding markets is probably the most challenging task of any business owner or entrepreneur. It was for good reason that Ludwig von Mises insisted that economists and institutions that teach economics go out of their way to share economics theory with business … Read more

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Work in the Private-Law Society

June 1, 2018

By Michael S. Rozeff A private-law society has no government safety net. In 2011, the Congressional Research Service found that the federal government had 83 welfare programs that were costing over $1 trillion. Welfare is the largest component of government spending. One trillion dollars is like 50 million people x $20,000 … Read more

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Why Fractional Reserve Banking Poses a Threat to Market Stability

June 1, 2018

Robert P. Murphy On April 16, 2018 I participated in a debate with George Selgin, hosted by Gene Epstein’s Soho Forum. I was arguing in the affirmative for the resolution: “Fractional reserve banking poses a threat to the stability of market economies.” The full video is available here (and note that some of … Read more

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Interest-Only Loans

June 1, 2018

By L. Carlos Lara [Reprinted from the March 2018 edition of the Lara-Murphy-Report, LMR] The World Population Clock1 is currently registering 7.6 billion people on the planet. Among those 7.6 billion people, Forbes2 has identified only 2,208 individuals who are billionaires from 72 different countries. Based on this information our chances of … Read more

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