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adamcrowe + economics   2256

The Foldvarium -- Malspeculation
'The 19th-century economist and social philosopher Henry George developed the theory of the business or trade cycle based on malspeculation in land value, although he did not use that term. Such malspeculation would not occur in a pure free market, thus the “business” cycle should more accurately be called "the interventionist cycle" or "the economic distortion cycle." There are two major interventions that cause malspeculation. First is an injection of money into the banking system, an increase in loanable funds not caused by higher savings but by money expansion. The resultant cheap credit fuels both malinvestment and malspeculation in real estate. When the money injections stop, interest rates rise back up, and such projects and purchases slow down and stop. When land values stop rising, speculators sell, and the fall in land values brings down the financial sector that provided the mortgages. Malspeculation carries land values beyond that warranted by the rents. Henry George called this a lockout of labor and capital. With the use of real estate now unprofitable and unaffordable, land values crash. -- The boom-bust real estate and economic distortion cycles have repeated for that past 200 years, yet the 2008 crash surprised not just malspeculators but also economists, financial analysts, and governmental officials. The reason the cycle recurs is that, as the philosopher Hegel observed, people do not learn from history. Or they learn the wrong lessons. They shun Georgist theory, and thus become mal-economists, mal-financiers, and mal-authorities. Add “malspeculation” to your dictionary. Malspeculation is a vital concept that curiously has not had a name, because the role of land in the boom-bust cycle has not been appreciated. The Crash of 2008 was caused by malspeculation, and so the word will find the light of day.'
economics  land  rentseeking  malinvestment  businesscycle  landcycle  malspeculation  FredFoldvary 
7 days ago by adamcrowe
YouTube -- Rewarding Irresponsibility....
'It's the NEW AMERICAN WAY....' -- Keeping those land prices high
economics  land  banking  mortgage  bubble  deflation  debt  greatestdepression 
11 days ago by adamcrowe
Peter Thiel’s CS183: Startup - Class 3 Notes Essay
'People often talk about “first mover advantage.” But focusing on that may be problematic; you might move first and then fade away. The danger there is that you simply aren’t around to succeed, even if you do end up creating value. More important than being the first mover is being the last mover. You have to be durable. -- The really valuable businesses are monopoly businesses. They are the last movers who create value that can be sustained over time instead of being eroded away by competitive forces. -- An interesting question is why most people seem biased in favor of perfect competition. To start, perfect competition may be attractive because it’s easy to model. That probably explains a lot right there, since economics is all about modeling the world to make it easier to deal with. Perfect competition might also seem to make sense because it’s economically efficient in a static world. Moreover, it’s politically salable, which certainly doesn’t hurt. But the bias favoring perfect competition is a costly one. Perfect competition is arguably psychologically unhealthy. Every benefit social, not individual. But people who are actually involved in a given business or market may have a different view—it turns out that many people actually want to be able to make a profit. The deeper criticism of perfect competition, though, is that it is irrelevant in a dynamic world. If there is no equilibrium – if things are constantly moving around—you can capture some of the value you create. Under perfect competition, you can’t. Perfect competition thus preempts the question of value; you get to compete hard, but you can never gain anything for all your struggle. Perversely, the more intense the competition, the less likely you’ll be able to capture any value at all. Thinking through this suggests that competition is overrated. -- If globalization had to have a tagline, it might be that “the world is flat.” We hear that from time to time, and indeed, globalization starts from that idea. Technology, by contrast, starts from the idea that the world is Mount Everest. If the world is truly flat, it’s just crazed competition. The connotations are negative and you can frame it as a race to the bottom; you should take a pay cut because people in China are getting paid less than you. But what if the world isn’t just crazed competition? What if much of the world is unique? In high school, we tend to have high hopes and ambitions. Too often, college beats them out of us. People are told that they’re small fish in a big ocean. Refusal to recognize that is a sign of immaturity. Accepting the truth about your world – that it is big and you are just a speck in it – is seen as wise. That can’t be psychologically healthy. It’s certainly not motivating. Maybe making the world a smaller place is exactly what you want to do. Maybe you don’t want to work in big markets. Maybe it’s much better to find or make a small market, excel, and own it. And yet, the single business idea that you hear most often is: the bigger the market, the better. That is utterly, totally wrong. -- Well-defined, well-understood markets are simply harder to master. Hence the importance of the second clause in the question that we should keep revisiting: what valuable company are other people not building?'
economics  business  entrepreneurship  competition  monopoly 
19 days ago by adamcrowe
Peter Thiel's CS183: Startup - Class 1 Notes Essay
'Progress comes in two flavors: horizontal/extensive and vertical/intensive. Horizontal or extensive progress basically means copying things that work. In one word, it means simply “globalization.” Consider what China will be like in 50 years. The safe bet is it will be a lot like the United States is now. Cities will be copied, cars will be copied, and rail systems will be copied. Maybe some steps will be skipped. But it’s copying all the same. -- Vertical or intensive progress, by contrast, means doing new things. The single word for this is “technology.” Intensive progress involves going from 0 to 1 (not simply the 1 to n of globalization). -- It’s worth noting that globalization and technology do have some interplay; we shouldn’t falsely dichotomize them. Consider resource constraints as a 1 to n subproblem. Maybe not everyone can have a car because that would be environmentally catastrophic. If 1 to n is so blocked, only 0 to 1 solutions can help. Technological development is thus crucially important, even if all we really care about is globalization. -- Teaching vertical progress or innovation is almost a contradiction in terms. Education is fundamentally about going from 1 to n. -- Companies exist because they optimally address internal and external coordination costs. In general, as an entity grows, so do its internal coordination costs. But its external coordination costs fall. Totalitarian government is entity writ large; external coordination is easy, since those costs are zero. But internal coordination, as Hayek and the Austrians showed, is hard and costly; central planning doesn’t work. The flipside is that internal coordination costs for independent contractors are zero, but external coordination costs (uniquely contracting with absolutely everybody one deals with) are very high, possibly paralyzingly so. Optimality—firm size—is a matter of finding the right combination. Size and internal vs. external coordination costs matter a lot. North of 100 people in a company, employees don’t all know each other. Politics become important. Incentives change. Signaling that work is being done may become more important than actually doing work. These costs are almost always underestimated. The familiar Austrian critique dovetails here as well. Even if a computer could model all the narrowly economic problems a company faces (and, to be clear, none can), it wouldn’t be enough. To model all costs, it would have to model human irrationalities, emotions, feelings, and interactions. Computers help, but we still don’t have all the info. And if we did, we wouldn’t know what to do with it. So, in practice, we end up having companies of a certain size. Anyone on a mission tends to want to go from 0 to 1. You can only do that if you’re surrounded by others to want to go from 0 to 1. That happens in startups, not huge companies or government.'
coordination  economics  business  technology  #ubiquity  #specialization  hackersvsvectoralists  retribalization 
19 days ago by adamcrowe
Wikipedia -- The Landlord's Game
'The Landlord's Game is a board game patented in 1904 by Elizabeth Magie as U.S. Patent 748,626. It is a realty and taxation game, which is considered to be a direct inspiration for the board game Monopoly. Though many similar home-made games were played at the beginning of the 20th century and some predate The Landlord's Game, it is the first of its kind to have an attested patent. Magie designed the game to be a "practical demonstration of the present system of land grabbing with all its usual outcomes and consequences". She based the game on the economic principles of Georgism, a system proposed by Henry George, with the object of demonstrating how rents enrich property owners and impoverish tenants. She knew that some people could find it hard to understand why this happened and what might be done about it, and she thought that if Georgist ideas were put into the concrete form of a game, they might be easier to demonstrate. Magie also hoped that when played by children the game would provoke their natural suspicion of unfairness, and that they might carry this awareness into adulthood.'
games  boardgames  economics  simulation  landlordism  georgism  geoism 
9 weeks ago by adamcrowe
Land: The Forgotten Factor by Henry George Foundation
'Failure to make the relationship of people to land the starting point for the study of modern economics has led to a proliferation of complicated, contradictory theories and to an imprecise use of terms. Since governments and major industries rely heavily on the advice of economists in making their decisions, the consequences of this confusion affect us all. #Land and Capital: The confusion between ‘land’ and ‘capital’ is particularly damaging to clear thought, because the two entities behave in utterly different ways in the process of wealth production: #1. Land is not produced by human beings at all, while capital is produced entirely by human activity (labour) operating on land. ... -- Ignoring the real nature of land and treating it as the private property of individuals has caused the human race much trouble and misery. Recognising this mistake gives us the opportunity to base our economy on a system of natural justice which will lead to a fairer, more prosperous and happier society.'
economics  geoism  land  rentseeking  "capitalism" 
january 2012 by adamcrowe
The Great Crash of 2008 by Mason Gaffney
'Like all cartels, the unconscious combination of land speculators creates a "price umbrella" under which new resources enter the market. Students of cartels recognize a "price-umbrella syndrome". Cartels create an artificial scarcity of a resource or product and an artificially high "price umbrella" to shelter new competitors who come from outside the cartel. Previously marginal or untapped resources enter the market, often irreversibly. In urban growth, the cycle periodically thus creates an artificial surplus of half-developed land (graded, perhaps, roaded, platted, but lacking buildings). Other new land is even less than half-developed: accessed by new freeways, state highways, or county roads, but not even subdivided. At the same time, the lavish use of durable capital to bring settlers to all this marginal land creates a shortage of liquid capital, a shortage of loanable and investible funds, a rise of interest rates and a tightening of credit. The writer has analyzed elsewhere this lavish, irreversible misallocation of capital (Gaffney, 1976). Austrian cycle theorists have dwelt on this tilting of what they call "the structure of production", with too much capital getting sunk irrecoverably in what they call "higher order" goods. Well and good, they are onto something big and vital. Unfortunately, though, they find its cause solely in "forced saving" from bank expansion, with no reference at all to its "geo-economic" roots, and the role of inflated land collateral enabling bank expansion. Worst of all, they see no remedy except forcing down wage rates. -- Skeptics will wonder how we can take more taxes from rents when they are falling. Here is the key: the effect of untaxing trade, capital formation, enterprise, labor, and production is to raise and sustain land and resource rents as a tax base. This does not work through raising asking and holdout prices, but rather by raising bid prices, activating the market.'
history  economics  land  rentseeking  landcycle  businesscycle  MasonGaffney  geoism 
january 2012 by adamcrowe
The Daily Bell -- Premature Obituaries by Antal Fekete
'I describe the present economic crisis in terms of economic resonance. The economy experiences oscillating money-flows between the commodity market and the bond market. When money flows from the bond market to the commodity market we witness the inflationary phase of the cycle. Inevitably, rising interest rates accompany this phase. At the top of the cycle the money-flow will reverse itself and will go from the commodity market to the bond market. This is the deflationary phase of the long-wave cycle that, no less inevitably, is accompanied by falling interest rates. These huge money-flows are driven by speculation. When the central bank intervenes in the market to control the rise of interest rates, it inadvertently makes prices fall; and when it intervenes to stop prices from falling, it inadvertently makes interest rates rise. The upshot is that the central bank intervention, rather than tempering movements, aggravates them. This is the fundamental flaw of Keynesian economics. At the present junction the Fed is buying bonds to combat deflation. Bond speculators know this and will buy the bonds first, driving down interest rates in the process. The result is more deflation, not less. The Keynes-inspired central bank action is counter-productive. Policymakers are blind and don't see this. They stick to their self-defeating monetary policy. They actually become the quartermaster general of the depression they are trying to avoid. As if cursed by a particular kind of madness, policymakers saddle society with the vampire of risk-free speculation. They turn the constructive energy of stabilizing speculation into a most destructive kind of energy: destabilizing speculation. The problem cannot be cured because bond speculation cannot be eliminated.'
economics  centralbanking  debt  deflation  biflation  greatestdepression  AntalFekete 
january 2012 by adamcrowe
Socio-Economics by Fred E. Foldvary
'Socio-economics recognizes that the market process includes both competition and cooperation. It encompasses institutions as well as individual behavior, and recognizes sympathy with others as an important human motivator along with self-interest. Socio-economics views rationality more broadly than the narrow rational-expectations approach of neoclassical economics. Socio-economics encompasses both economic reality (positive economics) and social justice (normative economics). The moral dimension of socio-economics is in tune with the geoclassical economics of Henry George, who melded economics and ethics. To George, there is a harmony between morality and economic efficiency, since the policy that maximizes productivity is also morally just. That geoist policy is the full ownership of wages by the worker and the equal distribution of land rent either as dividends or for public revenue. A key interest of socio-economists such as Robert Ashford has been the failure of economics to perform to their maximum productive capacity, with unutilized labor and underutilized land and capital goods. Georgist economics explains why this occurs. Land speculation, pricing land at expected higher future values, prices land too high for current investment, causing investment to slump. Secondly, taxes on labor and enterprise create an excess burden of misallocated resources. Third, central-bank-distorted interest rates create artificial stimuli that create the waste of unprofitable real-estate development. All these distortions prevent the full use of labor and other resources.'
economics  geoism  land  rent  rentseeking  malinvestment  landcycle  businesscycle  FredFoldvary 
january 2012 by adamcrowe
The LVTC blog -- Something Murky From the Past by Henry Law
'If one believes that land can be owned like any resource, then men can be owned and that makes slavery acceptable. On the same principle it would even be acceptable to own all the oxygen on the planet if some means could be found to enclose it by extracting it all. We in the Campaign are realistic and accept that we are where we are and have to move forward. Nobody here is suggesting that land titles should be taken away from their owners or that land should be nationalised. But the old injustice continues as land value is something that is continuously sustained and re-created by the presence and activities of the community today. There is an ongoing theft as this value is privately appropriated. Our case is that the stealing of this ongoing wealth stream should stop, through collection of the rental value of and its use as the main source of public revenue. This would make it possible to get rid of that other institutional theft, the taxation of human labour and its products.'
economics  geoism  land  landlordism  rentseeking  statism  poverty 
december 2011 by adamcrowe
Our Enemy, The State by Albert J. Nock
'Bearing in mind that the State is the organization of the political means - that its primary intention is to enable the economic exploitation of one class by another - we see that it has always acted on the principle already cited, that expropriation must precede exploitation. There is no other way to make the political means effective. The first postulate of fundamental economics is that man is a land-animal, deriving his subsistence wholly from the land. His entire wealth is produced by the application of labour and capital to land; no form of wealth known to man can be produced in any other way. Hence, if his free access to land be shut off by legal predmption, he can apply his labour and capital only with the land-holder’s consent, and on the landholder’s terms; in other words, it is at this point, and this point only, that exploitation becomes practicable. Therefore the first concern of the State must be invariably, as we find it invariably is, with its policy of land-tenure.'
economics  geoism  land  landlordism  rentseeking  statism  parasitism 
december 2011 by adamcrowe
Geolibertarian -- Who are the Geolibertarians?
'We Geolibertarians distinguish ourselves from right-wing, "royal" libertarians by our profound respect for the principle that one has private property in the fruits of one's labor. This includes the fruits of mental labor and the results of reinvestment of legitimate private property (capital) in future production. We remain consistent in that respect by recognizing, as did the classic liberals, that land and raw natural resources are not the fruits of labor, but a common heritage to be accessed on terms that are equal under the law for everyone. The statist system of land tenure empowers non-producing landlords to extract the fruits of tenants' labor. We also consider ourselves "green" in our respect for the earth as our common heritage. However, we clearly distinguish between land as common property and land as state property. Unlike left-wing or "watermelon" greens, we advocate governance of land in harmony with free market principles, and deny the right of statist bureaucracies to meddle in the affairs of individual land holders. We see ourselves as embracing the best attributes of the Green and Libertarian parties. Geolibertarians also believe in free trade, with no state support for monopoly privileges of any kind. We therefore oppose money monopolies, information monopolies, a host of lesser monopolies, and most of all, monopoly of the power to govern, as embodied by statist political systems.'
economics  land  geoism  geolibertarianism  geoanarchism 
december 2011 by adamcrowe
The Business Cycle: A Geo-Austrian Synthesis by Fred E. Foldvary
'The geo-economic remedy for the cycle is the public collection of rent (PCR), also known as land-value taxation (LVT). When future rents are collected, the profit is taken away from real-estate speculation. The Austrian remedy for credit manipulation is free banking (Selgin, 1988), a banking system without a central bank, with unrestricted branches and with competitive private bank notes ("money substitutes" redeemable into base money such as gold or a frozen quantity of federal reserve notes). Hence, the geo-Austrian policy to eliminate the major business cycle would be the combination of PCR/LVT and free banking. The collection of the land rent by governments or by voluntary civic associations (Foldvary, 1994) would also provide revenue without interfering with price and profit signals, and without hampering the entrepreneurs who, in Austrian theory, play a key role in economic advancement. -- The 18-year cycle in the US and similar cycles in other countries gives the geo-Austrian cycle theory predictive power: the next major bust, 18 years after the 1990 downturn, will be around 2008, if there is no major interruption such as a global war.'
economics  businesscycle  austrianschool  landcycle  land  geoism  geoanarchism  FredFoldvary  * 
december 2011 by adamcrowe
CynicusEconomicus -- Austerity and Luxury
'It is fundamentally a problem of the politicians. They have their 'political philosophies, their 'causes', and their 'departmental interests', an eye on specific sectors of the electorate, and on top of this is simple inertia. That government must do x has become a state of mind, along with the belief that x is an absolute necessity for the government. ...they never do enough to address the problems of their reliance on borrowed money. As I have many times argued in this blog, it is a vicious cycle in which the more a country borrows, the more more the economy is structured to consume the resources of the borrowing, and the more dependent the economy is on ongoing borrowing. Increasing the borrowing sees further restructuring of the economy to service the debt, and reduction in borrowing sees the elements of the economy that are unable to survive without the borrowing exposed to the light of day. Then there is the positive feedback. The more borrowing in the economy, the more activity in the economy, the higher the GDP growth, and the greater the GDP growth, the greater the borrowing as the growth is taken to indicative of an ability to repay the borrowing. The greater the borrowing, the more the economy restructures to service the consumption that originates in the borrowing. And so it goes on.....and this is how we come to the current crisis.'
economics  government  debt  credit  inflation  bubble  malinvestment  crackupboom 
november 2011 by adamcrowe
The Daily Bell -- In Defense of the 1% by Peter Schiff
'...the idea that Occupy Wall Street protesters have a right to share directly in the private profits earned by others is immoral. The protesters were correct in being outraged by having to share in Wall Street's losses. But if they do not want to share the losses, they have no right to demand a share of the profits! One protester equated the low wages paid by Wal-Mart to slavery, yet thought the government should take 70% of my income. In the case of Wal-Mart, employees are free to choose other jobs. What choice would I have when faced with a 70% income tax? They call it "slavery" when Wal-Mart offers workers better opportunities than they could find elsewhere, and "justice" when government enslaves me by forcibly taking 70% of the fruits of my labor. Another protester challenged my claim that businesses create jobs by stating that consumers create the jobs by spending money. When I asked him where the consumers got their money, he replied "from their jobs," which actually proved my point. Without jobs, consumers have no purchasing power. And without production, there is nothing to purchase. I'm calling for these protesters to educate themselves on the causes of the current financial decline and not to waste their time attacking the wrong target.'
economics  greatestdepression  intergenerationalwarfare  discourse  PeterSchiff 
november 2011 by adamcrowe
YouTube -- Praxgirl: Praxeology - Episode 13: Capital
'In this lesson I introduce the concept of Capital and its importance in raising man's standard of living.'
praxeology  economics  capital  humanaction  time 
october 2011 by adamcrowe
YouTube -- ReasonTV: Peter Schiff Speaks for 1 Percent at Occupy Wall Street
'An unapologetic member of "the 1 Percent," Schiff argued with all comers for the better part of an afternoon.' -- That which is not seen.
economics  discourse  PeterSchiff 
october 2011 by adamcrowe
The Monetary Future -- Why the State Demands Control of Money by Hans-Hermann Hoppe
'On your territory, only you are permitted to produce money. But that is not sufficient. Because as long as money is a regular good that must be expensively produced, there is nothing in it for you except expenses. More importantly, then, you must use your monopoly position in order to lower the production cost and the quality of money as close as possible to zero. Instead of costly quality money such as gold or silver, you must see to it that worthless pieces of paper that can be produced at practically zero cost will become money. Because you can create paper money out of thin air, you can also create credit out of thin air. In fact, because you can create credit out of nothing (without any savings on your part), you can offer loans at cheaper rates than anyone else, even at an interest rate as low as zero (or even at a negative rate). With this ability, not only is your former dependency on banks and the banking industry eliminated; you can, moreover, make banks dependent on you, and you can forge a permanent alliance and complicity between banks and state. You don't even have to become involved in the business of investing the credit yourself. That task, and the risk involved in it, you can safely leave to commercial banks. What you, your central bank, need to do is only this: You create credit out of thin air and then loan this money, at below-market interest rates, to commercial banks. Instead of you paying interest to banks, banks now pay interest to you. And the banks in turn loan out your newly created easy credit to their business friends at somewhat higher but still submarket interest rates (to earn from the interest differential). In addition, to make the banks especially keen on working with you, you may permit the banks to create a certain amount of their own new credit (of checkbook money) in addition and on top of the credit that you have created (fractional-reserve banking).'
government  statism  mercantilism  centralbanking  fiat  credit  money  magick  grifting  rentseeking  parasistism  moralhazard  metastasis  malinvestment  bubble  collapse  businesscycle  economics  HansHermannHoppe 
october 2011 by adamcrowe
YouTube -- RenegadeEconomist: In conversation with: Steve Keen
"...the experts are running such large, sophisticated ponzi schemes that are so sophisticated they don't even know it is one."
economics  banking  credit  ponzi  SteveKeen 
october 2011 by adamcrowe
YouTube -- RussiaRoday: London Falling: Like a man eating his own leg
'Across the Atlantic, the global financial troubles have reached the UK, as it becomes the latest nation to feel the pinch. Rating's giant Moody's has downgraded 12 of Britain's financial firms and banks, including the Royal Bank of Scotland and Lloyds TSB. That comes after the Bank of England chief said the country's economy is at its lowest point since the 1930s if not ever. RT gets more on this from British Euro MP, Godfrey Bloom.' -- "If [money-printing] was successful, why doesn't he give money-printing machines to every family in the United Kingdom, that they could put in their attic and print money whenever they wanted to go buy something?"
economics  greatestdepression  debt  collapse  centralbanking  statism  socialism  keynesianism  QE  inflation  theft  fraud  counterfeiting  uk 
october 2011 by adamcrowe
CynicusEconomicus -- More QE, More Bank Bailouts....
'The complexity of the mess of the Euro area almost defies explanation as it encompasses the European banking system, the US banking system, the politics of individual countries, and the economics of a failed monetary union, past and present regulation, and the ratings agencies. Add in a dollop of media madness, and you have a situation of almost unbelievable complexity. Movements in the ratings then determines the solvency of the banks. The problems is that the ratings agencies might be described as useless in that they are reactive, rather than predictive. By the time that they react, the assets are already held by the bank as 'safe' and then become unsafe. With that 'unsafe' designation, the banks must then shore up their balance sheets.... What we now have is a situation in which banks are now sitting on a pile of 'safe' assets that are now 'unsafe'. It is all down to the idiocy of regulations from a bunch of supposedly smart people who actually thought that they could determine future risk. They didn't get the idea that, just by creating a system in which assets were deemed as 'safe', they would become 'unsafe'. As soon as an asset is declared as safe, thought and calculation, and the regulatory system itself creates an incentive to the over-issuance of the assets in question.'
economics  regulation  pricefixing  perverseincentives  greatestdepression 
october 2011 by adamcrowe
Market-Ticker -- OWS: Want To Turn The Tide?
'Was this all the "free market" at work? Absolutely not! Here’s the question when you get down to it: Do you want to fix this or not? If you do then the demand is not for “single-payer health care” or “free college educations” or “debt forgiveness.” Those demands, if you succeed in obtaining them, will make the problem worse. You will become more of a slave through those demands, not less. The demand you must issue is that all the special protections that are currently afforded by government are to be dropped. The government props under home lending are taken away. The government mandates that people be treated medically irrespective of ability to pay and are able to cost-shift their care to others go away. The non-dischargable nature of student loan debt goes away. You can’t fix this any other way folks. I am well-aware that this goes against the grain of “I need it right damn now” that has imbued our society, but mathematics simply doesn’t care about whether you agree or disagree. It just is.'
economics  america  debt  greatestdepression  intergenerationalwarfare  KarlDenninger 
october 2011 by adamcrowe
Asia Times Online -- China squeeze drives boom in 'black' banks
'About 3 trillion yuan (US$470 billion) of bank loans have been channeled into underground lending in the eastern coastal provinces, China Banking Regulatory Commission chairman Liu Mingkang told a recent closed-door conference with lenders. Companies are not alone in engaging in such lending businesses; individuals are welcome to join. Liu Chumei, a housewife in Liantan town in Yunfu city, in southern Guangdong province, close to Hong Kong, said credit companies had promised her family a 7.5% interest rate per month on deposits of 10,000 yuan. "Seeing the inflation rate is higher than the [official] deposit rate, we actually loose money putting our cash in the bank ... I would put my money in such credit companies if I had any, so I called some of my relatives in Hong Kong to see if they were interested," she said. "They refused on security reasons."'
economics  china  inflation  saversvsspeculators  greatestdepression  from delicious
september 2011 by adamcrowe
Paymaster Germany and the Endgame by Gary North
'Every time Merkel meets with Sarkozy in one of their "no, no, yes, yes" liaisons, European stock markets rise. There is some vague language about another round of bailouts. Investors rush in to buy, buy, buy. The fund managers are not rewarded to produce long-term capital gains. So, they cannot resist buying whenever Merkel and Sarkozy emerge from their tryst to tell the world that they are willing to let Germany bail out the Greek bond market one more time. This is great political theater. The funds' memos to major banks regarding the funds' refusal to roll over their short-term loans can go out at any time. No one wants to be the first fund to trigger a banking panic. But no one wants to be left holding the bag. This is why predictions regarding the day of reckoning are highly speculative. The major decisions will not be made by banks. They will be made by fund managers with large deposits at banks. The bankers are just sitting there, hoping for the best.'
economics  europe  socialism  debt  metastasis  moralhazard  greaterfool  collapse  greatestdepression  from delicious
september 2011 by adamcrowe
Why Land Rent Will Save The World
'In most countries, income tax plus sales tax plus all the other taxes come to around 40% of income. So if you need $100, you have to earn $167 just to pay the tax (because 167 -40% = 100). This means no work can be done unless it makes an instant 67% profit. If you earn very little you pay slightly less tax (but you still pay sales tax etc.), but for most kinds of work, tax is unavoidable. Now imagine you paid the same amount as last year, but this year it was a fixed land rent. All the previous work would still be done, at the same prices (so you could pay the same amount as before to the government), but any extra work is completely tax free. So all the "less than 67% profit" work would suddenly become profitable. -- With land rent, there are no hidden taxes: you know exactly what each government costs each person. So voting will have a clear price, just like buying any other product or service. If trust is abused, you simply choose a different government. Or make your own.'
economics  land  rent  geoism  from delicious
september 2011 by adamcrowe
YouTube -- Peter Schiff FULL Testimony Before Congress on Obama Jobs Bill 9/13/11
"The consequences are the exact opposite of the intent." -- That which is not seen.
economics  greatestdepression  PeterSchiff  from delicious
september 2011 by adamcrowe
Trade & Forfaiting Review -- The last word: Getting carried away...
'The case of Japan is cited as the reason why inflation will not take place in the UK and US. However, there is a fundamental difference between the UK, the US and Japan. During the period of the carry trade, Japan was generating a large current account surplus, so the flood of yen onto the market did not result in significant currency weakness. By contrast, both the UK and US have been (and continue) to run large current account deficits. In both cases the currency is already sitting on weak foundations and, therefore, export of the dollar and sterling into the carry trade will simply put more pressure on the value of those currencies. They are flooding the market with currencies for which there is already a potential over-supply. At the moment, the increase in money has not entered into the real economy, but it will do at some point. I suspect that it will be through the back door of the carry trade.'
economics  trade  carrytrade  QE  inflation  from delicious
august 2011 by adamcrowe
Trade & Forfaiting Review -- The last word: Cash and carry
'If you are a central banker in the destination country, it might be that the flood of carry-trade money could push inflation upwards. What is the central banker or policymaker to do? The ‘hot’ money flooding into their country might be causing an asset-price bubble, or inflation. Something must be done. The problem is this: if interest rates are increased, the incentive for the carry trade is likewise increased – and might even cause the inflow of even more ‘hot’ money. If the central bank targets low interest rates, then there is the possibility that this might end the carry trade, but at the cost of creating an internal stimulus to inflation. The strengthening of the destination country’s currency might, in turn, have a negative effect on the balance of trade and the export sector of the economy. Exports will fall... Despite this, assets in the destination will be going up, while the underlying performance of the economy will be going down (albeit disguised by the inflow of money).'
economics  carrytrade  trade  rentseeking  land  credit  inflation  biflation  bubble  from delicious
august 2011 by adamcrowe
CynicusEconomicus -- An Agenda for Gold?
Exporting inflation through the carry trade: '...if the money exits the economy via the carry trade, it will severely weaken both nations’ currencies and re-enter the economy through the back door of import-price inflation. For the proponents of QE, the lack of massive inflation is used as a justification for continuation of the policy. For those who are arguing for a return to gold, they can see that somehow, at some point in time, the massive expansion of the monetary base in QE countries must eventually see a rise in inflation. For the latter, they are not always clear in their understanding/explanation of why massive inflation has not taken place. However, their instinct that QE must eventually have a price is correct. Furthermore, the price is already being paid around the world as easy money has flooded into other economies. That in turn is creating distortions in markets, and those distortions will ripple back towards the countries that caused the problem in the first place.'
economics  inflation  QE  dollar  carrytrade  trade  from delicious
august 2011 by adamcrowe
YouTube -- Mike Maloney: Debt Collapse - $20,000 Gold (FULL PRESENTATION)
'Mike Maloney is the author of the world's best selling book on precious metals investing. Since 2003 he has been advocating gold and silver as the ultimate means of protecting wealth from the games played by our governments and banking sector. In this 90 minute presentation he lays down his 'most likely' scenario for the global economy over the next decade... short term deflation, followed by big or even hyperinflation. Here you will learn the true definitions of inflation/deflation, the difference between currency and money, price vs value, 'Wealth Cycles', gold and silver accounting for the expansion of fiat currency, gold and silver supply and demand, the differences between the today's bull market and that of the 1970s, The Debt Collapse, and more.' -- "Voodoo, hocus-pocus scheme."
economics  investing  businesscycle  centralbanking  fiat  fractionalreserve  debt  ponzi  bubble  collapse  gold  from delicious
august 2011 by adamcrowe
The Crack in the Ice by Gary North
'The Keynesian assumption has always been that lenders should invest money in government bonds. Government bond markets are the foundation of all Keynesian theories of counter-cyclical spending by governments. We never hear a unified cry from Keynesians in boom times that it is time to cut government spending and start paying off the government's debt. We are told that Keynes called for counter-cyclical policy in boom times, not just bust times. That meant running surpluses to reduce the debt. But we never see quotations from Keynes to this effect. We never see signed statements from Keynesian economists calling for debt reduction. There is a reason for this. Keynesian economics is welfare state economics. It has always been a cover for wealth-redistribution. Officially, this wealth redistribution has been justified in the name of helping the poor. Operationally, it has always been wealth transfers to very large banks.'
economics  statism  keynesianism  socialism  debt  inflation  theft  from delicious
august 2011 by adamcrowe
CynicusEconomicus -- Round 2?
'If you increase the workforce by 10% but only increase the resource by 5% then something is going to happen to the distribution of resources. ...the real reason for this crisis is not capitalism, but the actions of communist and socialist governments before they started the process of opening their economies. They created barriers to the integration of their labour force into the productive and enriching capitalist world economy, and then suddenly started 'dropping' the labour into the world economy at a rate that the capitalist system could not absorb. It is why we see the increasing divide in incomes between the rich and the rest. It is not the evils of capitalism, but rather the last terrible contribution of years of rejection of capitalism in countries like China and India. They created a flood of new labour into the world economy, and the result is that labour has been devalued. ...the fundamental causes...[:] government constraints and interference with free market capitalism.'
economics  "capitalism"  statism  statecapitalism  corporatism  deindustrialization  deflation  casinogulag  greatestdepression  from delicious
august 2011 by adamcrowe
Socionomics Institute -- Sociometrics: Applying Socionomic Causality to Social Forecasting
'Social action is the eventual result of social mood change, not the cause of social mood change. Cautious businessmen cause recession. A happy population makes leaders appear talented. Depressed and fearful people are susceptible to epidemics. Increasingly optimistic people make the stock market rise. Outraged people seek out scandals. A desire to speculate fosters the availability of derivatives. Fearful and angry people make war. People who want to smile choose happy music. Nervous people test nuclear bombs. -- A Temporal Continuum of Socionomic Response: Socionomic actions fall along an open-ended continuum of delay following the initial impetus from social mood, from immediate (e.g. stock market trends) through intermediate (e.g. styles of popular entertainment) to eventual (e.g. climates of peace and war). This continuum makes earlier sociometers leading indicators of later ones, which is one source of their utility. ...there is no leading indicator of social mood itself.'
economics  socionomics  herd  reflexivity  panarchy  from delicious
july 2011 by adamcrowe
The Daily Bell -- WSJ – International Banking Is in Crisis
'The system of central banking has created perhaps the most monumental bubble ever seen. There are literally thousands of major banks and bank branches all over the world. The downtowns of every major city in the developed world and the developing world are littered with them. People are so conditioned as to their ubiquity that they don't even notice it. Imagine if banks were actually ... tire manufacturers. Now imagine entering a strange city and seeing the entire downtown was FILLED with skyscrapers, each one representing a different, competing brand. Imagine the city and the countryside was full of branches, all selling tires. It wouldn't make any sense. Nor does it make any sense to have so many banks. But they are protected by central banks; they are appurtenances of central banking. ...the Anglosphere elites behind them will never discard a large bank. They may MERGE the bank, but they will never wish to lose it.'
economics  centralbanking  banking  credit  debt  bubble  from delicious
june 2011 by adamcrowe
The Daily Bell -- Ben Bernanke's Pathetic Failing Fed Promotion
'...Without the ability to print money from nothing, the elites would not be able to start the wars they have prosecuted so promiscuously in the past decade, would not be able to control governments, manipulate universities and their scientists, purchase wholesale the political process, etc. In other words, the ability of Western elites to pursue and impose one world government would be much constrained. Money Power is the gift that keeps on giving. The key to this pusillanimous process of wealth redistribution lies with Federal Reserve. Simply examine the 20th century and its "world wars," all of which occurred AFTER the US Federal Reserve received its brief. ...the central banking promotion is beginning to fail. John Maynard Keynes said not one man in a million understood the current money system. He had it wrong. Today, not one man in a million, if asked, would approve of it. And what happens when millions wake up and rise up in unison? You get the drift, dear reader.'
economics  oligarchy  forcedmemes  centralbanking  federalreserve  mysterybabylon  oligarchicalcollectivism  from delicious
june 2011 by adamcrowe
The Automatic Earth -- June 22 2011: A low thunder rolling 'cross the plains
'Derivatives are the $800 trillion or more gorilla in today's financial room. The problem lies in the bets, the wagers, in the shape of default swaps, to the tune of trillions of dollars, that are out there, and that risk being triggered by a default being declared a "credit event"... It's starting to look like that "CDS to hide debt" idea might be backfiring. ...all the Merkels and Obamas and Papandreous and Geithners on this planet will try with all their might to prevent that from happening. And they have virtually limitless access to your money, and that of your children, to do just that. They have exactly zero chance of succeeding, but that won't keep them from trying: their jobs, their social status, perhaps even their very lives depend on it. There's a low thunder rolling across the plains, and it's coming this way. There's nowhere to hide; we’ll have to live through it. It's called debt deflation. Derivative debt deflation. Financial crisis? You ain't seen nothing yet.'
economics  debt  derivatives  CDS  banking  mercantilism  statism  collapse  from delicious
june 2011 by adamcrowe
The Daily Bell -- Sino-Forest Is Leading Indicator of China Disaster?
'The Chinese people are still in the phase, thanks to Western monetary stimulation, where they believe that everything that has happened to them is due to their industriousness and native intelligence. ...after the Chinese economy crashes as it must inevitably (unless they manage to pull off the proverbial soft-landing). What will be revealed by the wreckage is the full panoply of central banking deceit. The scales will fall from the eyes. The stock market will be revealed as manipulated; the companies as inept monopolies; the ChiComs themselves as the hands-on managers of their wrecked enterprises. In the near-term, the great cities and skyscrapers will go unfilled; the 10-lane highways shall remain untraveled. A billion people, newly wealthy will find that their condos are not sellable, that food is not available at almost any price and that their jobs were merely the extended froth of the most powerful central-banking bubble that the world has ever known.'
economics  china  centralbanking  bubble  crackupboom  statism  collapse  from delicious
june 2011 by adamcrowe
YouTube -- Freedomain Radio: True News: Bitcoin, Free Markets and Economics 101
'Why we would be better off without seat belts -- everything in the free market balances out...'
economics  markets  bitcoin  StefanMolyneux  from delicious
june 2011 by adamcrowe
Seth's Blog -- The game theory of discovery and the birth of the free-gap
'As we've made it easier for ideas to spread digitally, we've actually amplified the gap between free and paid. It turns out that there's a huge cohort that's just not going to pay for anything if they can possibly avoid it. As the free-only cohort grows, people start to feel foolish when they pay for something when the free substitute is easily available and perhaps more convenient. Think about that – buying things now makes some people feel foolish. This new default to free means that people with something to sell are going to have to push ever harder to invent things that can't possibly have a free substitute. Patronage, live events, membership, the benefits of connection – all of these things are outside the scope we used to associate with the creative business model, but that's changing, fast. ... Most ideas have never been something one could monetize.'
economics  free  digital  intellectualproperty  businessmodels  from delicious
june 2011 by adamcrowe
Ribbonfarm -- A Brief History of the Corporation: 1600 to 2100
'...energy and ideas could be used to shrink autonomously-owned individual time and grow a space of corporate-owned time, to be divided between production and consumption. Two phrases were invented to name the phenomenon: productivity meant shrinking autonomously-owned time. Increased standard of living through time-saving devices became code for the fact that the “freed up” time through “labor saving” devices was actually the de facto property of corporations. It was a Faustian bargain. Many people misunderstood the fundamental nature of Schumpeterian growth as being fueled by ideas rather than time. Ideas fueled by energy can free up time which can then partly be used to create more ideas to free up more time. It is a positive feedback cycle, but with a limit. The fundamental scarce resource is time. The point isn’t that we are running out of attention. We are running out of high-energy-concentration pockets of easily mined fuel. Each new pocket of attention is harder to find...'
history  economics  time  attention  internet  themediumisthemessage  disintermediation  retribalization  panarchy  from delicious
june 2011 by adamcrowe
Libertarian News -- Libertarian Goldbugs Hating On Bitcoin – Free Market Money
'There is no government out there demanding that people transact in Bitcoins. There is no government out there telling people that they must accept Bitcoins in payment of debts. There is no government out there controlling the issue of Bitcoins. The only forces that are giving Bitcoins the value they have are free people deciding on their own that Bitcoins do indeed have value as a store of wealth and as a trade facilitator. The markets have decided that the time and labor that went into producing the Bitcoin software, along with the properties of the software itself, have real value in the real world. Whether Bitcoins are currently experiencing a bubble in prices or not is immaterial to their efficacy as a currency unit. They have value because the market says they have value. And because they have value, and because they are divisible, fungible, and scarce, they ARE free market money.'
economics  money  digitalmoney  bitcoin  cryptoanarchism  agorism  from delicious
june 2011 by adamcrowe
YouTube -- RT: Keiser Report: Neo-Feudal Gulag Casino State
'Max talks to former chief forex trader for VISA, Jon Matonis of TheMonetaryFuture.blogspot.com, about Bitcoin, the new peer-to-peer crypto-currency.' -- "I believe digital cash will do to legal tender what torrents did to copyrights."
economics  digitalmoney  bitcoin  agorism  cryptoanarchism  darknets  from delicious
may 2011 by adamcrowe
YouTube -- RT/Freedomain Radio: Gold Currency in Utah, the IMF Taking Over Ireland, and the end of Democracy!
'Stefan Molyneux of Freedomain Radio on the television show Adam Versus the Man, talking about the emergence of a gold and silver currency in Utah, the financial disasters in Ireland, and the end of democracy as we know it.' -- Molyneux: "Democracy can only work with fiat currency and with debt. The reason for that is you can't bribe people with their own money while keeping a cut for yourself."
economics  fiat  democracy  statism  collapse  StefanMolyneux  from delicious
may 2011 by adamcrowe
The Daily Bell -- Why Aren't EU Protests Aimed at Central Banks?
'The ability to print money from nothing is the singular achievement of modern elites and the single most ruinous practice of the modern state. It is responsible for most if not all of the abuses of modern history, from torture, to war, to genocide. Money-printing (not money) is at the root of all evil. -- ...if EU protests over austerity are to be effective, it is central banks that have to be peacefully targeted on a consistent basis. A message needs to be sent... There are no good central banks. There is only honest money – gold and silver – and PRIVATE banking (run privately by private individuals) with or without fractional reserve lending: money competition, in other words. What is necessary if EU citizens want the "austerity torture" to stop is for individuals to target central banks with peaceful protests. Not private banks. Not commercial banks. Not savings banks. CENTRAL BANKS! Surround the great, granite temples of money printing and begin!'
economics  centralbanking  statism  mercantilism  oligarchy  oligarchicalcollectivism  backlash  renaissance  from delicious
may 2011 by adamcrowe
Capitalism: A Brilliantly Confused Story by Fred E. Foldvary
'Land is a creation of nature, not human action, and its value comes from natural features and the population, commerce, and public works of the community. Land rent is a pure surplus that mother nature offers to us as a gift by which to finance the public goods provided by government. But you have rejected mama’s natural offer. Instead, you, by voting for the status quo governmental chiefs, you attack the earnings of labor, and with that loot, you provide public goods that pump up land rent and land value. Yes, you, the voter! What happens then is that rent absorbs much of the gain from economic expansion and progress. Speculators jump in to leverage profit from the land-value rise. Landowners buy land with borrowed funds, so they engage their partners, the banks and other financiers. Speculation raises land values to peaks unaffordable for actual use, and then land values plunge, and the leveraged mortgages and derivatives crash. That is the source of panics and depressions.'
economics  geoism  land  rent  rentseeking  speculation  malinvestment  realestate  bubble  businesscycle  recession  from delicious
may 2011 by adamcrowe
Capitalism: A Brilliantly Confused Story by Fred E. Foldvary
'The term “capitalism” has been the most successful propaganda term in human history. ...the term “capital” masks the underlying and more fundamental interest that receives governmental privileges: ... the big landowners. If you want to understand the economic policies of governments world-wide, and the main cause of social problems, it becomes clearer if you grasp this proposition: The main purpose of government is to serve the big landed interests. ...the biggest subsidy to landowners is implicit: it is the enormous increase in land rent and land value due to the public goods provided by government. Streets, parks, security, schooling, transit, etc., all make land more attractive and productive. The rich pay high taxes, but they get it back, and often much more, in higher land value. Taxes fall most heavily on the middle class, as the state tax-confiscates about half the wages of a typical worker, including the taxes the pay when from their remaining wages they buy taxed goods.'
economics  geoism  "capitalism"  statism  parasitism  land  rent  rentseeking  poverty  *  from delicious
may 2011 by adamcrowe
Fixing Capitalism by Fred E. Foldvary
'... Marx and his followers then came along and mucked up the language and thinking. Marx wanted to distinguish the workers from all those who owned assets, and so he lumped land into capital. From then on, most economists followed Marx in focusing only on labor and capital, and the physiocratic and classical emphasis on land was set aside. The neoclassical economic thought that followed the classical was encouraged to forget land, since this benefited the landed interests who financed them, and it also made the mathematical models easier if there are two rather than three factors. From now on, the system would be called "capitalism." But is capital a problem? Capital provides investment, and investment and better technology is what has raised living standards world-wide. "Capitalism" makes entrepreneurs and owners of capital the villains, whereas Ricardo's law of rent shows that much of the gain from trade and technology go to the owners of land as rent...'
economics  "capitalism"  geoism  land  rent  physiocracy  history  from delicious
may 2011 by adamcrowe
Geoism and Libertarianism by Fred E. Foldvary
'Geoism is the philosophy of sharing the benefits of the land (geo), while respecting the equal self-ownership of persons. Self-ownership implies that one owns one's body and life, and therefore one's labor and wages and the products of labor. These should be unrestricted and untaxed, and traded without taxation or restriction. The benefits of land have their economic manifestation as rent, which can be shared either as public revenues, community financing, or as dividends to the members of a community. We can see that the two movements and philosophies have much in common and have no inherent conflicts between them. There are adherents to both movements, geolibertarians who identify with both geoism and libertarianism. But for the most part, these have remained distinct movements... Libertarians stress individualism, while many geoists emphasize community. Many libertarians have little knowledge about the economics of land and rent. Many geoists don't fully understand free trade...'
economics  land  rent  geoism  geolibertarianism  libertarianism  from delicious
may 2011 by adamcrowe
Macroeconomics Summarized by Fred E. Foldvary
'There is a structure of capital goods from rapid turnover such as inventory to slowly maturing such as shopping centers. When interest rates are low, there is more investment in the slowly maturing capital goods. An expansion of money temporarily reduces interest rates, leading to more construction and other long-lasting investments, but rising prices later make these turn out to be bad investments. Land speculation sets in to take advantage of rising land prices. High prices and rising interest rates reduce profits, so investment slows down, leading to a recession. To reduce poverty, promote growth and efficiency, and eliminate depressions, eliminate taxation and generate public revenue from land rent and pollution charges. Switch from central banking and government fiat money to gold or private currency, with free-market banking. Free banking and the public collection of rent are the macroeconomic policies that promote smooth growth, full employment, and economic justice.'
economics  businesscycle  land  realestate  speculation  malinvestment  bubble  recession  from delicious
may 2011 by adamcrowe
Ribbonfarm -- Fools and their Money Metaphors
'Thirteen Money Metaphors and their Uses and Misuses: #Money as time-to-deadline/non-renewable fuel #Money as building/growth material #Money as a lever: ...thinking of your money as a way to move more money. #Money as water: though this is about flows, sources and sinks, it is subtly different from the commodity/supply chain metaphor, since it has natural origins. Think in terms of dams, rainwater, artesian wells, money “frozen up” in old families as glaciers/polar ice caps, and so on. This is probably the best way to think about money culturally and socially. -- The metaphors you use determine your money personality, and how much you will be able to do with it. To get to the next level of money, you probably need to think with the metaphors appropriate to that level. Think too far above your league, and you’ll be reduced to daydreaming. Stick to your own level of metaphors, and you’ll never move anywhere.'
economics  money  cashflow  workingcapital  capital  entrepreneurship  from delicious
may 2011 by adamcrowe
The Daily Bell -- Warren Buffett Does a Disservice
'It is almost comical that central banks have chosen to buy gold now after selling so much of it early in the 2000s. Britain's former Prime Minister Gordon Brown famously sold tons of his country's gold at the bottom of the market. Today, out of office, he campaigns to become head of the International Monetary Fund and is said to be one of the front-runners. Only in the modern world could someone who espouses such financial blindness be considered for one of the world's top financial positions. It has little to do with one having common sense and a lot to do with one being a willing foot soldier. -- Buffet has managed to profit from the system as it is and his mouth has been hovering close to the fiat-money spigot for a long time now. But people have profited from unjust and savage systems of production throughout the ages. That doesn't mean that Buffett is any the wiser for having made so much money, only that he is adept at exploiting the current system to create wealth.'
economics  centralbanking  mercantilism  parasitism  WarrenBuffett 
may 2011 by adamcrowe
Economics in Six Minutes by Fred E. Foldvary
'Karl Marx thought labor creates all value and get exploited when they don't get the whole value, but Carl Manger said no, values are subjective. Henry George said the surplus is rent, so tax that, and have free trade. Ludwig von Mises [said] pure socialism would be hopelessly inefficient, and government intervention makes the economy worse. Friedrich Hayek said so too, because knowledge is decentralized, so just let the spontaneous market order work. The bottom line to all this is that economic freedom leads to the most prosperity. Don't tax labor or enterprise. Get public revenues from rent and pollution fees. Let the market handle the money and banking. True free trade and enterprise are good; decentralized and market-based governance works best. As Henry George said, economics and ethics are one. The environment and the economy are one. Share rent, charge for damage, don't steal wages. That's economics in six minutes, and the path to prosperity.'
economics  land  rent  geoism 
april 2011 by adamcrowe
The Economy in 2001 by Fred E. Foldvary
'As an economy recovers from a depression, more and more enterprises and households buy and rent real estate. Construction accelerates as rents and land values rise. Speculators then come in to buy real estate, hoping to sell at higher prices later. Much of the gain is not a pure market outcome, but the result of subsidies by government in the form of more streets, schools, and other goods that service commerce and residents, paid for by taxes on labor. The problem is both too much and too little construction. There is too much speculative construction of hotels, office buildings, shopping centers, apartments, and houses, much of this in the wrong places, creating sprawl, as speculators hold off lots from construction pending higher prices and more intensive uses of land. Much of this speculative buying and building is fueled by easy credit as the central bank expands the money supply to stimulate the economy. This expansion of money lowers interest rates...'
geoism  economics  land  rent  realestate  speculation  businesscycle  malinvestment 
april 2011 by adamcrowe
They Don't Dare Call it "Rent" by Fred E. Foldvary
'Powerful lords of valued land holdings have controlled governments world-wide. Land value is highly concentrated in a few hands, and they have the strong incentive to keep it that way. It is not enough for their rent to be almost tax-free. To keep it that way, we must not even think of rent. In the economic textbooks, there are a couple of paragraphs on rent, maybe a graph, and then it is ignored in the rest of the book. The chapters on government policy don't even go there. What economics should be is a key that unlocks the reality beneath the superficial appearances. Economic sophistication is the understanding of implicit reality. Real rent is not what a tenant happens to pay some landlord. Rent is an implicit reality, caused by the differing qualities of land, the differences in qualities creating economic rent. Rent is there regardless of who owns the land or how a plot is used or how much money the landlord is getting or whether it gets counted.'
economics  land  rent  geoism  oligarchy 
april 2011 by adamcrowe
A Geoist Robinson Crusoe Story by Fred E. Foldvary
'My output is all wages. So 8 bushels of your output is wages, and 12 is rent. I get half, 6 bushels." Robinson had to admit this was correct. His income was therefore 20-6=14, and Friday's income was 8+6=14. They again had equal incomes, but higher incomes than before. Robinson realized that it did not matter which lands he possessed. He could possess better land, but so long as the rent is split equally, if the wage rate is equal, their income will not be affected. Lawyers say that possession is nine tenths of the law, but the law of rent says, possession does not matter. If the rent is split equally, those who possess land and want to maximize their income will possess only that amount that maximizes income for all. If they possess too much land, they would drive wages down and rents up, leaving less for the possessors. So it does not matter who owns what land, if the rent is equally split.'
economics  land  rent  geoism 
april 2011 by adamcrowe
String Theory and Land Rent by Fred E. Foldvary
'Vibrations of rent are generated by demands for space and natural materials, but unlike labor, the supply does not come from human sources. The supply comes from geological and geographical strings. Unlike labor strings, the strings of land services do not come from any individuals, but from society generally. It is the vibration of the community, not any individual, which generates land rent vibrations. Human strings are created equal; there are no master and slave strings in nature, so the financial flows of rent should go equally to all the human strings of the community. But governments typically intervene to shift the rent only to those having privileged legal title. Community members are not getting back their share of value generated. Their income strings become broken. The economic strings are broken, and we get economic diseases: inflation, unemployment, congestion, poverty, instability, war! Most people see the broken strings, but do not understand the causes.'
economics  land  rent  geoism 
april 2011 by adamcrowe
The Dark Matter in Economics by Fred E. Foldvary
'...the supply of land is fixed, when the economy becomes more productive, wages rise somewhat as the margin becomes more productive, but the extra productivity of super-marginal land goes to land rent. Wages rise by less than productivity because enterprise also has to pay for the better capital goods, but the rent can rise by the amount of productivity. We cannot directly observe economic land rent because it is not the financial amount paid by a tenant to a landlord, but the greatest amount that a tenant would pay for the use of only the land, not including the building or the labor services of a landlord. ...[geo-economists] have detected and measured economic land rent from its effects. These effects are hidden in interest, profits, and capital gains. The dark matter that is rent amounts to some 20 percent of national output, and greatly effects the business cycle, the distribution of income, and economic growth.'
economics  land  rent  geoism 
april 2011 by adamcrowe
Rent, the Whole Rent, and Nothing but the Rent by Fred E. Foldvary
'Buying land for speculation anticipating higher future rentals not paid for by the landowner can induce higher prices for land that shifts the margin to inferior lands, raising the rents on superior lands and lowering wages set at the margin. -- Rent is ... the ideal source of general public and community revenue. Tax reform should therefore shift to rent as the primary source of general funds. Pollution charges can supplement the rent, and indeed can be considered a rental charge for using and abusing the atmosphere, land, soil, and other forms of land. There could also be user fees for services specific to users, fines for violating traffic rules, and profits from enterprises. The economic rent from minerals, water, and oil would be natural resource royalties that could be paid by bidding for the rights to extract, from payments based on the amount of mining, and the profits from the operations, depending on the circumstances.'
economics  land  rent  geoism 
april 2011 by adamcrowe
Rent, the Whole Rent, and Nothing but the Rent by Fred E. Foldvary
'Land includes all natural resources, including the spatial surface of the earth, material resources such as water and minerals, the radio spectrum, the atmosphere used for travel or as a dump, all wildlife, and the genetic information in living beings. A tenant's payment for a site has two components. The pure land rent is the natural rent, the payment for the resource as provided by nature. The second component is a rental for the advantages of a site due to the civic works. This is the infrastructure such as streets, parks, utilities, security, schools, and the legal system which makes real estate much more useful. This rental is really a return to capital goods and labor services rather than land. Real-estate land rent and rentals arise from the differing productivity of various sites: rent is the differential between the productivity of a site relative to the least productive marginal sites. This is the same as the "marginal product" of land as used in economics.'
economics  land  rent  geoism 
april 2011 by adamcrowe
A Half-theory of Everything by Fred E. Foldvary
'Self-ownership implies the right to one's body, labor, products, and wages, and to voluntary exchange without penalty or tax. Nature is all prior to and apart from human action, and human equality implies that all equally benefit from the resources of nature. Land is natural resources, and its value comes from differences in benefits. Land is fixed in supply, so the benefits of community works and services, adding to demand, create higher rent and site values. The civic works of communities are efficiently funded from these rents, in contrast to forced extractions of wages and profits, which raise prices and reduce quantities, imposing a social burden on present production and decreasing future growth.'
economics  land  rent  geoism  property 
april 2011 by adamcrowe
Twice-Single Tax by Fred E. Foldvary
'Since land can take several forms, the "single" tax is really a single family of taxes, all based on the same principle. For example, some lands are valuable because they are located in the city, the value coming from commerce. Farm lands are valuable because of the fertility, including the climate, as well as due to available transportation. The value of mineral lands comes from the value of the natural materials in the ground. But the rents from all these lands have the same characteristic in having a value not created by the owner and unable to run away when taxed. In my experience in teaching and talking about taxes and land, most people are in favor of shifting to the single tax once they learn about it.'
economics  land  rent  geoism 
april 2011 by adamcrowe
Twice-Single Tax by Fred E. Foldvary
'Consider what happens if government builds a subway. Land values rise downtown because there will be more commerce, and land values rise in the suburbs because it is now much easier to commute to downtown. So people are paying higher rent or mortgage payments in order to be located where the subway is. But they also paid for the subway in the first place with taxes, since it was financed mostly from taxes that come from their wages. Folks pay twice for the subway, first through taxes, and then through rent. If the tax is the rent, then people only have to pay once. Therefore, the single tax is single in being a single payment for government services, rather than the double payment that takes place when wages and profits are taxed. A tax only on rent is a twice-single tax, single in terms of there being only one type of tax and single in being only one payment for government services. With only one tax, people can tell just how much they are paying for government.'
economics  land  rent  geoism 
april 2011 by adamcrowe
The Daily Bell -- IMF Taps China as #1 Power, Roubini Disagrees
'We believe the powers-that-be are trying to bludgeon America into the kind of austerity that Europe is currently undergoing. Explaining to Americans that hegemony is lost, that empire is over and that they must accept straightened circumstances could be construed as part of a promotional effort aimed at laying the groundwork for austerity. Why austerity? It's all part of the same effort by the Anglo-American elites running the show. Make people miserable, control their prosperity, provide them with circumstances that will give rise to the belief that the system as it is has failed – and then offer them something else, perhaps a more globalized financial system complete with a new global currency. -- Central banking and fiat money has created a mess not just in the West but around the world, and the Chinese are struggling in that trap just as much as the West is. Chinese growth has been way too explosive. What's going on today is not a race to the top. It's a race to the bottom.'
economics  centralbanking  china  crackupboom  problemreactionsolution  globalcurrency  from delicious
april 2011 by adamcrowe
Why Aren't You an Anarchist? by Fred E. Foldvary
'Another variant is geoanarchism, in which people would live in contractual communities whose public goods are financed from land rent. The members would share the belief that the land rent should be collected and distributed to all members equally or else used for public goods. Members could secede, but would lose the package, so secession would be limited. Folks would therefore have the advantages of a state, but without the tyranny. The greater association could include “anarcho-capitalist” communities that do not use land rent for their public finance. Economic theory indicates that the geoanarchist communities would have greater prosperity, since communities that do not use land rent for public goods would find that their public works get capitalized into higher rents, making the residents pay double for public goods, once as fees and then again as higher rent. Most folks would rather pay once than twice, so they would move out of anarcho-capitalism into geoanarchism.'
economics  land  rent  georgism  geoanarchism  anarchism  anarchocapitalism  voluntaryism  2+2=4  geoism  from delicious
april 2011 by adamcrowe
The Daily Bell -- Comment: Ingo Bischoff on Land Value Tax
'It is the community which creates the value of the location. The valuations serve as the basis upon which local taxing jurisdictions calculate the actual "land value tax". The amount of the actual tax/rent depends on the budget of the local taxing authority. The community expenditures, public and private, increase the value of every location. It is up to the community to decide how to run their government and collect the necessary money therefore. Basing the amount of rent on the value of the location is the only fair and equitable way. Without the existence of a community around your "land", "your" land would have no value. Nobody would give you a pluck nickel for an acre of "your" land in the middle of the Mojave desert. Usually, the "dead beats" who want to enjoy the improvements around their location created by the community, are the ones that claim "they own the land", and no one has a right to tax them. Well, they don't own the land, period.'
economics  land  rent  geoism 
april 2011 by adamcrowe
Unqualified Reservations -- On monetary restandardization
'...in a modern economy, anyone can save in anything. Retiring in 2030? You can put your entire retirement portfolio in 2030 pork-belly futures. If you don't want to spend your entire old age gnawing on pork bellies, you can trade these for other goods. So it's clear why the whole world needs one standard for Internet packets. It's also clear why it might want one standard for payments. It's not as clear why it needs a standard commodity (or security) of saving. Probably the easiest way to understand monetary standardization is to consider only the problem of restandardization: selecting a new standard when the existing standard collapses...finding the most overvalued good...this will become the standard trade: money, which is the bubble that never has to pop.' -- Hyperinflation: 'The new purchasing power comes from the exploding portfolios of gold's "early adopters." ...the broader global economy (still on the dollar standard for most prices) experiences a gold-driven wealth effect.'
economics  money  gold  debt  dollar  hyperinflation  from delicious
april 2011 by adamcrowe
The Daily Bell -- Eurocrats' Immovable Rigor Over Debt Restructuring
'...the Anglo-American power [elite's] fear-based promotions are not having the intended effect and thus it seeks to offer the impression that its strategies are unstoppable. But this has its drawbacks. When one wishes to impress upon the people the inevitability of one's designs, then not even one failure can be countenanced, nor one question can be raised. This is an almost impossible burden because the promotion retains no elasticity and sooner or later there shall be some sort of breach. The stance the EU is now adopting with its constant emergency agitation seems to us to be counterproductive. If the EU survives, then EU leaders look as if they were too pessimistic. If the crisis triggers a much larger one, then they run the risk of looking as if they have lost control. Why, we ask, are those running the EU program, purposefully placing themselves in this trap? Either they are panicking or they are in some sense inviting the crisis. These are risky games indeed.'
economics  debt  euro  europe  oligarchy  oligarchicalcollectivism  incrementalism  problemreactionsolution  greatestdepression  globalcurrency  globalgovernment  from delicious
april 2011 by adamcrowe
The Daily Bell -- Idea of Turning Africa Into China Unraveling
'The Anglo-American power elite is desperately trying to whip Africa in shape so it can take its turn in line as the next China... Western elites need a continent-sized evolutionary capitalist environment on which to lay off US Treasuries. The first nation to play this role was Japan, which absorbed almost US$1 trillion in Treasuries in return for having fairly open access to the US market to sell goods and services. The money that Japan shipped to American shores mostly funded American military might that in turn provided security to Japan and much of the rest of the world. With the willing help of China's elite families and communist political structure, China took Japan's place. But now China is gradually succumbing to the same price inflation that laid Japan low. China will have to raise rates again and again, and this will have an effect on its ability to produce the kind of easily disposable consumer goods that the West demands and purchases in quantity.'
economics  debt  dollar  globalization  oligarchicalcollectivism  from delicious
april 2011 by adamcrowe
YouTube -- GoldMoneyNews: Huerta de Soto 7: The failure of central banks
'Huerta de Soto wonders why people are happy with socialism for the banking system, and why more people are not correctly blaming central banks and fractional reserve banking for the financial crisis.' -- Like a splinter in your mind.
economics  centralbanking  oligarchicalcollectivism  from delicious
april 2011 by adamcrowe
MarketTicker Forums -- Bill Gross Goes Short The United States
'There is no escaping the arithmetic.' -- Left + Right = Collapse
economics  america  debt  keynesianism  greatestdepression  KarlDenninger  from delicious
april 2011 by adamcrowe
The Daily Bell -- Will a Saudi Collapse Translate Into Soaring Gold and a Falling Dollar? by Ron Holland
'Today in the Middle East, either by stupidity or design, the Federal Reserve's perpetuation of the dollar and treasury debt Ponzi schemes is now dependent on the survival of a few dictatorial regimes staying in power in the Persian Gulf while surrounded by spreading freedom revolutions [initially foreign intelligence-engineered for regime change]. This is the most dangerous region in the world and the focal point for conflict between Iran and America, the freedom revolution and authoritarian regimes, Sunni and Shiite, Israel and the Arab world, vast oil resources and the oil needs of the West and China, and where the decision will be made to price oil in depreciating dollars or in other currency alternatives. Of all the conflicts and threats in the region, the question as to whether oil continues to be priced in dollars and the dollar remains the world's reserve currency for now and the risk of a US dollar and debt collapse are the greatest threats facing America and the West.'
history  economics  dollar  petrodollar  oil  empire  puppetry  "revolution"  blowback  collapse  war  perpetualwar  oligarchicalcollectivism  globalgovernment  1984  *  from delicious
april 2011 by adamcrowe
The Daily Bell -- EU's Unraveling Preps Global Currency?
'This is an old elite problem. You can control all the money in the world but if a few hundred million—even a few million—are dead set against your solution, then it is probably a non-starter. This is one of the reasons Western elites have operated in secrecy and used fear-based promotions (dominant social themes) to put into place the building blocks for one world government. But the Internet itself has ended that secrecy. It is an era of internationalist transparency now, and the elites are stuck with it like everyone else. They grind on however. We've compared elite strategies to the walking dead in the past. No matter how exposed a dominant social theme becomes (see global warming) nothing kills it. It lurches ahead, brain dead and missing a limb or two, but it continues on. You see, elite programs involve many complex moving pieces and literally billions of people. Plans once laid are almost impossible to change. Manufactured crises give way to equally stage-managed solutions.'
economics  greatestdepression  problemreactionsolution  incrementalism  globalcurrency  from delicious
april 2011 by adamcrowe
The Daily Bell -- Price Inflation Strikes South America, Too, IMF Warns
'Even little countries like Panama and Uruguay have banks springing up like palm trees on every corner. The Anglo-American banking establishment doesn't want you to know this, dear reader. Citizens of major Western countries are used to seeing lots of banks in their downtowns. They figure it's because these cities are "major financial centers." Nothing could be further from the truth. The WHOLE WORLD looks like that. It's a bubble. A bank bubble. The world right now is run by central banks and central banks simply will not let their distribution chains contract. Central banks don't need banks for currency distribution. They could just as easily provide currency directly to people's individual accounts. Of course central banks would never do such a thing! It would create "inflation" (price inflation is what they mean). People can't be trusted with "fresh" central bank money. Only banks can. The mercantilist Ponzi scheme needs an ever-increasing base of new demand.' -- I want my corners.
economics  oligarchy  centralbanking  banking  bubble  ponzi  grifting  from delicious
march 2011 by adamcrowe
EconomicPolicyJournal.com -- Libyan Rebels Form Central Bank
'I have never before heard of a central bank being created in just a matter of weeks out of a popular uprising. This buttresses the suspicions in my earlier post where I highlighted an odd U.S. Treasury statement that froze Gaddafi's assets but made clear that if "subsidiaries or facilities come under different ownership and control, Treasury may consider authorizing dealings with such entities." This continues to look like a major oil and money play, with the true disaffected rebels being used as puppets and cover, as the oil/money transfer takes place.' -- Barksdale (The Wire): I'm just a gangster I suppose and I want my corners.
economics  forcedmemes  "revolution"  puppetry  oligarchy  centralbanking  chutzpah  from delicious
march 2011 by adamcrowe
The Daily Bell -- Dr. Hans-Hermann Hoppe on the Impracticality of One-World Government and the Failure of Western-style Democracy
'Hoppe: All states must begin small. That makes it easy for people to run away. Yet states are by nature aggressive, as I have already explained. They can externalize the cost of aggression onto others, i.e., hapless tax-payers. They don't like to see productive people run away and try to capture them by expanding their territory. Empire building also bears the seeds of its own destruction. The closer a state comes to the ultimate goal of world domination and one-world government, the less reason is there to maintain its internal liberalism and do instead what all states are inclined to do anyway, i.e., to crack down and increase their exploitation of whatever productive people are still left. Consequently, with no additional tributaries available and domestic productivity stagnating or falling, the Empire's internal policies of bread and circuses can no longer be maintained. Economic crisis hits, and an impending economic meltdown will stimulate decentralizing tendencies... '
economics  statism  parasitism  empire  illiberalism  globalgovernment  collapse  panarchy  HansHermannHoppe  from delicious
march 2011 by adamcrowe
YouTube -- TheAntiTerrorist: Right on the 'Money' 1/2
'Own much?' -- None dare call it COMMUNISM.
economics  property  money  debt  greatestdepression  centralbanking  government  fiat  legalese  statism  incrementalism  globalgovernment  oligarchicalcollectivism  communism  law  from delicious
march 2011 by adamcrowe
YouTube -- WealthCycles: Gold vs Real Estate - Know The Cycle
'Do you price 'stuff' in 'stuff' or in Printed-Out-Of-Thin-Air-Stealing-Your-Wealth-Every-Second-Of-Every-Day-Counterfe­it-Fiat currency? Have you ever valued your house in gold or silver?'
economics  businesscycle  investing 
march 2011 by adamcrowe
YouTube -- SchiffReport: Japan's Broken Window
"If the Japanese can't tap into their rainy day [dollar] fund when it's pouring out – what good is it; when can they ever tap into it?"
economics  japan  dollar  PeterSchiff  from delicious
march 2011 by adamcrowe
Welcome to the Metacurrency Project
'We will not have an equitable nor a healthy economy in an information age, until we have information technology which empowers us equitably -- that is decentralized, peer-to-peer and operates by mutual agreement. We are building those technology tools, protocols and platforms. To fully meet our criteria, people need to be able to transact directly with each other with no segment of that interaction relying on a centrally controlled system. #Non-centralized rules (like the rules for money today) #Non-centralized database (as 99.99% are today) #Non-centralized namespace (like DNS) #Non-centralized address space (like IPv4 or IPv6) #Agreements are made by mutual consent #All levels of participation are sovereign -- Currency: a formal system used to shape, enable or measure currents. "If we measure different flows, we start behaving differently."'
ecology  economics  systems  currency  decentralization  retribalization  voluntaryism  reputation  p2p  hackersvsvectoralists  from delicious
march 2011 by adamcrowe
The Daily Bell -- Break Up Wall Street?
'Dominant Social Theme: Incarcerate ‘em. Then everything will be better. -- ...there is no doubt Wall Street is an enabler and that Goldman Sachs in particular sits near the center of the modern conspiracy in all its fundamental criminality. There really is no "private" sector in America anymore (but for struggling small-time entrepreneurs). However, from the power-elite point of view, these are unimportant distinctions. Capitalism is to be blamed whenever possible with an eye toward creating evermore regulation, government bureaucracy and mercantilism.' Ultimately modern-day high finance is a technocratic function. It is a supporting mechanism not a strategic one. The planning for the New World Order – the fundamental strategy of ruin – is made at much higher levels by a handful of banking families and their enablers. Blaming financial entities for the endless economic catastrophes that afflict the West is a bit like blaming meteorologists for earthquakes.'
economics  "capitalism"  populism  banksters  scapegoating  duckspeak  from delicious
march 2011 by adamcrowe
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