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Showing posts from May, 2013

The Pope joins the chorus in blaming free markets

On Thursday, May 16 Pope Francis delivered a short speech on economics and finance, blaming the “cult of money” for the millions of people suffering in poverty.  He addressed the New Non-Resident Ambassadors to the Holy See, calling for “financial reform along ethical lines.”

He describes the problem thusly,
While the income of a minority is increasing exponentially, that of the majority is crumbling. This imbalance results from ideologies which uphold the absolute autonomy of markets and financial speculation, and thus deny the right of control to States, which are themselves charged with providing for the common good. This is taken to mean the world is at the mercy of “unchecked capitalism” (Guardian), and States therefore “should impose more control over their economies . . . to provide ‘for the common good’.” (Telegraph)

It’s hardly novel for a world leader to blame economic crises on the free market.  When was the last time you heard one cast aspersions on government deficits and c…

Would you watch a movie about a counterfeiting cartel?

One of the biggest strangleholds on our freedom is the money and banking system we’re forced to endure.  I wrote a novel about it in 2008.  It’s good, especially for a first novel, but good isn’t good enough.  It doesn’t have the broad appeal I wanted.  It steps hard on some cherished postulates such as the legitimacy of U.S. entry into World War I.  It was supposed to be the war to end all wars, not an expedient to save Morgan’s investments.

World War I was a classic example of the wealth transfer effect of monetary inflation.  When wealth is shifted to a government eager to go to war, the country goes to war, and millions of people die, most of them young.  Even when bundled snugly within a tense plot, the connection of fiat money to war and other government adventures is not something the general reader cares about.  Evil bankers they readily accept, but an evil banking system leaves them cold.  

Nevertheless, I’ve always thought the story’s tagline - that of a Fed chairman who s…