Thursday, February 21, 2019

New Foldable Samsung Camera Has Six Cameras

File under: I love free market creativity and entrepreneurship.

Samsung is out with a new smartphone that folds into a tablet and back again, and it has SIX built-in cameras.

This thing is really incredible. But the anti-capitalists will hate it.

The Facts You Need To Know That Will Allow You to Destroy Green New Deal Thinking

Richard A. Epstein
Richard A. Epstein, the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution, the Laurence A. Tisch Professor of Law, New York University Law School, and senior lecturer at the University of Chicago, calls Rep. Alexandria Ocasio-Cortez’s Green New Deal a pie-in-the-sky proposal.

When you want to counter an argument of a GND supporter point out to them the Epstein facts listed below.

The below observations by Epstein are the best demobilization of AOC's proposal that I have come across. This how you destroy  GND.

Wednesday, February 20, 2019

STOCKMAN UNLOADS: Trump's Policies Will Bring Down An Economy On Its Last Legs

David Stockman, former director of the Office of Management and Budget under President Reagan, has a fiercely opposing view on the U.S. economy than that of President Trump's Council of Economic Advisers chairman Kevin "Baghdad Bob" Hassett with his rosy outlook on economic data and potential growth.

Has JPMorgan's Jamie Dimon Turned Into a Cryptocurrency Scammer?

Jamie Dimon
JPMorgan recently announced the launch of its own cryptocurrency, ecoin.

This came somewhat of a surprise since JPMorgan CEO Jamie Dimon has been a critic of cryptocurrencies.

The Nightmare Fairyland of the Green New Dealers

By Richard Ebeling

When a small child runs around waving their arms saying, “I’m a bird, I’m a bird,” we often will say what a creative imagination they have. If an adult runs around doing the same, we usually say that that person needs help because they are clearly out of touch with reality. Anyone who takes the time to read the proposed Green New Deal legislation can only conclude that the authors are living in a fairyland that is also deeply out of touch with reality.

Tuesday, February 19, 2019

3,300 Establishment Economists and Their Mad Support of a Carbon Tax

(graphic via FEE)
By Robert Wenzel

The Financial Times headline says it all: "Surge in US economists’ support for carbon tax to tackle emissions."

Former Federal Reserve Board head Janet Yellen is now even in favor of a carbon tax.

Get a load of this.

Monday, February 18, 2019

The Folly Of Keynesian Central Banking

Milton Friedman: Read my
 Newsweek column.
By David Stockman

The estimable David Rosenberg summed it up well in his morning missive today:
"We are on the precipice of an earnings recession and the market is soaring. Is there a chapter in the classic Security Analysis by Graham & Dodd that I missed on trade talks and border wall funding?"
Well, yes, there is a missing chapter. We are referring to the theory of a long line of academic scribblers from Milton Friedman to Ben Bernanke. They essentially hold that the free market is a wonderful thing----except, except when it comes to Wall Street and matters of money and credit.

Sunday, February 17, 2019

About Bill Gates' Attack On Modern Monetary Theory

How insane is MMT?

Even Bill Gates, who is not known for his soundness in economics, just attacked MMT---and with good reason.

Saturday, February 16, 2019

Hyper-Adaptation and IQ

Highlighted from the comments to the post, Is There a Government Connection to Low IQ?

Donxon writes: 

EXPLOSION: U.S. National Debt Hits Record $22 Trillion

The U.S. government's public debt is now more than $22 trillion — the highest it has ever been and the new debt level reflects a rise of more than $2 trillion from the day President Trump took office in 2017.

And it is going to get much worse.

What Drives Price?

Saturday Mail Bag

John W. emails:

Dear Sir,

I'm a regular reader of EPJ.

I recently watched your video about Say's Law. Could you possibly explain a little more how the process of market clearing causes it to be untrue that there can ever be a deficiency of demand?

What drives price more: production or consumption, and why?

As a second question, am I understanding you correctly to say that markets always clear?

How To Support EPJ

Brian T. emails:

Do you have a patron account? I want to support your work. Maybe signing up to your newsletter is the best way to do that. I don’t invest much right now so it’d just be for the commentary which would be alright with me.

RW responds: 

Friday, February 15, 2019

Boston University Economics Professors: "We Are Very Proud of Alexandria Ocasio-Cortez"

Alexandria Ocasio-Cortez
By Robert Wenzel

Although there are many questions about whether socialist congresswoman Alexandria Ocasio-Cortez understands basic economics, the economics faculty at Boston University, where she graduated in 2011 cum laude from BU's  College of Arts and Sciences with a bachelor's degree in international relations and economics, seems to be in full support of her.

Thursday, February 14, 2019

"Progressive" Attacks on Capitalism Were Key to Hitler's Success

The following, written in 1940, is excerpted from Interventionism, An Economic Analysis, which was originally part of Nationaloekonomie, the German predecessor to Human Action. 

By Ludwig von Mises

Hitler, Stalin, and Mussolini constantly proclaim that they are chosen by destiny to bring salvation to this world. They claim they are the leaders of the creative youth who fight against their outlived elders. They bring from the East the new culture which is to replace the dying Western civilization. They want to give the coup de grace to liberalism and capitalism; they want to overcome immoral egoism by altruism; they plan to replace the anarchic democracy by order and organization, the society of “classes” by the total state, the market economy by socialism. Their war is not a war for territorial expansion, for loot and hegemony like the imperialistic wars of the past, but a holy crusade for a better world to live in. And they feel certain of their victory because they are convinced that they are borne by “the wave of the future.”

Wednesday, February 13, 2019

The Correlation Between IQ and Success, Is There a Government Connection to Low IQ?

By Robert Wenzel

Ten days ago, Dr. Michael Edelstein sent out to a private email group  a link to "Spurious Correlations":

Since I am not a big fan of any statistical correlations in any complex sciences and knowing that Michael tends to mention from time to time the statistical correlation between high IQs and success in life, I thought it would be fun to respond this way:

Tuesday, February 12, 2019

AOC's Green Great Leap Forward is Nothing Short of Destruction of Life as We Know It

Alexandria Occasio-Cortez
By William L. Anderson

In what its supporters have claimed is “visionary,” the congressional media darling, Alexandria Occasio-Cortez (AOC) has released her short-awaited Green New Deal , and she has called for nothing short of destruction of life as we have known it:

Monday, February 11, 2019

Students Love AOC's 'Green New Deal'... Until They Hear What's In It


Cambridge Economist Protests Brexit By Allowing Students To Sign Her Naked Body During Lecture

Victoria Bateman
“Brexit leaves Britain naked.”

That was the message scrawled on economics scholar Victoria Bateman’s completely nude body during a recent lecture she gave at which audience members were allowed to “create a living anti-Brexit petition by signing her bare body,” Inside Higher Ed reports.

Welcome to the White House, Larry Kudlow

Larry Kudlow and Trump
From Team of Vipers: My 500 Extraordinary Days in the Trump White House, the new book from former special assistant to the president Cliff Sims:

A couple of days later, Larry Kudlow called me back upstairs. When I got to his office suite---he was sharing with Gary Cohn, who had resigned but not yet departed - he look worried.