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- Gallup's U.S. Economic Confidence Index averaged -12 in July, down from - 8 in June, hitting its lowest average since Oct. 2014.
- @Macrotots Yep, Its the what have you done for me lately mentality. Also Dems will argue Obama deficits were necessary to get us out of recession, but that Trump deficits caused problems as the economy was growing when they were run up.
- It took a lot of chutzpah for Pres. Obama to double the national debt, then in his #SOTU address take credit for having reduced the deficit!
- #silver just trade above $20 per ounce. Let's see if gold can follow and trade above $1,350!
- Cryptocurrency like Bitcoin is taking the market by storm, but its volatility should raise questions: http://bit.ly/2lInIjn
- South Koreans On Track to Buy Record Amount of Physical Gold @SchiffGold http://bit.ly/1VZFUmr
- According to Gallup, July was the 3rd consecutive month where consumers spent less money than they did in the same month last year.
- SRSrocco put together a graph tracking production for the top-four gold producers. You will note a pretty consistent downward trend. If these forecasts hold, we are looking at a 23% drop in output over less than a decade. http://bit.ly/2I5FJVb http://bit.ly/2D3w91e
- Jerome Powell has pretty much voted in lockstep with Janet Yellen the entire time she has chaired the Fed. http://bit.ly/2AphzAj
- US Markets “Feel Sick” After Bernanke/Krugman Bet on Bull @SchiffGold http://bit.ly/1UbvT1W
Sunday, August 2, 2015
Is social welfare increased (using Rothbard's demonstrated preference criterion) when I pay a ransom to free a hostage?
From Rothbard's essay on the subject to remind everyone of the details... >Now what happens when the State, or a criminal, uses violence to interfere with exchanges on the market? Suppose that the government prohibits A and B from making an exchange they are willing to make. It is clear that the utilities of both A and B have been lowered, for they are prevented by threat of violence from making an exchange that they otherwise would have made. Clearly we can't say that paying a ransom is one's demonstrated preference, because it is an action motivated by coercion. So how do you argue that individuals should be allowed to pay ransoms? If you say "it's their utility-maximising choice under the circumstances", I could easily reply that paying one's taxes similarly increases utility. I could say it is a Pareto improvement to let people pay ransoms, but not sure how to put it into Rothbard's language. I don't think he would say social welfare is increased by government allowing individuals to pay ransoms, because all it is doing is enabling B to rob A. But then A would prefer to be robbed than see C be killed...