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- Unsurprisingly, the Vietnamese government has tried to bring all of that gold out of the underground economy. But as is generally the case, that’s easier said than done. http://bit.ly/2mFTYXC
- Against Public Policy
- From CNBC. http://bit.ly/25CwpB2
- When Obama was running these big deficits, the Fed was monetizing them with trillion dollars a year of QE's. Now, they’re not doing any. So, that means we’re going to have a massive increase in interest rates. That means stocks collapse. http://bit.ly/2BTx6Mr
- Hedonic adjustments for technological advances overstate the benefits to consumers, and allow the government to understate CPI increases. Just because a computer is twice as fast does not mean it delivers twice the value to consumers.
- Conventional wisdom tells us gold should be way down. Since gold doesn’t pay dividends or interest payments, investors typically shed non-yielding assets like gold. It isn’t. People are buying gold. http://bit.ly/2EIPDJB
- Silver Is Significantly Undervalued – A Terrific Buy (Video) @SchiffGold http://t.co/uEnTBjhOsm
- I'm a software developer looking for an idea for a open source project. What do you think it could be helpful?
- Hope springs eternal. After having initially forecast 2017 Q4 #GDP growth at 4.5%, only to see it come in at just 2.6% (likely to be revised lower next month), the Atlanta Fed's initial read on 2018 Q1 GDP is 4.2%. Let the GDP limbo begin.
- Gold’s $12 dollar selloff is now a $13 dollar rally. Maybe traders are finally figuring out that inflation is good for gold. Wait until they figure out that no matter how hot inflation gets, the Fed is powerless to put out the fire! http://bit.ly/2Cp3EKY
Wednesday, September 23, 2015
Malinvestment and the Austrian Business Cycle, as explained by Yogi Berra
[*"The future ain't what it used to be."*](http://ift.tt/1R053tw) I hope no one minds this bit of levity, in honor of Yankees legend Yogi Berra, who passed away today at age 90; but I came across this quote of his and thought I'd share it. Let me explain. A long time ago I was teaching grade 8 social studies and had the opportunity to talk about bank runs and recessions/depressions. How do you sum this sort of thing up for 14-year-olds? For me, the main idea to drive home is that economics is about planning for the future, and that recessions happen when we have the widespread phenomenon of the future not turning out the way a whole lot of us had thought it would. That's an easy idea to grasp, and it leads to the notion of easy-credit policies and how that creates a distorted picture of what it is consumers want, which then upsets the economic planning of producers. I encourage anyone who is trying to explain economics to someone, as if he or she was 14 years old, to keep Mr. Berra's witticism in mind. RIP.