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- November report "Is it True, as David Hume (1711 – 1776) postulated that, "Nothing is esteemed a more certain sign of the flourishing conditions of any nation than the lowness of interest"?" published. https://bit.ly/2y4LJZQ
- Law of demand and panic buying
- Just this week New York Federal Reserve President William Dudley noted that the Federal Reserve was considering its own digital currency. http://bit.ly/2B1OzTi
- Ep. 333: Powell Optimism Belies Data: http://bit.ly/2F1BhbQ via @YouTube
- Included in the box of my father's effects that the Federal Prison System sent me were over a hundred letters belonging to another inmate!
- #janetyellen continues to pretend that the U.S. recovery is still on track, and that future interest rates hikes are just around the corner.
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- As RT pointes out, buying gold makes a country less vulnerable to geopolitics. That's why Russia has increased its gold reserves by almost 75%. http://bit.ly/2kmtCLG
- Make Your Job Amazing: Advice for the Young and Employed | Jeffrey Tucker
- Measuring Tacit Knowledge
Tuesday, February 2, 2016
From 1750, a precursor to the Keynes vs. Hayek rap (the Keynes part, anyway) memorializing the boom phase of the inflationary fiat currency, the Massachusetts pound.
**A MOURNFUL LAMENTATION** for the sad and deplorable [Death of Mr. Old Tenor](http://ntrda.me/1PycTfl), A Native of New England who, after a long Confinement, by a deep and mortal Wound, which he received above Twelve Months before, expired on the 31st Day of Mary, 1750. He lived beloved, and died lamented. *To the mournful Tune of [Chevy Chase](https://www.youtube.com/watch?v=wnm6M0JMQtI).* A Doleful tale prepare to hear, As ever yet was told: The like, perhaps, ne’er reach’d the ear Of either young or old. Tis of the sad and woeful death Of one of mighty fame, Who lately hath resign’d his breath; OLD TENOR was his Name. In vain ten thousands intercede, To keep him from the grave; In vain his many good works plead; Alas! they cannot save. The powers decree, and die he must, It is the common lot, But his good deeds, when he’s in dust, Shall never be forgot. He made our wives and daughters fine, And pleased every body; He gave the rich their costly wine, The poor their flip and toddy. The labourer he set to work; In ease maintain’d the great: He found us mutton, beef and pork, And every thing we eat. To fruitful fields, by swift degrees, He turn’d our desart land: Where once nought stood but rocks and trees, Now spacious cities stand. He built us houses strong and high, Of wood, and brick, and stone; The furniture he did supply; But now, alas! He’s gone. The merchants too, those topping folks, To him owe all their riches; Their ruffles, lace and scarlet cloaks, And eke their velvet breeches. He launch’d their ships into the main, To visit distant shores; And brought them back, full fraught with gain, Which much increas’d their stores. Led on by him, our Soldiers bold, Against the foe advance; And took, in spite of wet and cold, Strong CAPE BRETON from France. Who from that Fort the French did drive, Shall he so soon be slain? While they alas! remain alive, Who gave it back again. From house to house, and place to place, In paper doublet clad, He pass’d, and where he shew’d his face, He made the heart full glad. But cruel death, that spareth none, Hath rob’d us of him too; Who thro’ the land so long hath gone, No longer now must go. In Senate he, like Cæsar, fell, Pierc’d thro’ with many a wound, He sunk, ah doleful tale to tell! The members sitting round. And ever since that fatal day, Oh! had it never been, Closely confin’d at home he lay, And scarce was ever seen. Until the last of March, when he Submitted unto fate; In anno Regis twenty three, Ætatis forty eight. Forever gloomy be that day, When he gave up the ghost: For by his death, oh! who can say What hath New-England lost? Then good OLD TENOR, fare thee well, Since thou art dead and gone; We mourn thy fate, e’en while we tell The good things thou hast done. Since the bright beams of yonder sun, Did on New-England shine, In all the land, there ne’er was known A death so mourn'd as thine. Of every rank are many seen, Thy downfall to deplore; For ’tis well known that thou hast been A friend to rich and poor. We’ll o’er thee raise a SILVER tomb, Long may that tomb remain, To bless our eyes for years to come, But wishes ah! are vain. And so God bless our noble state, And save us all from harm, And grant us food enough to eat, And clothes to keep us warm. Send us a lasting peace, and keep The times from growing worse, And let us all in safety sleep, With SILVER in our purse.