Here is another interesting short video. It is professionally made, and I don’t aspire to make anything this slick – it is not worth my time to learn how to do so. I like the background graphics. Watch for the ones that pop up when Ferguson says “Lehman Brothers”. I prefer a speaker on video to be facing me/the camera, tho I suppose switching to a side-view or some other view helps provide variety. But does a short video really need it?
[yframe url=’http://www.youtube.com/watch?v=OtLcalkHgyA’]
Alvin Hansen was an influential economic adviser to FDR. He was asked in 1940 whether the basic principle of the New Deal was economically sound, and he responded, “I really do not know what the basic principle of the New Deal is.
via Easy Opinions: Basic Principle of the New Deal.
Our elders and betters, the elites who run our countries, always know what they are doing. That is why they are running the country, right? I mean, they wouldn’t be running the country if they didn’t know what they were doing, right?
From EX-SKF. I make a brief comment below the videos.
(If you don’t see the caption, click on the “cc” on the player menu bar to turn on the caption.)
Please share the videos with your non-Japanese-speaking friends.
Original written posts are here: Part 1, Part 2, Part 3.
Captioned Video Part 1 of 2
[yframe url=’http://www.youtube.com/watch?v=Dlf4gOvzxYc’]
[yframe url=’http://www.youtube.com/watch?v=mDlEOmcALwQ’]
My comment:
Bizarro! Pure altruism? More likely neither, but self-interest, tho I can’t figure out why or how.
Can someone tell this guy that Japan just suffered an earthquake and tsunami. Quite a big one. Funds needed for reconstruction. And who will pick up the tab when (not if) the euro blows up?
TOKYO AFP – Japan is ready to buy more European bonds if needed to help support a eurozone shaken up by fiscal debt woes, the finance minister said Friday.Japan will invest more in European Financial Stability Facility EFSF bonds if needed, after purchasing some 20 percent of them issued since January, Finance Minister Yoshihiko Noda told reporters.”We’d like to contribute to the emergency lending facility at the same pace if that could help stabilise the economies of the EU,” Noda said.
via Japan ready to buy more Europe bonds if needed – Yahoo! News.
Jan 15
Robert Murphy has an online course on Introduction to Economic Principles, run by the Mises Academy. It costs $150 and starts Jan. 26th, 2011, and lasts 10 weeks.
On a forum I visit daily, a member had posted a link to an article describing a hyperinflation scenario in the U.S. I visited it. Later in the day, the website owner, economist and historian (and music buff) Gary North responded (members only):
I am writing this in response to a site member’s question. The member asked my opinion of this article.
Usually, I do not take the bait. If someone does not know enough to ask specific questions, it’s an “I’m wetting my pants” question. “It sounds so bad. Is the sky falling?” I then refer him to this article:
http://www.garynorth.com/members/5867.cfm
[I would also refer him to this article: Self-Inflicted Confusion and Paralysis: Thinking About the Economy Without Understanding Economics] I am making an exception with this article, because it is so utterly, incomparably wrong-headed. It is so awful that it stands out like a beacon of incompetence. There is a grandeur to it. It is written with such confidence, yet it so completely illogical that it is breathtaking. This is World Cup finals nonsense…
It’s long. It’s also dead wrong. It’s long because it starts off wrong and tries to recover. It never does. Read the rest of this entry »
Historian and Austrian economist Gary North writes that many people are confused by the media’s pronouncements on gold, inflation and deflation:
Self-Inflicted Confusion and Paralysis: Thinking About the Economy Without Understanding Economics
If called upon to outline the arguments of each position, they could not do it. They have no idea of what they have read. They are utterly confused. Why? Because they do not read books on economics. They read only websites.
For years, I was one of “they”: I was trying to educate myself about finance, investing and economics by reading only websites. I wasted a lot of time. I eventually discovered the 3 books that Gary North recommends below.
If you are confused, you can get clear by reading three short items: Rothbard‘s mini-book, What Has Government Done to Our Money? (pdf), my mini-book, Mises on Money, and Rothbard’s The Case Against the Fed (pdf). All of them are free. If you really want to understand, read Rothbard’s textbook on money and banking, The Mystery of Banking (pdf). It is free. Then you will be ready for the booklet published by the Federal Reserve Bank of Chicago, Modern Money Mechanics.
I sent the above quote to a friend who wrote back that he finds reading economics books incredibly tedious. Not long ago, I would have had the same reaction. What changed? Read the rest of this entry »
Sep 3
24hGold, a website devoted to precious metals, includes a randomly selected relevant quotation. Today’s:
If any question why we died,
Tell them, because our fathers lied.
This anti-war sentiment is uncharacteristic of Kipling, and so I had to look it up: where did it come from? When and why did he write it? Read the rest of this entry »
“Meltdown”, historian Thomas Woods‘s book on the origins and causes of the present financial crisis, based on Austrian Economics Business Cycle Theory, has been translated into Japanese, and can be bought on Amazon Japan. Woods’ own summary/review can be read on the Lew Rockwell website.
Just in time for the Japanese elections. (The electorate is, of course, focusing on the key, important, issues).
If you are not familiar with Austrian economics, you can start educating yourself at Wikipedia then just read anything on the Lew Rockwell or the Mises Institute websites. I knew nothing about it until about a year ago, but am now hooked. I never realized economics could be so fascinating. Be warned: if you have a socialist way of thinking, as do most people brought up postwar; if you firmly believe, as the media have been telling us, that the cause of this financial crisis is unfettered, unregulated capitalism, then be prepared to have your cage rattled and some of your precious sacred cows slaughtered.
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May 17
Mousetip to Douglas French at Mises Institute.
And speaking of “enough”….Here’s another video of Grayson questioning Geithner.
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A journalist (Gilder) seeks out a young black accused of rape, follows him and his family around for a few years and comes up with a devastating critique of the modern welfare state in the U.S.A.Although Gilder insists everything in t…
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