Classic RAMZPAUL

I am philosophically primarily sympathetic to the Libertarian and Capitalist economic positions. However, if technology continues to improve to the degree fewer humans are needed for jobs, what will those people do? The standard answer is that something else will always be developed that will provide more and better jobs. Such an answer has become almost axiomatic. But what if there is nothing else? What if we simply will need fewer people to work? Do we let those people die? Will such people accept their potential starvation in a land of plenty?

Paul Craig Roberts has long been one of my favorite economists. As with many people that I admire, it is hard to classify him as being on the Left or the Right. He is one of the few voices that have expressed doubts about the axiomatic position held by the Democrat and Republican parties that free trade is all sunshine and rainbows. Roberts also debunks the myth that the United States was built of free trade. Nothing could be further from the truth. From the earliest colonial times, the government has protected various industries.

Below is a graph that shows the increase of the Base Money supply of the USA. Base Money (M1) is the fiat money that is created by the Federal Reserve. As you can see, the Fed has been going crazy “printing” money. (Most money is now electronic, not paper - hence the word printing is somewhat of an anachronism.) Based on this graph, you probably think that we should be experiencing hyper-inflation. Many people of the Austrian Monetary theory (such as Lew Rockwell, Peter Schiff and Ron Paul) have consistently predicted hyperinflation. And, yet, we have not seen a radical increase of prices. Why not? The reason we have not seen hyperinflation is that most of our money is created by banks through loans. The government creates very little fiat money compared to the credit money created by the banks. And the credit money has been dramatically collapsing over the past year. The increase of fiat money by the Federal Reserve is like pushing on a string. The banks are not lending this money bec...

“From each according to his ability, to each according to his need” – slogan popularized by Karl Marx in his 1875 Critique of the Gotha Program I live in a state that is predominately Republican and Conservative. I live in Mid-America. Fly-over country. The Bible Belt. I do not live near Berkley or Massachusetts. The people in this state believe in God, Football and Guns. While running my errands, I decided to go on a search for Karl Marx in this most conservative of states. My question was this - could Marx’s ideas be receptive to Middle America? I decided to interview just normal people in everyday life and see what they thought about this slogan.