Wednesday, August 20, 2014
Saturday, August 16, 2014
Wednesday, August 13, 2014
Tuesday, August 12, 2014
"Mmm-mmmm. That is a tasty burger." Jules Winnfield
Sunday, August 10, 2014
Saturday, August 9, 2014
From the New York Times:
The proceedings of the tribunal, a joint effort of the Cambodian government and the United Nations, have been criticized as being extremely belated and for covering only a narrow sliver of the crimes perpetrated by the Khmer Rouge. The judgments against Nuon Chea, 88, and Khieu Samphan, 83, were the first to be handed down against the Khmer Rouge leadership, although a lower-ranking official, who ran a notorious prison for the regime in Phnom Penh, was convicted in 2010. Both senior leaders will file appeals, their lawyers said Thursday.
Pol Pot and the Khmer Rouge emptied the cities in less than three days, then proceeded to exterminate everyone who was not needed for their agrarian utopia. Their selection process was based on envy and resentment - the core attributes of Communists worldwide. They killed everyone with a shred of education, intelligence and/or wealth.
Here is a group photo of Cambodians who could read back in 1975:
Thursday, October 4, 2012
Monday, September 10, 2012
The Labor Force Participation Rate declined to 63.5% in August (blue line)- another new cycle low. This is the percentage of the working age population in the labor force.
The participation rate is well below the 66% to 67% rate that was normal over the last 20 years, although most of the recent decline is due to demographics.
The Employment-Population ratio declined to 58.3% in August (black line). This is a new low for the year, and just above the cycle low.
This graph shows the job losses from the start of the employment recession, in percentage terms. The dotted line is ex-Census hiring.
This shows the depth of the recent employment recession - worse than any other post-war recession - and the relatively slow recovery due to the lingering effects of the housing bust and financial crisis.
Sunday, September 2, 2012
The estimated population of the United States is 313,431,758 so each citizen's share of this debt is $51,052.36.
The National Debt has continued to increase an average of $3.88 billion per day since September 28, 2007!
Tuesday, August 28, 2012
701-774-7900 or 1-800-247-0989
Q: What if I don’t have any oilfield experience?
A: When searching for an oilfield position, take time to consider what skills and talents you already possess. For example, skills in areas such as welding and construction or the possession of a Class A CDL (commercial driver’s license) are highly valued by many different companies.
Currently, there are a variety of jobs available in the oil industry, with a range of experience requirements. Some positions may require no experience, while others may require several years of experience. Jobs listed on jobsnd.com will include information on what kind of experience is required for each position.
In addition, you will also want to consider some of the many jobs available in North Dakota that are not oilfield related. Jobs are available in many different industries, and the wages for these jobs are generally higher in areas where there is oilfield activity. In some instances, the wages for these positions may rival, if not surpass, the wages of some oilfield positions.
Basic Advice: http://www.rockinthebakken.com/OilJobs.aspx
Contact Info by City: http://www.jobsnd.com/office-locations
Let me define the word "depression." It's a period of time when most people's standard of living declines significantly. It can also be defined as a time when distortions and misallocations of capital – things usually caused by government intervention – are liquidated.
We have been consuming more than we have been producing and living above our means. This has been made possible by: 1) borrowing against projected future revenues and 2) using the savings of other people. The whole thing is going to fall apart. A new monetary system of some type is going to have to necessarily rise from the ashes.
Saturday, August 25, 2012
Wednesday, August 22, 2012
Tuesday, August 21, 2012
One: Eliminate the mortgage tax deduction, which lets homeowners deduct the interest they pay on their mortgages. Gone. After all, big houses get bigger tax breaks, driving up prices for everyone. Why distort the housing market and subsidize people buying expensive houses?
Two: End the tax deduction companies get for providing health-care to employees. Neither employees nor employers pay taxes on workplace health insurance benefits. That encourages fancier insurance coverage, driving up usage and, therefore, health costs overall. Eliminating the deduction will drive up costs for people with workplace healthcare, but makes the health-care market fairer.
Three: Eliminate the corporate income tax. Completely. If companies reinvest the money into their businesses, that's good. Don't tax companies in an effort to tax rich people.
Four: Eliminate all income and payroll taxes. All of them. For everyone. Taxes discourage whatever you're taxing, but we like income, so why tax it? Payroll taxes discourage creating jobs. Not such a good idea. Instead, impose a consumption tax, designed to be progressive to protect lower-income households.
Five: Tax carbon emissions. Yes, that means higher gasoline prices. It's a kind of consumption tax, and can be structured to make sure it doesn't disproportionately harm lower-income Americans. More, it's taxing something that's bad, which gives people an incentive to stop polluting.
Six: Legalize marijuana. Stop spending so much trying to put pot users and dealers in jail — it costs a lot of money to catch them, prosecute them, and then put them up in jail. Criminalizing drugs also drives drug prices up, making gang leaders rich.
Saturday, August 18, 2012
$222 Trillion Unfunded Liabilities
The expert here is Prof. Lawrence Kotlikoff of Boston University. His most recent report says that total unfunded liabilities went from $211 trillion a year ago to $222 trillion this year.
The biggest source of future red ink will be Medicare. In second place is Social Security.
How can the government pay off these obligations? It can't. The possibility does not exist. The government needs a spare $222 trillion to invest in private companies. This investment must make a return of at least 5% to provide the money needed to pay meet the government's obligations. There is no $222 trillion available, and no capital markets large enough to absorb $222 trillion.
Conclusion: the U.S. government will default.
Saturday, August 11, 2012
Milton Friedman wrote:
source"I, Pencil" is a typical Leonard Read product: imaginative, simple yet subtle, breathing the love of freedom that imbued everything Leonard wrote or did. As in the rest of his work, he was not trying to tell people what to do or how to conduct themselves. He was simply trying to enhance individuals' understanding of themselves and of the system they live in.I.6That was his basic credo and one that he stuck to consistently during his long period of service to the public—not public service in the sense of government service. Whatever the pressure, he stuck to his guns, refusing to compromise his principles. That was why he was so effective in keeping alive, in the early days, and then spreading the basic idea that human freedom required private property, free competition, and severely limited government.
Donald Boudreaux wrote:
There are two kinds of thinking: simplistic and subtle. Simplistic thinkers cannot understand how complex and useful social orders arise from any source other than conscious planning by a purposeful mind. Subtle thinkers, in contrast, understand that individual actions often occur within settings that encourage individuals to coordinate their actions with one another independent of any overarching plan. F. A. Hayek called such unplanned but harmonious coordination "spontaneous order."...source
For its sheer power to display in just a few pages the astounding fact that free markets successfully coordinate the actions of literally millions of people from around the world into a productive whole, nothing else written in economics compares to Leonard Read's celebrated essay, "I, Pencil." This essay's power derives from Read's drawing from such a prosaic item an undeniable, profound, and spectacular conclusion: it takes the knowledge of countless people to produce a single pencil. No newcomer to economics who reads "I, Pencil" can fail to have a simplistic belief in the superiority of central planning or regulation deeply shaken. If I could choose one essay or book that everyone in the world would read, I would unhesitatingly choose "I, Pencil." Among these readers, simplistic notions about the economy would be permanently transformed into a new and vastly more subtle—and correct—understanding.
Milton Friedman discussing the pencil.
Thomas Thwaites: How I Built a Toaster--from scratch
Here is the assignment (with answer key)
I, Pencil remains relevant today.
Read and Friedman use the pencil to show the folly of central planning: Nobody can possibly know enough to manage the production of pencils. And indeed, history has proven that when governments create Pencil Ministries (metaphorically speaking), they fail – inevitably and spectactularly.
Wednesday, August 8, 2012
2012 reading: 235.8% of GDP
Worst Unemployment: Macedonia
Worst Inflation: Belarus
Monday, July 2, 2012
Sunday, July 1, 2012
6 oz diced filet
2 teaspoons--diced sweet onion
1 teaspoon--minced garlic
2 teaspoons--chopped capers
3 teaspoons--stone ground mustard
4 teaspoons--herb infused olive oil
1 large egg (raw)
3 dashes Tabasco
4 dashes Worcestershire sauce
salt to taste
pepper to taste
1. finely dice a filet
2. mix other ingredients together
Comments: A little soupy. Increase to 8 oz filet or reduce olive oil and/or yolk only
Sunday, May 20, 2012
Thursday, April 19, 2012
Monday, April 16, 2012
To see more clearly how the price of the dollar has changed, it helps to
view price changes over a 10 year period. Since 2002, the price of a barrel of
oil has increased four-fold, to $107 last Friday from $26 in 2002. To suggest
that oil companies had enough power to impose such a price increase, or that
speculators are responsible for a quadrupling of the price of oil is, on its
face, preposterous. Instead, the price of oil and gasoline are up because the
Federal Reserve has driven the value of the dollar down.
For example, if the dollar since 2002 had been as good as the:
Chinese yuan, the price of oil today would be $82 and a gallon of
regular gas would cost about $3.10;
Euro, the price of oil today would be $77 and regular gas would cost
Japanese yen, the price of oil today would be $71 and regular gas would
cost about $2.75;
Swiss Franc, the price of oil today would be $63 and regular gas would
cost about $2.50.
Thanks Mr. Bernanke!
In 2011, 70 domestic manufacturers announced plans to set up a factory in Alabama. They're expected to create 4,879 jobs and $1.6 billion in capital investment over the next two to three years. In the same year, an additional 313 manufacturers, already in the state, announced expansion plans that would create another 12,369 new jobs and pour $2.5 billion in capital investment."
Wednesday, April 11, 2012
Tuesday, April 10, 2012
Monday, April 9, 2012
Tuesday, April 3, 2012
1. There Is No Spoon
3. Rent Seeking
5. Central Planning
6. Price Instability
7. Economic Volatility
8. Currency Debasement
9. Wealth Redistribution
10. Concentration of Wealth
11. Moral Hazard
12. Corruption and Cronyism
13. Confidence Failure
14. Counterparty Risk
15. Transaction Settlement
Saturday, March 31, 2012
On March 31, some people will be sitting in the dark to express their "vote" for action on global climate change. Instead, you can join CEI and the thousands of people around the world who will be celebrating Human Achievement Hour (HAH). Leave your lights on to express your appreciation for the inventions and innovations that make today the best time to be alive and the recognition that future solutions require individual freedom not government coercion.