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An open letter to Paul Volcker, Chairman of the Board of Governors of the Federal Reserve, 1979-1987; Chairman of President Obama's Economic Recovery Advisory Board, presented to him, in person, last year. Dear Paul: In 35 years our paths have crossed for the second time. In 1974/75 you and I were Visiting Fellows at Princeton University. Now, in 2009, both you and I are attending the Santa Colomba Conference on the present debt crisis at the invitation of Bob Mundell.
This new Oliver Stone financial film, "Money Never Sleeps," (a follow to his big 1980's hit "Wall Street") is notable for what it leaves out. Even with immense pressure on the Federal Reserve from a variety of sources, Oliver Stone fails to put recent central banking actions into proper perspective as regards the economic crisis. Free market view: Without the Fed and attendant, overwhelming distortive regulations, no financial problems.
True, the idea came to me after having read many of Paul Krugman's missives, both his columns in The New York Times and essays in such magazines as The New York Review of Books. In his often very polemical writings – for a Nobel Laureate he does seem to indulge in polemics more than do most other academics – he nearly always makes reference to market fundamentalism or market fundamentalists, alleging in the process that here in these United States free market capitalism is widely preferred among
And with it, the conservative tidal wave
Make it viral.
Every race contested as much as we can – every voter we can muster out to vote. We can do this. We will do this.
We have puzzled some readers with our insistence that EU austerity was another fear-based promotion of the power elite, but in this article we will seek once again to why the elite has attempted to enforce austerity and why it is failing. Anyone, in our estimation, who is for increased freedom and less government control ought to root for the failure of EU-style
In our time, not entirely unlike in others, the main appeal politicians hold out for millions is that they join them in their resentful bashing of the rich. This is a successful ploy because in the past, of course, most riches came from conquest, from governments and their favorite minions sending out thugs to confiscate whatever they desired from those who had some. As the saying has it, behind every great fortune lies a great crime, including extortion via taxation! This is why Robin Hood
While we have written numerous articles on the bureaucracy of big science and its varying incompetences, we have neglected to point out the impact that the unrolling financial crisis is having on what the Register (see above article excerpt) calls "boffins." We expect to see over time a spate of article warning that the aggregate knowledge of humankind is being eroded by shrinking governmental budgets. A sub dominant social theme: "Money is the mother's milk of scientific endeavor and in today's