President Trump moved recently to nominate an avowed sound money advocate, Judy Shelton, to the Federal Reserve Board. That triggered a flurry of superficial and derisive references in the controlled media to Shelton’s past support of a gold standard.
For example, CBS News described her as “a believer in the return to the gold standard, a money policy abandoned by the U.S. in 1971.” According to the story, “mainstream economists believe it’s a fringe view.”
As the “mainstream” media portrays sound money advocates, we apparently are nostalgic for the monetary system that existed all the way up until 1971.
Being backward looking by nature, our driving purpose in life is apparently to salvage that “abandoned” system.
Never mind the fact that the post-World War II Bretton Woods gold window that existed until 1971 was meant to ensure U.S. dollar hegemony in international trade – not sound money for the people.
Chairman Powell’s testimony this week was closely scrutinized not just for its economic implications but also for its political overtones. Powell cited “trade tensions” as cause for concern about the strength of the global economy. He clearly seemed to be blaming President Trump’s tariffs.
But if the tariffs are what ultimately move the Fed to cut rates, Trump will have finally gotten what he wants out of Powell. In recent weeks, Trump has stepped up his attacks on the central bank, calling it the biggest problem facing the economy, floating the idea of firing Powell, and suggesting his administration would match China’s and Europe’s “currency manipulation game.”
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….
I was called this morning by the BBC. It
wanted me to comment on the claims that Sports direct, a chain of
sports clothing shops, mistreats its workers – keeping them on zero-hours contracts,
sometimes not paying them even the minimum wage, scaring them out of
going sick, generally treating them like dirt. Would I care to go on air
to defend the right of employers to behave in this way? I am
increasingly turning down invitations to go on radio and television, and
this was an invitation I declined. I suggested the researcher should
call the Adam Smith Institute. This would almost certainly provide a
young man to rhapsodise about the wonders of the free market. My own
answer would be too complex for the average BBC presenter to understand,
and I might be cut off in mid-sentence.
is the answer I would have taken had I been invited to speak on a
conservative or libertarian radio station on the Internet.
First, it is a bad idea to interfere in market arrangements. Sports Direct is in competition with other firms. Making it pay more to its workers, or to give them greater security of employment, would require it to raise prices and make it less competitive. A general campaign against zero-hour contracts and low pay would raise unemployment. In even a reasonably open market, factors of production are paid the value of their marginal product. Establish a minimum price for labour above its clearing price, and those workers whose employment contributes less than this to total revenue will be laid off. If I felt more inclined than I do, I could produce a cross diagram to show this. The downward sloping curve would show diminishing marginal productivity, the upward the supply of labour at any given price. The point of intersection would show the clearing price. Draw a horizontal line above this clearing price to show the minimum allowed price, and you can two further lines from where this intersects the curves to create a box showing the unemployment that would result. I leave that to your imagination. Or here is a representation I have found on-line:
This month’s thematic has been a real challenge for us and raised many questions in our minds. Why? The history of decentralization is complex and non-linear. But most of all, it is difficult to be considered from an objective point of view, stripped of the predominance of the state.
Talking about decentralization leads obviously to discuss about centralization; to find the ghosts of history, to cross-reference the victories and failures of social-political movements; to discover some contemporary alternatives to the generalized centralization of our lives. Unless we consider that a technology is neutral, in the end, we cannot talk about decentralization without talking about governance, suffrage, politics or apoliticism, autonomy, organization… and the dominant model of centralization: the nation-state. Still, if a very vast literature and documentation concerns rise of states, it must be stated that the one granted to the opposite, i. e. the absence of a state, is almost non-existent. More…
The War on Cash isn’t a conspiracy theory. It’s an
open agenda. It’s being driven by an alignment of interests among bankers,
central bankers, politicians, and Silicon Valley moguls who stand to benefit
from an all-digital economy.
Last week, Facebook – in partnership
with major banks, payment processors, and e-commerce companies – launched a
digital currency called Libra. Unlike decentralized, free-floating cryptocurrencies,
Libra will be tied to national fiat currencies, integrated into the financial
system, and centrally managed.
warn Libra is akin to a “spy coin.” It’s certainly not for anyone who wants to
go off the financial grid.
Many of the
companies involved in Libra (including Facebook itself) routinely ban users on
the basis of their political views. Big Tech has booted scores of individuals
and groups off social platforms for engaging in “far right” speech. If Libra
one day becomes the predominant online payment method, then political
dissidents could effectively be banned from all e-commerce.
still obtain some degree of anonymity in the offline world by using paper cash.
But that will become impossible in the cashless future envisioned by bankers.
Bank of America CEO Brian Moynihan touted new developments in digital payment
systems while speaking at a Fortune conference. He said, “We want a cashless
society…we have more to gain than anybody from a pure operating costs.”
They gain –
at the expense of our financial privacy. A cashless society is the end of a
long road to monetary ruin that began many decades ago with the abandonment of sound money backed by gold and silver.
Stefan Gleason is
President of Money Metals Exchange, the national precious metals company named 2015 “Dealer of the
Year” in the United States by an independent global ratings group. A
graduate of the University of Florida, Gleason is a seasoned business leader,
investor, political strategist, and grassroots activist. Gleason has frequently
appeared on national television networks such as CNN, FoxNews, and CNBC, and
his writings have appeared in hundreds of publications such as the Wall Street
Journal, Detroit News, Washington Times, and National Review.
Your company made big headlines when it announced it would be launching a cryptocurrency called the Libra in 2020. Not surprisingly, given the nature of the times, the project has been greeted with intense criticism and skepticism. Don’t lose heart. In one sense, the idea of a company creating its own kind of money is an old one. The airlines’ frequent-flier miles are really a form of money that customers can earn and use to buy trips and various other things. Credit card companies, hotels and numerous retailers have all sorts of loyalty programs in which people earn points that will let them buy all manner of goodies.
But if you play your cards right with the Libra, you could be to money and finance what Henry Ford was to automobiles. Your new currency could take its place alongside the inventions of coins and paper money many centuries ago. It could replace the U.S. dollar as the global currency. More…
An economist and a business advisor discuss what might happen if the gap between rich and poor continues to grow.
Inequality is on the rise in the United States. Stanford experts discuss possible solutions. | Reuters/Lucy Nicholson
The U.S. economy hit a historic high in 2018, and today unemployment is at its lowest rate in five decades. Yet wage growth for the vast majority of Americans has stalled, and more people are struggling to afford housing, health care, education, and other basics.
Mike Gleason: It is my great privilege now to be joined by Steve Forbes, Editor-in-Chief of Forbes Magazine, CEO of Forbes Media, and author of many fabulous books, including Flat Tax Revolution, How Capitalism Will Save Us, and Money: How the Destruction of the Dollar Threatens the Global Economy and What We Can Do About It. He’s also a two-time presidential candidate, having run in the Republican primaries in both 1996 and in the year 2000.
Mr. Forbes, I really want to thank you for your time today and for joining us again. It’s a tremendous honor to have you back on, welcome.
Steve Forbes: Good to be with you. Thank you.
Mike Gleason: Well, let’s start with one of the big topics on Wall Street these days, that being tariffs and trade. The president has been working to rewrite trade deals and reduce the trade deficit. Recently, the dispute with China escalated and tariffs were increased to 25%. There has been some volatility in the equity markets, but so far, at least, investors seem to be optimistic that a deal will be reached, or perhaps trade tensions don’t matter as much as they should, because the Federal Reserve is already signaling they will ride to the rescue.
Do you think the tariffs will be effective, and we wonder if America’s hand is as strong as the president thinks it is, or are people really prepared for much higher prices as the extra costs associated with tariffs get passed along? What are your thoughts there?
If there is one point that I have tried to make clear during the entire 20 years or so that I have been doing ATS, it is that the solution to globalization/globalism/imperialism/whatever one wants to call it is global revolutionary struggle, which is a struggle that (obviously) transcends most other boundaries and conflicts.
Opponents of the Empire may vary infinitely in their specific tribal affiliations: ideological, economic, religious, ethnic, cultural, moral, technological, etc. Yet the first question that has to be asked involves the issue of how the scattered tribes of resistance can collectively fight the common enemy. If one were living in 100 A.D. and trying to determine how to best resist the Roman Empire, the question would obviously be “How can the many tribes that are subject to the Empire engage in effective resistance?” The situation is essentially the same in 2019.
Charlotte, North Carolina (June 5, 2019) – A national precious-metals dealer is teaming up with a sound money policy group to help students pay for the ever-increasing costs of college.
Money Metals Exchange has teamed up with the Sound Money Defense League to offer the Sound Money Scholarship — the first gold-backed scholarship of the modern era. Starting in 2016, these organizations have set aside 100 ounces of physical gold (currently worth more than $130,000) to reward outstanding students who display a thorough understanding of economics, monetary policy, and sound money.
The Sound Money Scholarship is open to high school seniors, undergraduate, and graduate students with an interest in economics, specifically the tradition of the Austrian school. Applicants do not have to be economics majors to be eligible to receive this scholarship.
Dr. Richard Wolff debates libertarian Antony Sammeroff on the Labor Theory of Value on the Lions of Liberty Podcast, hosted by Marc Clair. This is a Marxist economist debating a free market libertarian.
I’m a pessimist because of intelligence, but an optimist because of will-Antonio Gramsci
When the individual’s behavior and consciousness get hooked to a routine sequence of external actions, he is a dead robot, and it is time for him to die and be reborn. Time to “drop out”, “turn on”, and “tune in.”-Timothy Leary
America, the indispensable nation. That old jingoistic canard gets tossed around like confetti in this country, while the rest of the world rolls their collective eyes and crack their collective knuckles. According to patriotic lore, America is some beige, color-blind, miracle designed by the greatest white philosophers since Socrates to free the world from its backwards indigenous ways with the magic of global capitalism. Naturally, this is all bullshit. The kind of sad pep-talk a date-rapist gives himself in the mirror before showering his glamour muscles in Axe body spray. There is absolutely nothing miraculous about America but that doesn’t mean that it isn’t exceptional.
America is an exceptionally cruel experiment in the outer reaches of colonial social engineering. We are a nation defined by the two greatest holocausts in recorded history, spanning three continents and an entire hemisphere. America as we know it was founded by an ambitious collection of European super-colonialists who found themselves and their nations increasingly depleted of the wealth they accumulated from the Crusades. So they traveled the seas in search of greener pastures to irrigate with more dark-skinned blood. They found their sainted killing fields of Shangri-La in the New World and with the superiority of their steel, they decided to take the Americas by force and slaughter anyone who stood in their way. But with an entire hemisphere half empty of its indigenous inhabitants, these European overlords found themselves with too much work for their feeble bourgeois fingers to handle, so they filled their new colonies with shiploads of slaves pilfered from the jungles of Africa to build a nation on their scarred shoulders, murdering millions more in the process and permanently hobbling another entire continent.
My thoughts on the “trade war” with China. Watch here.
This week US president Donald Trump declared a national emergency over IT threats. Trumps long awaited executive order forbids U.S. companies from purchasing telecommunications equipment manufactured by firms posing a “national security risk”.
Washington, DC (May 8, 2019) – U.S. Representative Alex Mooney (R-WV) introduced legislation this week to provide for the first audit of United States gold reserves since the Eisenhower Administration.
The Gold Reserve Transparency Act (H.R. 2559) – backed by the Sound Money Defense League and government accountability advocates – directs the Comptroller of the United States to conduct a “full assay, inventory, and audit of all gold reserves, including any gold in ‘deep storage,’ of the United States at the place or places where such reserves are kept.”
Efforts in Washington State to impose sales tax on gold and silver were SHUT DOWN today thanks to intense efforts by the Sound Money Defense League, a group of in-state coin dealers led by Dan Duncan, the Association of Washington Businesses, and a large number of vocal grassroots supporters.
Here’s the backstory…
Since last month, a few misguided Washington State senators and representatives have been trying to ram through a new tax on constitutional money.
Their cynical efforts stalled out last month on the senate side, and today, the House Finance Committee voted decisively against imposing a new sales tax on precious metals.