If you lived in Alabama in the 50s, you would have been struck by a meteorite. Five decades later, Alabamians still reeling from meteorite strike. It’s true; read the history. Ok, maybe not. Yes, it’s true a meteorite did strike Alabama in the 1950s and yes, a lady, 32 year old Ann Hodges, was struck. [...]
The O-Shaped RecoveryA breakthrough in Sesame Street economics These days there exists a tendency among economists to express economic forecasts using those letters they feel best illustrate future stock market performance, hence the popularity of the letters V, W, U, and L in modern economic parlance. For example, in this jargon, V refers to a quick economic [...]
The Dubious “GDP Recovery”In the economy, as in life, productivity is key Last week’s announcement by the Commerce Department drew cheers as the group revised its April-June report on annualized gross domestic product (GDP) growth to -0.7%, indicating a smaller economic contraction than was originally reported. While the news prompted optimism among some, the celebration was cut short [...]
This Baby’s Way OverdueIn the business cycle, delays only make for a painful delivery. Mainstream economists and politicians make much noise about the current economic depression and, particularly, the deflation that accompanies it. In their hampered view, deflations, marked by falling prices, are the source of depressions and therefore must be avoided at all cost. They conclude that [...]
Who “Corked” My Cash?Like a corked wine, today’s money is a tainted, malodorous, and ultimately worthless substitute for the real thing. It is an economic law that all wealth derives from some combination of land, labor, and time. Hence everything we value comes originally from these three independent factors – those provided by nature, the expenditure of human [...]