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Category: Economy

Image of three children looking sad.

Money Matters, Especially When It Comes to Children

by Steven Pressman | Mar 28, 2023 | Economy

It is an article of faith among conservatives that government programs are wasteful expenditures. This is the standard line of the Wall Street Journal editorial pages and the Republican Party. Going further, Charles Murray’s book Losing Ground: American Social Policy, 1950–1980, argued that expanding welfare programs during the 1970s increased poverty in the United States […]

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General Augusto Pinochet with the Silicon ValleyBank logo

The Wide Angle: Financial Unreality and The Cult of Pinochet

by Dave Troy | Mar 27, 2023 | Economy, The Wide Angle

The recent collapse of Silicon Valley Bank demonstrated in clear terms that financial reality is a shared hallucination. And financial reality, a useful social construct, goes a long way to shaping our physical reality. For the businesses threatened by a potential meltdown of the bank, a cashflow freeze meant the difference between real people getting […]

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Ron Paul

The Wide Angle: Crash the Global Economy? It’s Harder than It Sounds.

by Dave Troy | Feb 27, 2023 | Economy, The Wide Angle

Many of us are familiar with the phenomenon of “dorm room philosophy” and its derivative field, “dorm room economics.” Often, it is rooted in the clunky prose of Ayn Rand and the simple, common-sense decrees of Austrian economics, along with the limited life experience common to all young people — particularly young men. Rand’s “objectivism” […]

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Debt rolling towards a man running

Will Household Debt Derail the US Economy?

by Steven Pressman | Nov 3, 2022 | Economy

US household debt hit a record $16.15 trillion in the second quarter of 2022. Mortgage debt accounts for 75% of the total; college debt another 10%. The rest is mainly motor vehicle and credit card debt. Rising household debt over the past two years is worrisome, and will become a greater problem as interest rates […]

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Jerome Powell, Chair of the Federal Reserve.

The Fed’s Battle With Inflation: A Pyrrhic Victory? Or Will the Federal Government Join the Fight?

by Steven Pressman | Aug 31, 2022 | Economy

The central bank of the U.S. Federal Reserve (or Fed for short) has been hiking interest rates this year to try to bring down inflation. Before addressing the economic consequences of this, a few words about central banks seems in order. Regular retail and consumer banks do their own banking at central banks—making deposits and […]

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