Blog Archives

Russian news anchor shows Obama the middle finger

translation: “Today, Dimitry Medvedev, became a chairman of Asia-Pacific Economic Cooperation (APEC), earlier, this position was taken by an american president, Barack Obama (flip off). During the press conference that took place in the capital of Hawaii, Honolulu, Medvedev spoke on this matter as well as cooperating with Americans on anti-missile defense system.”

In Defense of the Market’s Worst Producers

This is a story about a few people I've known who lived “on the margin,” and how I believe Austrian thinking applies to them and probably countless others like them. Students of Austrian economics will be familiar with the concept of marginality. Carl Menger's marginal-utility theory of value revolutionized economic science: every textbook deals with…

Proposed Financial Protocol Standards Could Legitimize Virtual Currencies

Payward Inc, which you might remember as the group behind Ogrr.com, has submitted two draft proposals to the IETF which, if implemented, would form the framework for the legitimization of virtual currencies like Bitcoin, and mark the first steps toward the elimination of the archaic financial framework upon which we currently depend. The first proposal…

How the Poor Are Prospering by Ignoring the State

This is one of the most interesting and startling articles I have read in a long time. In the usual version of events, the poor are helpless victims of capitalist exploitation, and only the wise intervention of the state can improve their condition. The growth of what experts call System D, the unofficial economy that…

U.S. boosts estimate of auto bailout losses to $23.6B

The Treasury Department dramatically boosted its estimate of losses from its $85 billion auto industry bailout by more than $9 billion in the face of General Motors Co.'s steep stock decline. In its monthly report to Congress, the Treasury Department now says it expects to lose $23.6 billion, up from its previous estimate of $14.33…