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Making History: The Feds Adopt My Macro Model with New ‘GDP Plus’ Statistic
“Gross Output provides an important new perspective on the economy; and one that is closer to the way many businesses see themselves.” — Steve Landefeld, director, Bureau of Economic Analysis, U.S. Department of Commerce I’m getting great response to my Forbes.com article announcing a new supply-side “Austrian” macro statistic, Gross Output (GO), that the federal […]
J. P. Morgan Becomes the Whipping Boy of Washington
“You can’t pick cherries with your back to the tree.” — J. P. Morgan I’ve always been a big fan of J. P. Morgan, the country’s largest investment bank, since it was established by the grand old man. When visitors come to New York, I often take them down to 23 Wall Street and point […]
ObamaCare is a Big Success! Report from New Orleans Conference
“ObamaCare is not a ‘trainwreck,’ it is a suicide attack. He wants to hurt us, to bring us to our knees, to capitulate, so we agree under duress to accept big government.” –Wayne Allyn Root, http://www.foxnews.com/opinion/2013/10/21/why-obamacare-is-fantastic-success/ I just returned from the famous New Orleans Investment Conference, where gold bugs meet every year to vent their […]
Wall Street: The Best Friend of Entrepreneurs and Investors
This week’s cover story of the New Yorker is “Can Wall Street be Fixed?” Yesterday, I was in downtown Kansas City to give a lecture at the historic Kansas City Public Library (actually at an old bank building). I tried to defend Wall Street and made the case that the stock market is the entrepreneur’s […]
My Meeting with Top Government Economic Officials
A couple of weeks ago, I announced the good news that the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), the government agency that compiles and publishes GDP every quarter, will be publishing a new economic statistic every quarter along with Gross Domestic Product (GDP). It’s called Gross Output (GO). I wrote an article on […]
Replacing Keynes: A New “General” Model of the Economy
“How can I possibly put a new idea into your heads, if I do not first remove your delusions?” — Robert Heinlein Keynesian economics has created much mischief in the world — a bias toward inflation and easy money, chronic deficit spending, an anti-saving mentality, progressive taxation, big government and the welfare state. Market-friendly economists […]
Minimum Wage Minimizes Job Growth
Job growth has been the bleakest aspect of the seemingly never-ending Great Recession. It is not even keeping up with population growth, and more and more Americans are dropping out of the labor force (only 63% of all adult Americans now hold a job). Artificial efforts to stimulate the economy aren’t helping. The latest dumb […]
The Fed is out of Control
“The establishment of Central Banking removes the checks of bank credit expansion, and puts the inflationary engine into operation.” — Murray N. Rothbard, “What Has Government Done to Our Money?” Last Monday morning’s Yahoo Finance headline was most appropriate: “Markets Rise on Summers’s Decision; Free Alcohol in Stores.” The announcement had reference to Larry Summers’s […]
The 9/11 Investment Strategy: Preparing for the Unexpected
“It’s easier to prepare than to predict.” — Hank Brock I gave my first talk about the 9/11 terrorist attacks yesterday at the New York City chapter of the American Association of Individual Investors (AAII). I moved to New York only a week before the 9/11 attacks in 2001 to become the new president of […]
How to Protect Yourself from a Stock Market Crash
“Look out! A 1987-Style Crash is Coming.” — Marc Faber Last month, Marc Faber, publisher of the Gloom, Boom & Doom Report, predicted that a 1987 crash “will happen in the back half of 2013.” In 1987, the stock market boomed — until it collapsed on October 19, 1987, when the Dow fell more than […]
