In his excellent book The New Lombard Street, Perry Mehrling writes of “a world that never was … Jimmy Stewart banking of blessed memory” (p. 117). This is an obvious¬† reference to one of Jimmy Stewart’s most famous roles: George Bailey in the holiday classic movie It’s a Wonderful Life. In the movie, Bailey is…Continue Reading “Jimmy Stewart Banking versus James Steuart Banking”

The euro seems to be on its last legs, and the vision which inspired its genesis seems to have vanished from the politicians sponsoring it. The recent spat with England and Prime Minister Cameron has only served to highlight the vacuum in vision. Previously, whenever England was scapegoated, English politicians skulked like whipped curs, and…Continue Reading “How to Make the Euro Project Work”

If the Fed wants to boost economic activity, it should think about raising the federal funds target rate. Why? Wouldn’t that restrict lending? Paradoxically, it would likely increase lending. This would force banks to engage in more lending in order to make a profit. Currently, banks can make money doing virtually nothing, as they borrow…Continue Reading “Why the Fed Should Boost Interest Rates”

Rush Limbaugh discussed the concept of the “New Normal” on his radio show yesterday. He was pretty much on target: the “New Normal” is considered by many to be some inevitability, for which the Obama government is not responsible. I discuss the concept at length in my upcoming book Common-Law Investing. What I try to…Continue Reading “The New Normal”

I haven’t been posting much lately, and there’s a reason. I’ve been busy writing a new book. And it’s ready for the reading public. The title is Common Law & Natural Rights: The Question of Conservative Foundations, and it is an examination of natural rights as the foundation for conservatism, as opposed to the common…Continue Reading “New Book: Common Law & Natural Rights”