What High Interest Rates Mean for a Debtor Nation

What High Interest Rates Mean for a Debtor Nation

If there is anything Wall Street banks crave is relief. Primarily relief from the potential for failure and, next, relief from holding much, if any, equity capital. These banks like their capital tiny and their profits huge. Losses should be socialized. After all, we want the ATMs to keep spitting out cash. The SLR will be allowed to expire at the end of this month before most of us knew what it was—"supplementary leverage ratio."  When covid hit the fan last March, as the WSJ explains, “The ratio measures capital—funds that banks raise from investors, earn through profits and use to absorb...

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Silver Lining to the Lockdowns?

Silver Lining to the Lockdowns?

Something good is coming out of the covid lockdowns. Economist David Rosenberg released a special report via the eponymous Rosenberg Research, concluding “the pre-COVID-19 ‘norm’ of a 7% personal savings rate will morph into a post-COVID-19 norm of 10%.” Rosenberg makes frequent TV appearances after he was chief North American economist at Merrill Lynch in New York from 2002 to 2009, when he was consistently included in the Institutional Investor All-Star analyst rankings. From there he spent ten years as chief economist and strategist at Gluskin Sheff. Rosenberg doesn’t portray his...

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The Flexner Report and the Cartelization of Modern Medicine

The Flexner Report and the Cartelization of Modern Medicine

Although we’ve been given a brief respite from COVID-19 pandemic news, it’s likely that the killer of over one hundred thousand so far in America will leap back to the front page and that continuous calls to flatten the curve will return to top of the mind. As a friend and fellow ex-University of Nevada Las Vegas (UNLV) Rothbard student reminded me, flattening the curve essentially means to socialize medicine: to ration healthcare, giving preference to COVID sufferers at the expense of non-COVID emergency medical care and elective procedures. If the US healthcare system is the cowboy...

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White Collar Welfare: What It’s Like to Work for the Federal Government

White Collar Welfare: What It’s Like to Work for the Federal Government

Shannon O’Toole, according to the author's biography on Amazon, “worked extensively to identify fraud in multiple government programs. She received countless accolades and honors for her achievements and finally the prestigious HUD Secretary’s Award for her work.” The talented Ms. O’Toole was a single mother needing a job when she showed up at the FDIC, which she describes as a “disorganized, flying-by-the-seat-of-your-pants atmosphere that seemed to permeate the place.” While she bore the brunt of untangling complicated real estate assets and readying them for sales, O’Toole was reminded...

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