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Stock markets are never better performing than during a hyperinflation. Interest rates are rock bottom, but only through artificial means. Gross Private Domestic Investment is still falling off a cliff, having already completely erased ten years of investment from the record of history. Here is a fundamental factor that suggests that terrible things are still to come our way. And I guess I'll have to put this in italics because the point seems to be lost in the shuffle: unemployment is still rising, even soaring straight to double digits!
The sociology of this intrigues me to no end. Unemployment is one of the human elements that journalists are supposed to glom onto. Oh, look at poor Bob and Jane and how they lost their jobs and have nowhere to go, etc., etc. Talk about human interest! Where are the weepy stories about the plight of people wandering around with no work? Instead, we get happy clappy stories about how things are not nearly as bad as they might be had the great and powerful Obama of Oz not appeared to save the day. There is also the remarkable spin that things are getting worse, yes, but at a slower pace than before – an observation that might be most commonly heard in Hell.
--
6 August 2009 "Obama and the Economy"

 

Lew Rockwell

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Government spending cannot create additional jobs. If the government provides the funds required by taxing the citizens or by borrowing from the public, it abolishes on the one hand as many jobs as it creates on the other. If government spending is financed by borrowing from the commercial banks, it means credit expansion and inflation. If in the course of such an inflation the rise in commodity prices exceeds the rise in nominal wage rates, unemployment will drop. But what makes unemployment shrink is precisely the fact that real wage rates are falling.

 

Ludwig von Mises

 

I should say today that it's tragic that people lose faith in what was once an honourable profession but people will lose faith in journalists. There's nothing one can do about it. People no longer trust journalists - we'll have to turn to politics instead for our belief in people. I almost mean that. Although, of course, anybody can talk about snouts in troughs and go on about it, for journalists to do so is almost beyond belief. Beyond belief. I know lots of journalists - I know more journalists than I know politicians - and I've never met a more venal and disgusting crowd of people when it comes to expenses and allowances...Not all [of them] but then not all human beings are either. I've cheated expenses. I've fiddled things. You have, of course you have. Let's not confuse what politicians get really wrong - things like wars, things where people die - with the rather tedious bourgeois obsession with whether or not they've charged for their wisteria. It's not that important, it really isn't. It isn't what we're fighting for. It isn't what voting is for and the idea that 'Oh, we've all lost faith in politics' [is] nonsense. It's a journalistic made-up frenzy. I know you don't want me to say that. You want me to say "No, it matters, it's important." It isn't it. Believe me, it isn't. It's not the big deal; it's not what we should be worrying about. I know no one's going to pay any attention and newspapers will great joy over filling yards and yards of newsprint with tiny, pointless details of this politician's or that politician's squalid and sad little life as they see it. It's not the big picture, it really isn't. You know, we get the politicians we deserve, it's our fault as much as anybody else's. This has been going on for years and suddenly because a journalist discovers it it's the biggest story ever! It's absolute nonsense, it really is.

 

Stephen Fry

 

The common run of moralists complain that man is moved by his private self-interest: would to heaven it were so! Private interest is a self-centered principle of action, but at the same time restricted, reasonable and incapable of giving rise to unlimited evils. Whereas, on the other hand, the law of all activities governing social life, except in the case of primitive communities, is that here one sacrifices human life — in himself and in others — to things which are only means to a better way of living. This sacrifice takes on various forms, but it all comes back to the question of power. Power, by definition, is only a means; or to put it better, to possess a power is simply to possess means of action which exceed the very limited force that a single individual has at his disposal. But power-seeking, owing to its essential incapacity to seize hold of its object, rules out all consideration of an end, and finally comes, through an inevitable reversal, to take the place of all ends. It is this reversal of the relationship between means and end, it is this fundamental folly that accounts for all that is senseless and bloody right through history. Human history is simply the history of the servitude which makes men — oppressed and oppressors alike — the plaything of the instruments of domination they themselves have manufactured, and thus reduces living humanity to being the chattel of inanimate chattels. [p.141]

 

Simone Weil

 

It's also a symbol of a serious conflict of interest. An independent inspector general looked at this investment and concluded that the administration had steered money to friends and family – to campaign contributors. This building, this half a billion dollar taxpayer investment, represents a serious conflict of interest on the part of the president and his team.

 

Mitt Romney

 

Four hundred seventy-three million to one. Those are the odds against George Soros compiling the investment record he did as manager of the Quantum Fund from 1968 through 1993. His investment record is the most unimpeachable refutation of the random walk hypothesis ever! ... History will probably remember Mr. Soros as the speculator who tilted against the Bank of England in 1992 (and freed the English people from recession). His billion dollar score is simply too compelling a story to overlook. Mr. Soros himself would probably like to be remembered as a great economist or even scientist. But I am going to remember him for something even more important, for which he does not receive the credit he deserves. He is someone who genuinely cares about the state of the human condition and tries to better it. His myriad and monumental philanthropical efforts will qualify him as one of history's great benefactors. ... He is a hands-on workaholic who materially impacts the quality of lives of people less fortunate than he. Now this, this is a sign of greatness.

 

George Soros