According to Elizabeth Warren, we have a problem. And like every good central planner, she believes she can fix it.
In fact, Warren has made, “I have a plan for that,” a campaign slogan.
These people never learn. They try to micromanage the economy, create all kinds of unseen consequences, blame “capitalism,” and repeat the process.
José Niño was born in Venezuela and his family has experienced the impacts of socialism first hand. But was it “real socialism?”
On this episode of It’s Your Dime, José and host Mike Maharrey talk about it.
José had the good fortune of leaving Venezuela before it descended into chaos. After reading the tea leaves and realizing that the country was heading down the path of political turmoil, José’s parents brought his family to the US in search of better opportunities.
As I write this, Hurricane Dorian is taking aim at Florida. What’s fun about that? you might ask. Well, nothing. And I don’t want to minimize the potential for disaster. But the hurricane hasn’t hit yet and the runup to a storm provides a lot of amusement and some educational moments. I just can’t resist.
You would think folks on Wall Street would be pretty good at economics. Some of them are. But as Alex Merced will attest, just because somebody lands a job as a stockbroker doesn’t mean they’re a good economist.
Alex works as a Wall Street trainer. He also teaches economics. In fact, he’s produced hundreds of videos on economic topics ranging from basic to advanced. In this episode of It’s Your Dime, host Mike Maharrey and Alex talk about economics and investing.
Venezuela’s economy is in chaos. It’s gotten so bad that a year ago, video game money was worth seven times more than the Venezuelan bolivar. Meanwhile, the Venezuelan people have suffered horrible food shortages. Many people in Venezuela have turned to barter just to survive.
Not so long ago, left-leaning publications in the US were touting Venezuela as a socialist success story. Today, any attempt to point to Venezuela as socialist disaster will be met with the refrain, “That’s not real socialism!”
Apologists for socialism also blame the collapse of the Venezuelan economy on US sanctions. But as Jon Aldekoa explained in an article published on the Mises Wire and UFM Market Trends, actual data reveals it was indeed real socialism that wrecked Venezuela.
Raising the minimum wage might be good politics, but it’s bad economics – despite what some economists say.
Last week, the Maryland legislature overrode the governor’s veto and adopted a $15 per hour minimum wage. It was a major victory for the “Fight for $15” crowd, but it almost certainly won’t be for low-skilled workers — at least not the ones who whose maximum wage will be $0 per hour because they cannot find jobs.
Context is key.
During last week’s Friday Gold Wrap podcast, Mike Maharrey emphasized the importance of understanding sound economic theory. Without a firm grasp of basic economic principles, it becomes impossible to properly evaluate any observations you make and to properly interpret economic data. As economist Frank Shostak put it in a recent article published at the Mises Wire, “In order to really make sense of the data one must have a theory, which stands on its own feet, and did not originate from the data. By means of a theory, one could scrutinize the data and could then try to make sense out of it.”
Shostak goes on to explain the most fundamental economic concept and how we can use the framework of “human action” to better understand economic data.
Central bankers and politicians think they can run the economy.
In this episode of the Friday Gold Wrap, host Mike Maharrey digs into some fundamental economic theories that explain why these central planners will always fail, no matter how noble their intentions.
The Democrats led by Alexandria Ocasio-Cortez released their “Green New Deal” last week. As Peter Schiff put it in his latest podcast, the Green New Deal is really red – as in socialist red.
The whole thing is an economic train wreck.
It’s masterful politics though.
If you have studied economics at all, or if you are interested in conservative/libertarian political philosophy, you have probably heard of F.A. Hayek.
Hayek won the Nobel Prize in 1974 and wrote prolifically on both economic and non-economic topics. He’s probably best known for his book “A Road to Serfdom.”
Tom Woods recently interviewed economist Joseph Salerno about this important figure in economic and political theory.