Monthly Archives: October 2013

Dealing with Uncertainty

Economists make no better forecasts than laymen. Economic models are no more reliable than guesswork. Central economic planning has the opposite effect of what is intended. So, is there anything in economics worth knowing? Yes, where the acceptance of uncertainty … Continue reading

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What is an Economist?

An economist is an accountant who believes one number causes another. At least that is the result of attending graduate school. That is also why economists in high places are right only occasionally. When they are in fact right it … Continue reading

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The Cost of Doing the Right Thing

We have heard it said that cutting government spending at this juncture would knock percentage points off of GDP. So, despite the fact that borrowing at our current rate is unsustainable it is said that borrowing and spending must continue … Continue reading

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James Quillian Is Off Facebook

I closed the James Quillian facebook page today. After giving it a great deal of thought, I decided it was not a good use of time to keep signing in and interacting there. My impression is that, at least in … Continue reading

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On Converting to a Totalitarian Government

A move to disregard the debt ceiling is a move towards totalitarian government. How is that? Citizens in general want to put a limit on how much government can borrow and spend. Proponents of totalitarianisms disagree and will deny ordinary … Continue reading

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Debt Ceiling, The Basic Issue

With respect to the default on U.S. debt, government spending is too high. The economy cannot grow fast enough to pay everything that is owed. If government spending is not cut, no problem is solved. Government is shut down because … Continue reading

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The Last Good Days

Enjoy these last few days because all hell is going to break loose. The best thing an individual can do is lye low; spend as little money as possible. Avoid paying down debt and collect as much cash as possible … Continue reading

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Government’s Supernatural Powers

Does government have supernatural powers? Only in the subconscious mind of voters does government have supernatural powers. Ask any voter if government has supernatural powers and the answer will be no. However, in terms of demonstrative action constituents act as … Continue reading

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New Fed Chair

Janet Yellen is credited with being one the first economist at the Federal Reserve to point to the bubble in the housing market in 2007. That is not bad for an economist but the average person following the stock market … Continue reading

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Shutdown and the Economy

Will the shutdown cause a stock market crash? In the advent of a stock market crash, the shutdown will be given as the reason. The real reason the stock market will crash is the U.S. monetary and fiscal policy has … Continue reading

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