The Fool’s Gold Standard

Having money linked to a Gold Standard is an idea that almost every economist opposes. It is described as the economic equivalent of creationism and a major cause of the Great Depression. It is ignored by policymakers and no country has one anymore. Yet there is some support for it on the internet. It is one of Ron Paul’s main ideas in his campaign for the Presidency and is supported to some extent by Paul Ryan. The Republican platform promises a commission to consider reintroducing it. So what is a Gold Standard and why is it so bad? Continue reading “The Fool’s Gold Standard”

Misunderstanding Hayek And The Road To Serfdom

“The Road To Serfdom” by Fredrick Hayek is a disappointing book. Conservative bloggers often race about it claiming it has great insights into modern politics. While I disagree with the Austrian school of economics I read it to here the other point of view. I found it a boring, out dated book that didn’t have anything particularly original or insightful to say. It’s mainly concerned with saying a totalitarian state where the government controls everything doesn’t work (you don’t say). The book might have been relevant when it was published, but I am at a loss to see its use today.

I think to a large extent Hayek has been misunderstood. I have regularly heard people use Hayek to criticize the growth of the state or the Obama administration. Yet Continue reading “Misunderstanding Hayek And The Road To Serfdom”

Ron Paul – Radical Or Ridiculous?

Ron Paul is either a respectable, insightful voice of liberty or an eccentric old fool clinging to long out dated and daft ideas. A man who will save us from the clutches big government or someone who will deliver us into the claws of big business. Someone willing to challenge the PC brigade and speak the truth or a bigoted racist. A voice of common sense or a man ignorant of facts of life. A brave advocate of a new vision for American foreign policy or an isolationalist crank who wishes to cut America off from the rest of the world. A man who can bring great prosperity to the nation or economic Armageddon. Someone who belongs in the White House as leader of the free world or someone who belongs in a cave wearing a tinfoil hat, muttering conspiracy theories. Continue reading “Ron Paul – Radical Or Ridiculous?”