'When You Hear the Word “Collapse,” Ignore It,' says Gary North

This advice is so useful. I remember when Gary North first debunked the National Inflation Association on his subscriber-based website a few years ago.

It was a relief.

However, the NIA's fear mongering was useful in a sense because it produced real concerns--the fear of hyperinflation--that I had to address. I brought those concerns to someone who spent a good deal of his lifetime studying economics.

Part of the reason I joined North's Specific Answers site was because I was terrified of hyperinflation after seeing NIA "Hyperinflation Nation" movie and needed my concerns addressed. But after they were addressed and time passed, I publicly distanced myself from the NIA.

Most people who use the word "collapse" have the right intentions, but they're economics are misplaced.

North's recent article doesn't address the NIA but someone else.

From the Tea Party Economist Blog:

We hear the word “collapse” all the time. The word does not make sense in a free market economy. Collapses come all at once. Prices on a free market change, forcing people to adjust. We can get erosion. We can get recession. Short of a war scenario, such as biological pandemic, we cannot get a collapse.

I will cite an article that promotes collapse. I do not believe it for a minute. It is representative of what you should ignore.

When You Hear the Word “Collapse,” Ignore It. || Tea Party Economist

Why you technically may be an extremist

I put two and two together a long time ago. But Gary North tells it on his news site/blog.

From the Tea Party Economist Blog:

This article indicates how far the U.S. government has gone to define “Constitutionalist” as militia extremist.

Are You a Militia Extremist? Technically, You Probably Are. || Tea Party Economist

The “Underwear Bomber” Had Help from the U.S. Government

From the Tea Party Economist Blog:

In the hoopla about the so-called underwear bomber, this got little publicity. One of the people on the plane has gone public with an amazing account. This is from his blog site.

The “Underwear Bomber” Had Help from the U.S. Government || Tea Party Economist

State and Local Sales Taxes in 2012

From the Tax Foundation blog:

Introduction

Retail sales taxes are a transparent way to collect tax revenue. While graduated income tax rates and brackets are complex and confusing to many taxpayers, the sales tax is easier to understand: people can reach into their pocket and see the rate printed on a receipt.

Less known, however, are the local sales taxes collected in 36 states. These rates can be substantial, so a state with a moderate state sales tax rate could actually have a very high combined state-local rate compared to other states. This report provides a population-weighted average of local sales taxes in each state in an attempt to give a sense of the statutory local rate for each state.

State and Local Sales Taxes in 2012 || The Tax Foundation

Rabbi Yeshua, the Messiah of Israel || Line of Fire Radio

Dr. Michael Brown, author of the Answering Jewish Objections to Jesus series, talks about the greatest rabbi to have ever lived.

Rabbi Yeshua, the Messiah of Israel || Line of Fire Radio

Bernanke Points to 'Increased Possibility of a Sudden Fiscal Crisis' | CNSnews.com

(CNSNews.com) – Federal Reserve Chairman Ben Bernanke said that the current trajectory of the federal budget – marked by large annual deficits – was “clearly unsustainable” and that “serious economic consequences” could result.

“Having a large and increasing level of government debt relative to national income runs the risk of serious economic consequences,” Bernanke told the Senate Budget Committee Tuesday.

Bernanke Points to 'Increased Possibility of a Sudden Fiscal Crisis' | CNSnews.com

Video: Tom Woods Interviews Walter Williams on Peter Schiff Radio

One of the guys who helped me get into economics got interviewed by the guy who is keeping me in it. (Really, my own desire to understand what is going on around me is keeping me interested. But hey, it sounded nice!)

Update 2/18/12:

In the first paragraph below, I accidentally wrote Thomas Sowell instead of Walter Williams. The error has been corrected. I think I wrote Sowell instead of Williams because I was listening to this interview before I updated the page on 2/8/12.

Update 2/8/12:

In the above interview, Walter Williams mentions a report or paper that one of his colleagues wrote about Jim Crow laws in New Orleans. If I remember correctly, he said that private industry was actually pushing back against those laws which were being forced upon them by the government.

After doing some digging, I found out today that Thomas Sowell wrote about Rosa Parks a few days after her death in 2005. The column "Rosa Parks and History" is worth the read and piggybacks on the report mentioned above. Secondly, it shows that free-market's solutions to racism aren't just academic theories, they reflect something that happened in the real world.

As Walter Williams wrote, "When white solidarity is confronted by the specter of higher profits by serving blacks, it's likely that profits will win."

Upon some further digging, it didn't hit me until now--because I read the column when it first appeared in 2010--that one of my other favorite economists, Walter Williams, wrote about this exact topic then, and it may indeed reference the paper that Thomas Sowell was talking about (although he doesn't mention New Orleans so there is a chance it isn't).

For more reading into this topic, The Politically Incorrect Guide to Capitalism (which is one of the first books on capitalism I read a few years ago) by Mises scholar Robert P. Murphy has a section dedicated to the free market and racism.

George Reisman, who studied under Ludwig Von Mises himself, has a paper taking a slightly different angle called "Capitalism: The Cure for Racism" and it is pretty short.

South American-born Jewish American on U.S.-Israeli Relations: It should be a 'relationship of equals'

Mommy, where do taxes come from?

Who Pays Taxes || The Peter G. Peterson Foundation


Where Taxes Come From || Peter G. Peterson Foundation

How to Have a Healthy Heart (Free PDF download)

Sometimes I veer off from economics and theology to recommend something to read. This is one of those times.

Heart disease, stroke, and heart attacks all concern me. That's why I'm linking to this book about heart cures.

You can download it here.

Ron Paul Campaign Demands Newt Gingrich to Rectify Damage Done to Ron Paul Supporter

(GoinsReport.com) – For the second day in a row, the Ron Paul campaign has called on GOP Presidential candidate Newt Gingrich to rectify the damage caused by Gingrich’s campaign staff when they injured a Ron Paul supporter on Tuesday.

The incident happened Tuesday morning in Windermere, Florida.

Read about the incident here.

The press release can be read here.