Gun Owners: *buys short barreled rifle* “My house isn’t that big and has a lot of tight spaces, I really don’t need that lengthy of a barrel to defend myself and family from intruders.
Tumblr: "Wow, a weapon that small can only be used by bad people, they’ll hide them in their coats before going on mass shootings"
*bans short barreled rifles*
Gun Owners: Well, I guess I’ll have to buy that full length AR then…
Tumblr: Wow, why would you need a gun that big? are you compensating for your penis lololoolol
1:27 am • 11 December 2013 • 312 notes
Anonymous asked: what's wrong with boosting minimum wage?
I’ve answered this a lot over the years and dont feel like getting into it again. For a good concise argument I would refer you to L.A. Liberty’s page on repealing the minimum wage or you can search my archive/tags for it too.
1:02 am • 11 December 2013 • 14 notes
“… Being an economist has got to be the most depressing job in the world. Because, you go your whole life trying to teach some basic principles, over and over and over you teach these principles: you teach them in the classroom, in newspapers, on television, on the internet—teach ‘em, teach ‘em, teach ‘em. And then, you’re sitting there on your deathbed, and your nurse comes in and says, ‘You know, I really think it would boost the economy if we raised the minimum wage.’ And you just think, what was it all for?”
— Tom Woods (via eltigrechico)
11:17 pm • 10 December 2013 • 231 notes
$20 says the new “budget deal” spends more money next fiscal year than it did this fiscal year.
6:17 pm • 10 December 2013 • 12 notes
The latest from Matt Wuerker
I try really hard not to be cynical but sometimes I feel like society is just getting dumber.
3:53 pm • 10 December 2013 • 80 notes
The Snow Plowers' Petition
In a cold and snowy land there lived the people of the North Country. Some of them made a living by plowing and disposing of the snow that seemed to fall endlessly from the skies between November and March. Though the work was hard, and often took place in the dark hours of the early morning, they frequently prospered, since the snowfalls came each year and the people of the North Country needed their driveways and parking lots free of the beautiful white flakes. The Snow Plowers were happy.
But in the winter of 2011-12 the snows seemed to stop. Oh there was a little ice and some snow, but not really enough to plow: Warmer temperatures quickly melted the little that fell. The Snow Plowers were not happy. They gathered the people of the town and complained that the lack of snowfall was devastating the economy of the North Country. Without the income they earned from plowing, they told their fellow citizens, they would have no money to spend at the local grocery store or bars or restaurants. And their fellow citizens who owned those fine establishments (and worked there too) would see their income fall, leading quickly to an economic disaster.
At first the people of the town nodded along in agreement. “Yes,” they said, “we must save our economy. But how?” The Snow Plowers suggested a petition to the Clouds, begging them to bring the snow that would save their business and, through the Magic Multiplier, save their town’s economy. And so a petition was created.
11:29 am • 10 December 2013 • 5 notes
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11:27 am • 10 December 2013 • 7 notes
“Fiat money, if you like, is backed by men with guns.”
9:27 am • 10 December 2013 • 84 notes
Immigration, Eugenics, and the Minimum Wage
A few months ago, I was reading a fascinating paper by Thomas Leonard on “Eugenics and Economics in the Progressive Era.” The paper is full of interesting tidbits, but I was especially struck by the discussion of Progressive Era arguments for the minimum wage.
Most readers of this blog will be familiar with the argument that minimum wage laws create unemployment. And most of us, no doubt, regard this as a powerful argument against the minimum wage.
As Leonard’s paper shows, progressives like Sidney Webb were familiar with this argument. But rather than viewing additional unemployment as a cost of minimum wage laws, they actually regarded it as a positive benefit! After all, you see, the people most likely to be disemployed by a minimum wage were those who were among the least employable anyway – the drunks, the idiots, and the immigrants – especially those who were members of “low-wage races.” And, according to the grand progressive vision, anything we can do to identify such individuals and segregate them from healthy, productive white society was a step in the right direction for the human race.
12:48 am • 10 December 2013 • 30 notes
Why Government Doesn't - and Can't - Manage Resources Like a Private Business
Both theory and history indicate that government management of resources leads to waste and even absurdity. People view traffic jams, water shortages, power outages, deforestation, endangered species, and fishing rules as facts of life. But they are not necessary. On the contrary, they are perversities produced by government management. Private markets are not perfect, but competition and private ownership give the best possible framework for an efficient use of scarce resources.
This column is exceptional.
It covers: government versus private resource management (theory), roads, water, electricity, government-owned forests, and bodies of water. Read this and try to come up with a response.
8:25 pm • 9 December 2013 • 70 notes
U.S. sells all its GM shares taking $10B loss
The U.S. government ended up losing $10.5 billion US on its bailout of General Motors, but still keeps saying the alternative would have been much worse.
Treasury Secretary Jacob Lew announced Monday that the government sold its remaining shares in the Detroit automaker.
8:11 pm • 9 December 2013 • 61 notes
Massive Double Taxation Is a Self-Inflicted Tax Injury that Undermines American Competitiveness and Job Creation
Dan Mitchell busting the myth that the U.S. is a “low tax nation.”
At least not if you want the United States to be more competitive and create more jobs. This is because the numbers show that the internal revenue code results in punitive double taxation of income that is saved and invested.
But it’s not newsworthy that there’s a lot of double taxation in America. What is shocking and discouraging, however, is finding out that our tax code is more punitive than just about every European welfare state.
This is the “bad” part of today’s discussion. Indeed, the tax burden on dividends, interest, and capital gains in America is far above the average for other industrialized nations.
10:05 am • 9 December 2013 • 6 notes
Anonymous asked: just a note on jury nullification: it has been historically used by white juries to excuse white men who were guilty of lynching black people.
I’ll go out on a limb here and say that black people imprisoned under today’s drug laws far outnumber the amount of black people lynched during Jim Crow. Jury Nullification has a lot of potential to counteract the racial injustice that is our “justice” system and the drug laws that disproportionately affect them.
11:48 pm • 8 December 2013 • 12 notes
Janet Yellen, a 'White Dove'?
While the heads of many investors are spinning these days – because of the record levels of the markets on the one hand, and the explosive evolution of bitcoins on the other hand – they are losing sight of the most important development in monetary history. A woman is about to take the lead of the most powerful central bank in the world. For many market watchers, this development can be considered a blessing for the financial markets. Finally some peace in the financial household!
Alas. We will need to disappoint you. Yellen was and is the right hand of Bernanke. Even more, she was at the root of some of the more unconventional measures taken by the central banker when the financial crisis hit in 2008. Lowering the short-term interest rates to almost zero percent, for example, or buying back government and real estate debt from banks, better known as ‘Quantitative Easing’. Those measures were put in place to make sure the United States’ impressive mountain of debt didn’t implode under its own pressure. The goal was to avoid a depression like the one we experienced in the 1930s, but the core of the problem – the debt burden – has not been dealt with. The problem was displaced … to the Fed’s balance sheet.
The above chart, the Fed’s monetary base, screams more than a thousand words. And although Bernanke carries the responsibility, it is mostly Janet Yellen that delivered this result. If you look closely at the chart, by the way, you will see that the Fed’s balance sheet is blowing up fast. This is the result of the new, goal-oriented QE: the Fed will only tighten its monetary policy when certain goals are met. At this point, these goals mainly include an unemployment level below 6.5% and inflation to be above 2%. As long as neither of them are reached, the Fed is not going to stop its accommodative policies. Even tempering QE (tapering), which is something that a lot of market watchers pointed out as a possibility in recent months, would not be on the agenda.
12:57 pm • 8 December 2013 • 3 notes