Deflation, Overcapacity, and Low Demand Incentivize War

People who live in the U.S. are world-famous for throwing lots of stuff away. When we have too much, we just throw it in the garbage. But what if this too much happens on the level of the entire society? We are living in a world right now where we have too much on a […]

Former Mint Dir. Philip Diehl explains the Coin to Ezra Klein

(hoisted from comments) ———– Here’s the text of an email I just sent to Ezra Klein commenting on an interview with former Treasury chief of staff Mark Patterson that was published on his blog yesterday afternoon. Dear Ezra, Your interview with Mark Patterson was interesting, especially the part about the viability of the coin. Here […]

Learned helplessness and the debt ceiling

“When young, [circus elephants] are attached by heavy chains to large stakes driven deep into the ground. They pull and yank and strain and struggle, but the chain is too strong, the stake too rooted. One day they give up, having learned that they cannot pull free, and from that day forward they can be […]

Where the rubber meets the Hyperloop

Prince Alwaleed bin Talal, the billionaire Saudi Arabian investor, has warned that his country’s oil-dependent economy is increasingly vulnerable to competition from the US shale revolution, setting him at odds with his country’s oil ministry and Opec officials. In an open letter addressed to Ali Naimi, the Saudi oil minister, the prince called on the […]

Things I learned reading The Nation Drudge

4 in 5 in U.S. face near-poverty, no work WASHINGTON (AP) — Four out of 5 U.S. adults struggle with joblessness, near-poverty or reliance on welfare for at least parts of their lives, a sign of deteriorating economic security and an elusive American dream. Survey data exclusive to The Associated Press points to an increasingly […]