In economics, religion, and politics, the moral path is freedom.

We need more capitalism. Not less.

That’s the title of an article from AgainstCronyCapitalism.org – We Need More Capitalism, Not Less. More Freedom. Not Less.

From the article:

Never forget, the financial crisis which we are suffering through is not the creation of capitalism. It is not the creation of a free market. It isn’t because businessmen were too free in their dealings that everything fell apart the way it did.

The financial crisis was and is a failure of central planning.

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By Jim Ulvog, ago

Another explanation of Quantitative Easing and other performance enhancing drugs

(cross-post from my other blog, Outrun Change.)

Here’s the on-air confessional interview as it should have happened. Or perhaps it is an animated educational cartoon. You can decide for yourself:

Bernanke to Oprah:  ‘I’ve Been Doping for Years’.

This cartoon gives a superb explanation in 12 minutes of a major factor about how we got into our current economic mess.

The format is an imaginary interview with the chairman of the Federal Reserve Bank, Ben Bernanke, as he confesses to long-term doping of the economy.

[youtube=http://www.youtube.com/watch?feature=player_embedded&v=orh64vypKwU]

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By Jim Ulvog, ago

Government protected monopolies and subsidies hinder progress – Were the so-called Robber Barrons actually anti-monopolists?

I’m slowly catching the idea that there is far more good news about Robber Barrons than conventional wisdom allows. Most of what I recall from school was criticism of those horrible, terrible, disgustingly evil men who used poor children as a breakfast garnish and then roasted their parents for dinner-time appetizers. They assuaged their horrendous guilt by building a couple of public libraries or something with a few spare bucks they couldn’t use up on conspicuous consumption.  That’s a mild exaggeration of what I recall the books were saying.

Actually, I’m beginning to realize we owe much of our prosperity and economic capacity to those men.

T. Kurt Jaros has a nice series on Cornelius Vanderbilt. The Men Who Built America: Cornelius Vanderbilt is the introduction.

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By Jim Ulvog, ago

Quantitative Easing and other performance enhancing drugs

(Cross-post from my other blog, Outrun Change.)

There was a big on-air confessional a while back. Something about bicycles.  Here’s another interview that got overshadowed by that big one. Or perhaps it is an educational cartoon. I’m not sure.

Bernanke to Oprah:  ‘I’ve Been Doping for Years’.

This cartoon gives a superb explanation in 12 minutes of a major factor about how we got into our current economic mess.

The format is an imaginary interview with the chairman of the Federal Reserve Bank, Ben Bernanke, as he confesses to long-term doping of the economy.

[youtube=http://www.youtube.com/watch?feature=player_embedded&v=orh64vypKwU]

(more…)

By Jim Ulvog, ago

Here’s a picture of life without evil capitalism – you may not like what you see

What would life be like without those greedy, evil, money-grubbing capitalists trying to make a buck off consumers? Maybe an Edenic paradise flowing with economic equality and abundant consumer products for everyone?

Not quite.

Check out this view of life without the profit motive, meaning no one has an incentive to provide you with anything.  The video is a play on the movie It’s a Wonderful Life, wherein George Bailey gets to see what the world would be like without him. In this movie, our hero gets to see what’s left over when the profit motive disappears.

[youtube=http://www.youtube.com/watch?v=bwH3Xr6uyG0&feature=player_embedded]

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By Jim Ulvog, ago

Movie production credits – crony capitalism that attracts few jobs

Just in time for the Oscars….

Writing in the Wall Street Journal, Glenn Reynolds explains The Hollywood Tax Story They Won’t Tell at the Oscars.

He points out that about $1.5 billion, yes billion, goes to the movie industry as credits, exemptions, grants, and fee waivers to bring movie production to a certain state or city.

With 45 states in the game, all that does is move some amount of spending from one high-bidding place to a higher-bidding place.

The amounts tend to be less than the subsidies: (more…)

By Jim Ulvog, ago