Wednesday, December 13, 2017

Why the Money Multiplier Doesn’t Work, I: Introduction

Yesterday we posted a brief discussion of why the “classic” Keynesian money multiplier — on which virtually every government on Earth bases its monetary and fiscal policy — simply doesn’t work.  The Keynesian money multiplier, in fact, is based on an accounting fallacy and a complete misunderstanding of money, credit, finance, and (especially) banking.

Tuesday, December 12, 2017

That Banking Principle Again

Last week we got another comment on a posting of the kind that we like to get, i.e., that writes another blog posting for us.  This gets more bang for the buck by killing two birds with one stone, as long as we hit the nail on the head.  Which uses up our quota of aphorisms for the day.  So, let’s cut to the chase.  Our commentator said,

Monday, December 11, 2017

The Just Third Way Hour Podcast

We don't have a new Just Third Way Hour podcast for this week, but now is your chance to catch up on the ones you missed before you get too far behind.  You don't want to be taken by surprise or be unprepared when our new host, Dave Hamill, gets revved up and running:

Friday, December 8, 2017

News from the Network, Vol. 10, No. 49

Although things generally slow down during the “holiday season” (although when is there ever a season without a holiday or two?), activity in the Global Justice Movement seems to be picking up.  Blog readership is much greater than it has been, and several projects are coming to fruition, while ongoing ones are, well, ongoing — which is something, considering how ephemeral many things are these day.  So, to close out the week:

Thursday, December 7, 2017

More Comments on Keynes

Yesterday we hung our Canadian correspondent out to dry by publishing his comments on Keynes . . . with his permission, of course.  We wouldn’t want to offend those aggressive Canadians who would then swarm across the border to take bloody revenge, crying havoc and letting slip the dogs of war.

Wednesday, December 6, 2017

Some Comments on Keynes

A short time ago we made a few remarks about Lord Keynes, the Defunct Economist who rules modern political economy.  Within hours of posting the comments, we heard from a faithful reader up in Canada, who started off with, “Interesting read.”  Well, “interesting” can be good or bad; we recall the foreword G.K. Chesterton wrote to a book by the guild socialist Arthur Penty that said the questions Penty raised were “interesting” and “important” . . . and managed to say not one word one way or another about Penty’s answers. . . .

Tuesday, December 5, 2017

Quit Modifying Capitalism!

A few weeks ago Andy Kessler raised an interesting point in his piece, “Quit Modifying Capitalism” in the Wall Street Journal of November 20, 2017 (page A15 if you’re curious).  As Kessler suggested, capitalism is capitalism, and socialism is socialism.  Why cover up with meaningless qualifications?  Kessler had in mind such modifications as "democratic capitalism," "social capitalism," "ethical capitalism," even "free market capitalism" — you name it.

Monday, December 4, 2017

The Just Third Way Hour Podcast

The latest Just Third Way Hour podcast again features an interview with Michael D. Greaney, CESJ’s Director of Research.  Greaney talks about how the Just Third Way might help start-ups, and how to handle private ownership of land and natural resources in a just manner.

Friday, December 1, 2017

News from the Network, Vol. 10, No. 48

Everyone here at CESJ survived Black Friday . . . mostly by staying in the office and working to advance the Just Third Way.  We figure the greatest gift we could give to the human race is one of hope for the future, and the Just Third Way has that and more:

Thursday, November 30, 2017

Money v. Currency

One of the problems with talking about things other people either don’t know anything about, or (more often) who are operating within a different “paradigm” (“a philosophical and theoretical framework of a scientific school or discipline within which theories, laws, and generalizations and the experiments performed in support of them are formulated”) is that matters can often get . . . confused.  People often use the same word with different meanings, while some even change the meaning of words within a single sentence, sometimes without realizing they are doing it.

Wednesday, November 29, 2017

How to Stimulate Economic Growth

Yesterday we noted that fiddling with the tax system does not really affect the aggregate rate of economic growth.  Assuming that the government is not emitting bills of credit and inflating the currency and that private opportunists also are not printing their own money, the amount of spending in the economy will remain the same, regardless of the tax rate, even if the tax rate is 100%.

Tuesday, November 28, 2017

About That Corporate Tax Rate

The “conservatives” claim that taxing corporations less will stimulate the economy, result in new capital formation, and create jobs.  The “liberals” claim that taxing corporations less will mean taxing people more, depress the economy, result in new capital formation, and destroy jobs.

Monday, November 27, 2017

Birth of the British Currency School

For quite some time, we have been making references to the “Currency Principle” versus the “Banking Principle.”  Understanding the differences between the two is key to understanding today’s problems with money and credit, and why adherence to the Currency Principle precludes restoring Say’s Law of Markets and establishing and maintaining a society characterized by widespread capital ownership.  So here goes —

Friday, November 24, 2017

News from the Network, Vol. 10, No. 47

Even with the mid-week holiday and two days without internet access (long story), things have been moving well along, with great strides being made in a number of areas.  This is encouraging, because things often slow down at this time of year, whereas for us they seem to be picking up:

Thursday, November 23, 2017

Happy Thanksgiving!

Since you should have better things to do today than read even this blog, we'll let you off the hook with a brief holiday greeting:

Happy Thanksgiving

And if you want something more. . . .

Wednesday, November 22, 2017

A Pecuniary Paradox

Today we look at one of the more bizarre, even baffling paradoxes that afflicts the modern global economy, albeit one that has become so engrained in monetary and fiscal policy as to rank as unquestioned — and unquestionable — dogma of The Great Defunct Economist, He Who Reigns Above All Other Economists, Alive or Dead.  In case the heavy-handed sarcasm hasn’t alerted you to whom we refer, that’s John Maynard Keynes.

Tuesday, November 21, 2017

Who Invented Social Justice?

Judging from current literature, lectures, and what-not, “social justice” is just another name for socialism.  Is that really the case, though, given that, e.g., the Catholic Church has been extremely supportive of social justice, but “down” on socialism?  Are socialism and social justice really just different names for the same thing?

Monday, November 20, 2017

The Just Third Way Hour Podcast

The latest Just Third Way Hour podcast features an interview with Michael D. Greaney, CESJ’s Director of Research.  Greaney relates about how he learned about CESJ, and talks about his two upcoming books.

Friday, November 17, 2017

News from the Network, Vol. 10, No. 46

Even with the “Holiday Season” right around the corner next week, things are happening on the Just Third Way front.  The CESJ core group has put together the outlines of the presentation that could be the basis of a lecture or an interview, new podcasts are being recorded on schedule, and the new and revised publications are on track:

Thursday, November 16, 2017

The Nature of Truth

You get into the strangest arguments on the internet . . . and sometimes they really are arguments, that is, “a coherent series of reasons, statements, or facts intended to support or establish a point of view.”  Not like what we got into, thankfully just on the fringes.

Wednesday, November 15, 2017

Faith or Reason?

A while back we got into a rather pointless argument — with a lawyer, no less — about whether the natural law is discerned by faith, or by reason.  Despite what you might think, it was the lawyer who argued for a faith-based understanding of natural law!  (And he was supposed to be an expert on constitutional law, too, oy weh.)

Tuesday, November 14, 2017

Random ESOP Musing

As we may have mentioned once or twice in the past, we like to get questions from our loyal readers . . . “loyal” being defined as anyone with a query that does not begin, “Are you stupid-insane-crazy, etc., etc., etc., for saying something with which I disagree, misunderstand, or can’t pronounce?  (The answer, by the way, is “yes.”)

Monday, November 13, 2017

The Just Third Way Hour Podcast

We’ve been a little remiss in posting the link to the CESJ podcast, scheduled for release on a weekly basis . . . so here are the first few weeks’ worth.  The newest one is always at the top, so if you want to catch up, start at the bottom and work your way up.  These are mainly informal talks about matters relating to the Just Third Way, so tune in and turn on to the Just Third Way with your host, Bryan Vosper:

Friday, November 10, 2017

News from the Network, Vol. 10, No. 45

A number of CESJ initiatives have made a great deal of progress this week.  We have been talking with people from across the globe and even in the United States, as can be seen from this week’s news items.  Our electronic outreach seems to be having some effect, and the social media, podcasting, and now even television are starting to pick up on the Just Third Way: