The elite dream of globalization and shared prosperity was a mirage fueled by debt. The mirage dissipated in 2008.

While the mirage is gone, the debt remains. The paths out of debt are dangerous at best, catastrophic at worst. The safest path involves structural reforms to overturn the elite consensus and return to neomercantilist policies to create jobs and growth inside the United States. The most dangerous path involves more of the same — […]

The U.S. Federal Reserve (Fed) is the central bank of the world’s biggest economy and the provider of the world’s leading paper currency.

It was founded in 1913 specifically as a lender of last resort for Wall Street. Its purpose was not to restrict credit growth and the balance sheet expansion of Wall Street banks but to encourage and support them. The Fed was instrumental in extending the credit-driven boom of the 1920s that set up the economy […]

I am not a global warming “denier” as is often alleged, nor am I opposed to alternative (non-fossil fuel) forms of energy per se.

What I am opposed to is misleading people with false climate science claims and alarming them into diverting vast sums of the public’s wealth into expensive energy schemes, thus creating energy poverty and reducing our standard of living. When such policies are followed, it is the poor who suffer the most. Roy W. Spencer, Ph. […]

Scientists Find “Man-made Climate Change Doesn’t Exist In Practice”

A new scientific study could bust wide open deeply flawed fundamental assumptions underlying controversial climate legislation and initiatives such as the Green New Deal, namely, the degree to which ‘climate change’ is driven by natural phenomena vs. man-made issues measured as carbon footprint. Scientists in Finland found “practically no anthropogenic [man-made] climate change” after a series of studies.  […]

Discount Rate and Federal Funds Rate

Banks, like people, borrow money. They borrow money from the Fed or from each other, depending on their particular short-term needs. The interest rate banks are charged when they borrow from the Fed is called the discount rate. The rate they’re charged when they borrow from each other is called the federal funds rate. When […]