What is truth?

Posts tagged ‘Social Sciences’


Excerpt: “The Struggle for Money” by H. M. Murray 1957.


The 4 Step Social Credit Solution to the World’s Financial Crisis:


1.             Set up a National Credit Account. At present we have only a National Debt Account; the banks having usurped all our National Credit—to create our National Debt!

 2.             Institute a National Dividend;

 3.             Finance New Production by drafts on the National Credit Account, not out of Savings; and

 4.             Allow a Just Price Discount on all personal purchases, out of income, for final use or consumption—     to adjust book prices to actual incomes.

                (This counters inflation and guides and motivates society      as a whole to increase or decrease, as           required, production).


 Reference:    http://www.scribd.com/doc/171650693/Struggle-for-Money-by-H-M-Murray-Final-Edit


Namawinelake closure


I do not know the reasons behind the Namawinelake decision to stop operations, but the announcement that the blog will cease publishing new material starting from tomorrow was a shocker for me.
I can attest from my own & others’ experiences that those of us who run anything independent of the officialdom mouthpieces (regardless of political / ideological orientation or even the lack of one) have near-zero support (moral or citations- and links-wise) from our internal (not to be confused with international) media and all businesses.
Those in our society, including the traditional media, who only benefit from the free analysis and the climate of openness and debate the independent analysts help to create prefer to endlessly endorse and support, including via advertising revenues, cross-links, citations and readership, those who offer no alternative but…….

full article at source:http://trueeconomics.blogspot.ie/

“fake economist unmasked”.

The story in the Guardian is of a Portuguese chap who convinced everybody, possibly including himself, that he had taught economics in the USA and even worked in the world bank. He debated issues on the economy regularly on Portuguese media, and became a celebrity and celebrated for his easy style and making simple of the complex.

There is of course much glee being rubbed on hands at this – many people consider the whole activity of economics to be applied charlatasim. But it raises a question on the nature of the business.

There is to me no such thing as the profession of an economist. A profession, I suggest, is on that has rules and regulations, standards for entry and exit, a recognized way of doing things. Accounting is one ; so also is nursing, or taxidermy. Economics has none of these. The deficiencies in modern (macro) economics have been well publicized over the last half decade : a read of the blogs of Krugman, Simon Wren Lewis, Mark Thoma, or a host more will show both an evisceration of the abstruseness of much of modern macro modeling and a deep searching of the soul by practitioners of a craft………………………..

full article at source: http://www.irishbusinessblog.com/2013/01/30/pretending-to-be-an-economist-not-really-such-a-bad-thing/


The irrationality of it all


By David Mc Williams

Over the past few days, I have received all sorts of economic forecasts of 2013 penned by economists in large financial outfits who are confidently telling me what is going to happen next year. Most of these guys were the same people who didn’t foresee this crisis, yet few have lost their jobs and here they are, without the slightest hint of doubt, outlining what is likely to happen in 2013.

Of all the characters we should fear, the overconfident economic forecaster is surely one of them. When the Queen of England asked why none of these professionals warned of the credit crunch, she was only articulating what many people must have thought, which is “if you guys are so clever, why didn’t you see this crisis coming – and if you didn’t see it coming, why should I listen to you now”?

The failure of economics to predict human behaviour is a significant charge that modern economists have not properly answered and the failure to answer this accusation adequately has undermined economics as a whole.

In the final column of the year, we are going to take a quick look at the state of the economics game and ask whether the fundamental laws of traditional economics bear any relation to reality or offer any insight into how people actually behave……………………..

Full article at souyrce:http://www.davidmcwilliams.ie/2012/12/31/the-irrationality-of-it-all?utm_source=Website+Subscribers&utm_campaign=e3ac4be19f-22112012&utm_medium=email

Why Government could learn a lot from the world of business

By David Mc Williams

One of the many great things about teaching an economics course is that you get as many ideas from your students as you give them. The other night, one of my students, who is returning to economics out of general interest but who has a wealth of experience in turning companies around, explained what he thought the budget strategy must be in the context of turning a company around from bankruptcy.

He said that the strategy must be one where the Government is getting its house of cards sorted in order to be able to default, not in order to be able to pay its huge debts. …..

full article at source: http://www.davidmcwilliams.ie/2012/12/06/why-government-could-learn-a-lot-from-the-world-of-business?utm_source=Website+Subscribers&utm_campaign=d2fdc5d91e-22112012&utm_medium=email

The Tragedy of the Euro! What about Germany?

By: GoldSilverWorlds

Brecht Arnaert writes: 2012 has been a year of great turmoil for the euro. But our economy is not the only thing that is in crisis. Our economic theory is too, and even more so: for decades macro-economic policy has been conducted within a Keynesian framework, and while no Keynesian economist has predicted this crisis, or even is able to explain it’s causes, we are still listening to them today to get out of the mess they brought us into. I would say that this is a problem of legitimacy. I am telling this not only as an economist. I am a defender of liberty too. What is happening in Europe right now should not only worry economists, but every freedom-loving citizen. As we speak, measures are being taken to take away our liberties in a way that Hayek described so well in his “Road to serfdom”: each government intervention requires more government intervention, until no freedom is left anymore. Step by step our property rights are being eroded, and, not too far from here, in Brussels, a giant Moloch called the European Commission is centralizing powers with a speed that would have been unimaginable before the Treaty of Lisbon.

Let us start with some theory about how value is created, what the origins of money are, and how the euro is the right answer to the wrong question.


Economics is the study of value creation. It does not consider itself with the question what values men should pursue, nor how value should be shared in a community. These are questions for respectively moral and political scientists. Economists take the valuations of individuals as the given and goes from there. A value is something one wants to gain or keep, and economics studies the means people use to achieve these ends. About the desirability of those ends, it has nothing to say.

Mainstream economists largely ignore this definition of economics, and even turn it around. They regard their valuations as the thing to be achieved, and the valuations of individuals as the means to it. Instead of analyzing how individuals create value, they devise policies to make them conform to their one chief value: stability. Macro-economic policy has only one purpose: an economy “in equilibrium”. The use of government intervention is their way to push individual valuations towards this one pre-set value.

It is tempting to judge these policies form a moral angle, but that is why this lecture has two parts. As an economist, the only question I have to answer is: “What policy creates the most value?” If it would turn out that mainstream economics is right, then I have no story. But if it can be proven that macro-economic policy actually destroys value, then the best macro-economic policy might be that we have none. This is actually the thesis I will be defending tonight.

Full article at source here:  http://www.marketoracle.co.uk/Article37484.html

The Poetry Of Life

By Friedrich von Schiller

“Who would himself with shadows entertain, Or gild his life with lights that shine in vain, Or nurse false hopes that do but cheat the true?– Though with my dream my heaven should be resigned– Though the free-pinioned soul that once could dwell In the large empire of the possible, This workday life with iron chains may bind, Yet thus the mastery o’er ourselves we find, And solemn duty to our acts decreed, Meets us thus tutored in the hour of need, With a more sober and submissive mind! How front necessity–yet bid thy youth Shun the mild rule of life’s calm sovereign, truth.”

So speakest thou, friend, how stronger far than I; As from experience–that sure port serene– Thou lookest;–and straight, a coldness wraps the sky, The summer glory withers from the scene, Scared by the solemn spell; behold them fly, The godlike images that seemed so fair! Silent the playful Muse–the rosy hours Halt in their dance; and the May-breathing flowers Fall from the sister-graces’ waving hair. Sweet-mouthed Apollo breaks his golden lyre, Hermes, the wand with many a marvel rife;– The veil, rose-woven, by the young desire With dreams, drops from the hueless cheeks of life. The world seems what it is–a grave! and love Casts down the bondage wound his eyes above, And sees!–He sees but images of clay Where he dreamed gods; and sighs–and glides away. The youngness of the beautiful grows old, And on thy lips the bride’s sweet kiss seems cold; And in the crowd of joys–upon thy throne Thou sittest in state, and hardenest into stone.

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