You are browsing the archive for 2014 October 17.

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Making Money by Making Money

October 17, 2014 in Economics

By Mark Thornton

It was reported today that Federal Reserve Chairwoman Janet Yellen earns over $200,000 as head of the world’s biggest central bank. Amazingly, there are at least 113 employees at the Fed’s Washington DC headquarters that earns more than she does!

MADRID (MarketWatch) — $201,700 a year doesn’t seem like chump change. That’s what the Federal Reserve Chairwoman Janet Yellen earns as head of the world’s biggest central bank.

But at least 113 other staffers at the Fed’s Washington headquarters earning more than she does, according to Reuters, which asked for details of central-bank pay under a Freedom of Information Act request.

Reuters sought information on all salaries on the central bank’s board that are above $130,810, generally the top of the government’s pay scale. The Fed responded with a list of those who make more than $225,000, with some exceptions, Reuters said.

The average of those 113 earners at the Fed is $246,506 per year, not counting bonuses and other benefits. The top earner is the Fed’s inspector general, with an annual salary of $312,000, according to Reuters. Yellen’s salary is set by Congress.

By comparison, the average salary at the Securities and Exchange Commission was $157,946 in 2013, while at the Commodities Futures Trading Commission it was $146,323, Reuters pointed out.

…read more

Source: MISES INSTITUTE

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Attaining Economic Freedom w/ Mises Institute Senior Fellow Mark Thorton

October 17, 2014 in Economics

By Ryan McMaken

In this interview, Mark Thornton covers some basics about the Austrian School and the current economic situation.

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Source: MISES INSTITUTE

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Four Reasons the Bernanke-Yellen Asset-Price Inflation May Be Nearing Its End

October 17, 2014 in Economics

By Ryan McMaken

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Mises Daily Friday by Joseph Salerno:

Once interest rates begin to rise — and rise they must, whether as a result of Fed policy or not — the end of the asset price inflation will be at hand. The result will be another financial crisis and accompanying recession.

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Source: MISES INSTITUTE

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CDC, PHARMA, And Mainstream Media On The Same Team

October 17, 2014 in Economics

By Hunter Lewis

THREE_BEST_FRIENDS

Unfortunately this team seems to be covering up a possible risk to children, especially black children.

For years, some parents of autistic children have claimed a link between their children’s condition and vaccines. One vaccine in particular has been mentioned: the MMR (Mumps, Measles, and Rubella).

The Center for Disease Control of the United States has consistently denied any MMR/autism connection. In congressional testimony and elsewhere, it has cited a 2004 study of its own published in Pediatrics.

Now one of the authors of that study, William W. Thompson, a senior scientist employed by the CDC, has admitted that critical data from the study was suppressed.  Thompson released the following statement through his lawyer: “ I regret that my coauthors and I omitted statistically significant information in our 2004 article published in the journal Pediatrics. The omitted data suggested that African American males who received the MMR vaccine before age 36 months were at increased risk for autism.”

It’s Hard to Believe in Vaccines Contaminated by Crony Capitalism

The larger problem here is that the government either develops a new vaccine itself  and licenses it to a private company or subsidizes the development by a private company. It then receives payments for testing the product as well as possible licensing fees if the product is approved. The same government promotes the vaccine to the states and often ensures that it is mandated  for school children.

This system is obviously fraught with conflicts of interest. The party that develops the vaccine should not do the approving. The approving agency should not receive payments depending on approval. This situation would not be hard to fix if government would embrace a few obvious and much needed reforms.

It would help us get the reforms if the mainstream media would come out of its foxhole and report on the problems. The New York Times, Wall Street Journal, NPR, and other mainstream outlets have refused to touch the CDC researcher’s startling admission. Why? A possible explanation is that the mainstream media today is completely dependent financially on drug company advertising. And it is drug companies that make vaccines.

The Recent Cover Up

So how serious was the cover-up of data relating to black children described by the CDC’s Dr. Thompson? How much increased risk for autism was associated with the vaccine?

One scientist,  Dr. Brian Hooker, sought the complete study data for a decade and finally got it with the help of Congress. …read more

Source: MISES INSTITUTE

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Economic Illiteracy is Alive and Well

October 17, 2014 in Economics

By Per Bylund

seattle_minimum_wage

As an academic and economist, few things are as frustrating and mind-boggling as the fervor with which people embrace and display their economic illiteracy. It appears some, and an increasing number of them, consider it to be a quality or even a moral advantage to remain ignorant of basic economics.

Rather than considering economic knowledge, which has often been known and affirmed for centuries, this knowledge is attacked. While the scientific process should be one of fundamental (that is, not just for show) and constant scrutiny and reassessment of accepted conclusions, scientific discourse is not the primary domain for the critique and outright rejection and dismissal of economics. No, the critique is formulated by those who show no understanding for the discipline, its scientific approach, or its findings.

A recent column by economic illiterates Mike Konczal and Bryce Covert in The Nation illustrates clearly what this critique of economics is about. The column, titled The Score: Does the Minimum Wage Kill Jobs?, poses as an examination of the evidence regarding the effects of minimum wage laws, and is intended to settle the debate once and for all. Konczal and Covert seem completely oblivious to the fact that this “score” has long been settled in economics; raising, introducing, or enforcing a minimum wage above the market wage produces a situation with fewer jobs ceteris paribus.

But note that while this score has been settled in economics, Konczal and Covert have a different audience in mind. They address the reality-immune punditry: “Throw a rock into the punditsphere and you’ll hit someone arguing that minimum-wage increases kill jobs,” they begin the column. We are supposed to accept that this rhetorical politicization (“kill jobs”) of an economic law is ridiculous on its face. And economic illiterates probably willingly do so, especially if they belong to the same party camp as the authors. Most who read their column also likely won’t see the authors’ dishonest representation (frequently used by “both sides” in the punditsphere) of the well-established economic truth that artificially raising costs reduces voluntary supply. (Its truthfulness should be obvious, really.)

The rest of the column lists cherry-picked papers and real-world examples to prove the authors’ assertion. A fundamental and blatant error haunts the authors throughout the text, but they are apparently only interested in making a political statement. Any freshman college student producing an “analysis” like this, comparing apples and oranges in the way Konczal and Covert …read more

Source: MISES INSTITUTE