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Economics Redux (Again)

Economics Redux (Again)

| December 20, 2017
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For my economics commentary this month, I will simply highlight some recent posts on Carpe Diem:

1. “Technology and markets change faster than the speed of regulation, which Ajit Pai’s FCC has recognized by taking a neutral position and restoring the promise of internet freedom.” 

~Wall Street Journal

2. “People who live within their means are increasingly being forced to pay for people who didn’t live within their means — whether individual home buyers here or whole nations in Europe.”

~Thomas Sowell

3. “When people are presented with the alternatives of hating themselves for their failures or hating others for their success, they seldom choose to hate themselves.”

~Thomas Sowell

4. “No one would remember the Good Samaritan if he’d only had good intentions; he had money as well.”

~Margaret Thatcher

5. “The strongest argument for socialism is that it sounds good. The strongest argument against socialism is that it doesn’t work. But those who live by words will always have a soft spot in their hearts for socialism because it sounds good.”

~Thomas Sowell

6. Graphic of the Day(below) shows how the value of the US dollar has lost more than 96% of its purchasing power since the creation of the Federal Reserve in 1913. Consumer prices have gone up more than 24 times since 1913, meaning that a $1 bill from 1913 would have less than 4 cents in purchasing power today. And people are worried about the crypto-currency Bitcoin?

 

7. Graphic of the Day (below).

 

8. How Technology Has Changed Over the Last Three Decades, from the Washington Post (with some great interactive graphics), here’s the opening:

In the past three decades, the United States has seen staggering technological changes. In 1984, just 8 percent of households had a personal computer, the World Wide Web was still five years away, and cell phones were enormous. Americans born that year are only 33 years old.

9. Joke of the Day (below). The punchline is already a little outdated….. The price of a Bitcoin is up to about $16,500 today.

Until next time, cheers!

Jim

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