==> An interesting inventory at IER of “federal assets above and below ground.” I didn’t do this particular blog post, but I think it draws on some numbers I compiled in the past. This notion that if the feds don’t get to raise the debt ceiling, they have no choice but to cut PBS and Granny’s Social Security checks, is silly. (Not that I am in favor of PBS or Granny’s SS checks.)
==> If you think the trillion dollar coin idea is silly, you’ll like this cartoon (which the artist sent me today); otherwise, you will hate it.
==> An older post from Nick Rowe on “Dutch capital theory.” This guy is too clever by half.
==> Jeff Tucker’s tribute to Aaron Swartz.
==> JP Koning on the interaction of legal tender laws and purchasing power. I’ve often thought there was a gap in standard Austro-libertarian complaints about legal tender laws. The mere fact that Federal Reserve Notes are legal tender doesn’t pin down their purchasing power; merchants could say, “This item is either one ounce of gold, or 80 billion US dollars,” and debt contracts could have gold clauses in them. But on the other hand, there must be a reason they passed legal tender laws. I’m not saying JP has the full story, but he’s always interesting on this stuff.
==> Speaking of interesting! Next week–Monday through Wednesday–I’ll be giving a 3-part video series for the Laissez-Faire Club on Austrian business cycle theory. This is the most concise explanation I have given, so if you’ve never taken my more academic online classes because you’re too busy, this might be for you. Doug French explains it all here, in this pitch aimed at the investor/business owner demographic.