#OTD 1916 German World War I peace feelers


Where is private note issue legal?

Mostly Economics

This is a great read by William McBride and Kurt Schuler of Cato Institute. It is connected to this paper which argued text-books misguide students by believing that central banks alone create money. Banks do it as well. This paper suggests that banks have done a good job earlier to create money when there were no central banks. There is no reason why they can’t do it again.

They point how banks issued notes in 18th and 19th century. This was an era of free banking:

During the 18th and 19th centuries and for part of the 20th century, more than 60 countries had free banking. The major characteristics of free banking are competitive issue of notes (paper money) and deposits by commercial banks, low legal barriers to entry, little regulation unique to the industry, and no central control of reserves (the monetary base) within the national monetary system (Dowd 1992, White 1995). Among the countries…

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Doug Parkinson – “The Sun Ain’t Gonna Shine Anymore” 1981″ 


Visions of Anarchy – James Scott, David Friedman, & Robert Ellickson

New Zealand pension fund assets since 2001


Source: OECD pension fund statistics and national sources via OECD Pension Outlook 2016.

The truth is out


1974, Part One: the February General Election

RGS History


1974 was the year of two general elections. The first, in February, gave Britain its first hung parliament since 1929. It was the closest of results. Whilst the Conservatives won the popular vote by a mere 193,000, but Labour had four more seats: 301 to 297.

It was not meant to be so. In 1970, Harold Wilson had expected to win, only to see a late surge of support see Ted Heath’s Conservatives win a majority of 31. Faced with an imminent second miners’ strike in three days time, Heath called a snap election on February 7th for three weeks hence, the minimum length of campaign possible. Famously, Heath posed the question ‘who governs Britain?’ perhaps thinking of the violence and upheavals associated with the miners’ strike of 1972. As it was, the miners were, in Jim Prior’s words, ‘as quiet as mice’. Thus, it was the economy that…

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Why The Holy Roman Empire Was The WEIRDEST Country Ever

Jim Croce – Time in a bottle – 1973


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