Surprisingly, Marx and Lenin were occasionally insightful when it came to the problems and consequences of fiat money in the economy. In principle, they opposed unbacked currency. But of course, once communists seized political power, those principles went right out the window.
Like Argentina and Venezuela, Greece's economy is plagued not just by institutional problems, but by a pervasive anti-capitalism that continually cripples the ability of individual Greeks to build wealth and a solid economy.
Jurassic World is the latest film to portray deadly disasters supposedly caused by profit-seeking run amok. But would the private sector really produce a super-smart dinosaur that is likely to eat many of the customers?
The Greek government has spent freely for many years to enrich itself and its special interests at the expense of taxpayers. And now, it is not the Greek politicians who will suffer, but the taxpayers who face a future of unending debt payments.
The Greek crisis illustrates the latest failure in Europe's attempts to build a lasting prosperity through consumption and redistribution of wealth. It's been going on for 150 years, and it remains to be seen if Europe will learn anything from the present crisis.
As usual, the former Fed chairman, author of many of our current economic ills, is confused.
The euro is an inflationary fiat currency, but it’s apparently not inflationary enough for many profligate European governments that want their own local currencies so they can inflate even more, and use easy money to temporarily cover up many economic sins.
Better Call Saul, a spinoff of mega-hit Breaking Bad, explores the many ways that government spies on us to control and ruin our lives. In response, many turn to making a living through less-than-honest means because so few options are left to them.
Ben Bernanke reveals more about his own views when he commented on the $10 bill controversy to replace Alexander Hamilton. Bernanke attacked Secretary Jack Lew's idea to replace Hamilton with a women:
