28 February 2017


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This week’s news about Freddie Mac and Fannie Mae should be another glaring example of why we need to intensify our efforts into doing all that we can to motivate each other into taking personal action toward protecting ourselves and our families. We should know by now that waiting on Washington D.C. to decide how to help us does not work and, nine times out of ten, once they do decide what to do, it only serves to impoverish us even further. Since we have already been inundated by the media with news of this latest financial scandal, there is no need to enumerate on all of the gory details. Bottom line is that we are footing the bill, again. However, there are still many who have difficulty understanding why our economic and political system continues with this kind of madness; perhaps this brief explanation may be of some help.

This is the type of question you are apt to hear from a young child.  In the child’s question there is no real interest in knowing anything about the function of money, its origin, or about the fact that it is a convenient medium of exchange. The question stems entirely from the idea that the things the child wants cost money and it does not have enough of it. Therefore, the child’s real question is why it can not have whatever it wants when it wants it without there being a cost attached to it. When you seriously think about it, this is actually a very good question, not only for all times, but for the very present time as this brief article will attempt to explain.

blindjusticebloodyswordloredFrancis A. Schaeffer's description of the problem with Christians in this country in the last one hundred years can also appropriately be applied to all of the citizenry of the United States, Christian or non-Christian; in that we have all seen things unfold in bits and pieces. We have not only been born into an existing social, economic and political system not of our own choosing, but we have very gradually become aware of specific areas of grave error, but have not seen this as a "totality"—each thing being a part, a symptom of a much larger problem.

In his book, A Christian Manifesto, Schaeffer goes on to point out that the problem stems from the abolition of Truth and Morality. And, though we can remain reasonably calm and agreeable to the word "truth" in his statement, it is the word "morality' that will begin to give us all kinds of mental twists and turns. For instance, he specifically mentions over permissiveness, pornography, the public schools, the breakdown of the family and finally abortion as exclusive examples of gross errors brought about by "a fundamental change in the overall way people think and view the world and life as a whole". To his list we could take our individual turns at adding to it, or subtracting from it, and finally winding up with a universally recognized list of major human failings--- the Seven Deadly Sins of pride, greed, lust, anger, gluttony, envy, and sloth. My point, however, is that just the mention of the word "morality" or its opposite "immorality", let alone "sin", can open up a caldron of debate among Americans in this day and age and not surprisingly with serious disagreements even within Christendom and certainly outside of it. These disagreements can vary with some of these issues being classified as pockets of social maladjustments, serious violations of moral laws and principles, or simply God given instincts, so necessary for our existence, exceeding their proper functions.

angelstatueloredThere is a lot being said these days about "greed". It seems we can not enter into a conversation, pick up any sort of publication, watch the news on television, or check our e-mails on our computer, that the mention of this one human character defect is not brought up in reference to our current world crisis. Everyone, it seems, is pointing to the fact that human nature is something less than angelic.

What lies behind all of this rampant corruption and impish display on the part of so many financial elite? This is the question all concerned citizens are asking and many answers are pouring forth from the media to help us sort this out. But, at the end of the day, are we sure we really know who or what is at fault? Are we pointing our finger at the real source of the problem? Perhaps these written thoughts, pulled together from our ancestors and reliable economists from the past, can be helpful in establishing an order to our own thinking and finally put some questions to rest.

thegreatsealloredThe average American citizen simply wants to be able to live a peaceful life, be financially secure and debt free. Why then, do so many of us fail to attain this noble goal and 98% suffer from cash flow problems till the day we die? Is it ignorance? Is it poor judgment? Is it our lack of time to properly research every aspect of money decisions, or is something else occurring that we simply are totally unaware of? 

Every once in awhile, as we here at USTC conduct research on the latest economic analysis, we find quality articles published by authors from other institutions and publications.  We believe some of these are so important that we want to highlight them for you.  Here is another quality article of such importance:

Article Ignoring the Austrians Got Us in This Mess (click to read)
Author - Randall W. Forsyth
Date - Thursday, March 12, 2009
Publication - Barron's

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We are in a serious financial crisis. And, it is not only Americans who have been holding their breath throughout this ordeal. Many other countries of the world also fear total collapse because our economic affairs are so intertwined. As we watch the stock markets rollercoaster downward, we wonder if anything can possibly work at this point.

With regards to this, I can sincerely say that for the first time in my life I have had that rare opportunity to actually know of something ahead of its time. I knew this not because I am clairvoyant, nor because I am special or brilliant. And certainly none of the insights originated from me, but the truth is that I have actually known about the coming of this catastrophic event for quite some time. I have been watching it build for years. I even have the courage to say with complete confidence that I know what our government should have done and why; and because it did not do it, I have a pretty good idea where all this heading. The reason I know this is because I have been reading and studying classical economics daily for many years. If you read what I have read for as long as I have, you would see how “I got this way” and you would be the same way too.

WOW! Paige and I have just returned from the Auburn University Campus, the site of the Ludwig Von Mises Institute, where we enjoyed a wonderful weekend of economic talks and lectures with a great bunch of people. One of our favorites was certainly Congressman Dr. Ron Paul, pictured above, and yet there were so many others there that we admire just as much for their great hearts, dedication and convictions. Here, in this place, is where we feel the spirit of freedom and know how it is being kept alive. No one here was belaboring the state of the economy. No one was confused as to what was really going on within our economic and political environment. No one was asking, nor wanting to know, what we should all be doing. No one was depressed, frustrated or unhappy. In fact, the most appropriate description for this group would be hopeful.

This is a monograph written by Dr. Richard J. Grant, Economist and Adjunct Scholar and Consultant with USTC. Although Dr. Grant wrote this originally for a South African audience, the message is most certainly applicable to the condition of the economy in America today.

CLICK HERE TO READ Gold, the euro, the dollar and the rand

Excerpt from the Forward: "Few institutions are more pervasive than money. Money is a unit of account, a store of value and a medium of exchange. It has evolved over millennia as a means of reducing transaction costs and facilitating trade. As a lubricant of exchange activity it is a means to wealth as well as a store of wealth. Money has evolved from cowrie shells (in South Pacific islands) to cattle (in Africa) to cigarettes (in prisoner-of-war camps) to gold. Gold had the advantage of being portable, divisible and non-perishable and reached its apogee as a monetary mechanism in the late 19th and early 20th centuries."

This is a monograph written by Dr. Richard J. Grant, Economist and Adjunct Scholar and Consultant with USTC. Although Dr. Grant wrote this originally for a South African audience, the message is most certainly applicable to the decreasing value of U.S. currency.

CLICK HERE TO READ The real reason for the fall of the rand

Excerpt from the Forward: "So why does the rand fall, and fall, and fall again? Dr Grant makes a persuasive case that the real cause is that more and more rands are being created. When more and more money is printed the price of everything else rises, including the rand price of foreign exchange.

Grant places the blame squarely on the Reserve Bank’s unwillingness or inability to control the monetary base..."

In-Depth by: Paul A. Cleveland | Monday, September 14, 2009

Today we are living in trying times and our leaders are telling us that if we would depend upon them our futures would be secure. However, Scripture warns us in Proverbs 1:10-19 against joining any group that aims to make its living by robbing others and sharing a common purse. This proverb suggests that every scheme aimed at eliminating human hardship by creating a common pool of sacrifices among people is foolish. The reason that it is foolish is that sinful people are motivated to contribute as little as possible to the pool while taking as much as possible from it. In addition, the members of the group are constantly looking for outsiders whom they might rob of their economic wherewithal.


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