Facebook Twitter


The roaring 1920s and the Crash 1929 The roaring 1920s and the Crash 1929 April 20, 2008 – Comments (11) I'm going to do a two part series about the 1929-1932 bear market and the following great Depression. The roaring 1920s and the Crash 1929
The Great Depression, the gold standard and FDR The Great Depression, the gold standard and FDR April 26, 2008 – Comments (8) This is the second part, this time on the Great Depression. Sorry for the length but I just kept on writing, it is a fascinating theme. The Great Depression, the gold standard and FDR
Pablo Picasso

Pablo Picasso

Picasso, Henri Matisse and Marcel Duchamp are regarded as the three artists who most defined the revolutionary developments in the plastic arts in the opening decades of the 20th century, responsible for significant developments in painting, sculpture, printmaking and ceramics.[4][5][6][7] Picasso demonstrated extraordinary artistic talent in his early years, painting in a realistic manner through his childhood and adolescence. During the first decade of the 20th century, his style changed as he experimented with different theories, techniques, and ideas. His work is often categorised into periods. While the names of many of his later periods are debated, the most commonly accepted periods in his work are the Blue Period (1901–1904), the Rose Period (1904–1906), the African-influenced Period (1907–1909), Analytic Cubism (1909–1912), and Synthetic Cubism (1912–1919).


Funny Stuff

Freemasonry Freemasonry is a fraternal organisation that traces its origins to the local fraternities of stonemasons, which from the end of the fourteenth century regulated the qualifications of masons and their interaction with authorities and clients. The degrees of freemasonry, its gradal system, retain the three grades of medieval craft guilds, those of Apprentice, journeyman or fellow (now called Fellowcraft), and Master Mason. These are the degrees offered by craft, or blue lodge Freemasonry.


The Lost Symbol - Trailer
Secret societies: Band of brothers
Rockefeller family The Rockefeller family /ˈrɒkɨfɛlər/ is an American industrial, political, and banking family that made one of the world's largest fortunes in the oil business during the late 19th and early 20th centuries, with John D. Rockefeller and his brother William Rockefeller primarily through Standard Oil.[1] The family is also known for its long association with and control of Chase Manhattan Bank.[2] They are considered to be one of the most powerful families, if not the most powerful family,[3] in the history of the United States. The Edifice Complex[edit] The Rockefeller Center and the RCA Building, December 1933 Rockefeller family
Rothschild family

Rothschild family

A house formerly belonging to the Viennese family (Schillersdorf Palace). Schloss Hinterleiten, one of the many palaces built by the Austrian Rothschild dynasty. Donated to charity by the family in 1905.
Euro Sovereign Crisis

Sino-US relationship


Problems ahead

Keynesian - paradox of thrift The paradox of thrift is a central component of Keynesian economics, and has formed part of mainstream economics since the late 1940s, though it is criticized on a number of grounds. Overview[edit] The argument is that, in equilibrium, total income (and thus demand) must equal total output, and that total investment must equal total saving. Assuming that saving rises faster as a function of income than the relationship between investment and output, then an increase in the marginal propensity to save, other things being equal, will move the equilibrium point at which income equals output and investment equals savings to lower values. In this form it represents a prisoner's dilemma as saving is beneficial to each individual but deleterious to the general population. Keynesian - paradox of thrift
Keynesian - Liquidity preference According to Keynes, demand for liquidity is determined by three motives:[1] the transactions motive: people prefer to have liquidity to assure basic transactions, for their income is not constantly available. The amount of liquidity demanded is determined by the level of income: the higher the income, the more money demanded for carrying out increased spending.the precautionary motive: people prefer to have liquidity in the case of social unexpected problems that need unusual costs. The amount of money demanded for this purpose increases as income increases.speculative motive: people retain liquidity to speculate that bond prices will fall. Keynesian - Liquidity preference
If I Am Not For Myself, Who Will Be For Me? If I Am Not For Myself, Who Will Be For Me? “If I am not for myself, who will be for me? If I am only for myself, what am I? And, if not now, when?” –Hillel
The Manifesto of the Communist Party The Manifesto of the Communist Party [From the English edition of 1888, edited by Friedrich Engels] This web edition published by eBooks@Adelaide. Last updated Friday, March 7, 2014 at 22:40. To the best of our knowledge, the text of this work is in the “Public Domain” in Australia. HOWEVER, copyright law varies in other countries, and the work may still be under copyright in the country from which you are accessing this website. It is your responsibility to check the applicable copyright laws in your country before downloading this work.
In Marxist theory, socialism (also called lower-stage communism or the socialist mode of production) refers to a specific historical phase of economic development and its corresponding set of social relations that supersede capitalism in the schema of historical materialism. Socialism is defined as a mode of production where the sole criterion for production is use-value and therefore the law of value no longer directs economic activity. Production for use is coordinated through conscious economic planning, while distribution of economic output is based on the principle of To each according to his contribution. The social relations of socialism are characterized by the working-class effectively owning the means of production and the means of their livelihood, either through cooperative enterprises or by public ownership and self management, so that the social surplus accrues to the working class and society as a whole.[1] Socialism (Marxism)
Production for use Production for use refers to an arrangement whereby the production of goods and services is carried out ex ante (directly) for their utility (also called Use-value). The implication is that the value of economic output would be based on use-value or a direct measure of utility as opposed to exchange-value; because economic activity would be undertaken to directly satisfy economic demands and human needs, the productive apparatus would directly serve individual and social needs. This is contrasted with production for exchange of the produced good or service in order to profit, where production is subjected to the perpetual accumulation of capital, a condition where production is only undertaken if it generates profit, implying an ex post or indirect means of satisfying economic demand.
Plato realizes that the general run of humankind can think, and speak, etc., without (so far as they acknowledge) any awareness of his realm of Forms. The allegory of the cave is supposed to explain this. In the allegory, Plato likens people untutored in the Theory of Forms to prisoners chained in a cave, unable to turn their heads.

Allegory of the Cave - Plato

Heterodox economics: Marginal revolutionaries

POINT UDALL on St Croix, one of the US Virgin Islands, is a far-flung, wind-whipped spot. You cannot travel farther east without leaving the United States. Visitors can pose next to a stone sundial commemorating America's first dawn of the third millennium.
The Austrian School is a school of economic thought that is based on the analysis of the purposeful actions of individuals (see methodological individualism).[1][2][3][4] It originated in late-19th and early-20th century Vienna with the work of Carl Menger, Eugen von Böhm-Bawerk, Friedrich von Wieser, and others.[5] Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics. Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.[6] Many economists are critical of the current-day Austrian School and consider its rejection of econometrics, and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox. Austrian School
Luca Pacioli - Father of Accounting
Leonardo da Vinci
Law of averages
Libertarianism: a nice idea, but doomed
Russ Roberts: Why Friedrich Hayek is Making a Comeback
What’s Wrong with Keynes
The Critical Flaw in Keynes's System
John Forbes Nash, Jr.
Why I agree with (some of) Friedrich Hayek
What is Game Theory?
Arabic numerals
My Fav Econ Blogs