October 2013

How facts backfire

October 30, 2013

Researchers discover a surprising threat to democracy: our brains

Recently, a few political scientists have begun to discover a human tendency deeply discouraging to anyone with faith in the power of information. It’s this: Facts don’t necessarily have the power to change our minds. In fact, quite the opposite. In a series of studies in 2005 and 2006, researchers at the University of Michigan found that when misinformed people, particularly political partisans, were exposed to corrected facts in news stories, they rarely changed their minds. In fact, they often became even more strongly set in their beliefs. Facts, they found, were not curing misinformation. Like an underpowered antibiotic, facts could actually make misinformation even stronger.

Greenspan: Played No Role in Housing Bubble, Calls Audit the Fed Bill Terrible

October 28, 2013

Greenspan says an audit of the Fed would be terrible because it could lead to inflationary policy from the Fed. What do we have to lose?

He denies responsibility for the housing bubble, calling it a global bubble. Yet the dollar is the reserve currency of the world. When the Federal Reserve lowers interest rates (inflates), central banks around the world follow. Greenspan’s monetary policy earned an F, and his defense is that everyone else (who copied him) got an F too?

He goes on to say animal spirits had more to do with the housing bubble and economic collapse than his monetary policy. He then explains how there’s hope for the future because animal spirits can be modeled and forecasted. Thank God Lord Keynes…

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NSA chief says government must stop media

October 26, 2013

With General Alexander calling for NSA reporting to be halted, US and UK credibility as guardians of press freedom is crushed.

Governments don’t support or suppress things based on virtue. They act on the selfish interests of those in power. Press freedom is no different. It may have benefit those in power before, but now that it threatens them they’re singing a much different tune.

Federal Prosecutors Cite Warrantless Wiretaps as Evidence

October 26, 2013

The Justice Department for the first time has notified a criminal defendant that evidence being used against him came from a warrantless wiretap, a move that is expected to set up a Supreme Court test of whether such eavesdropping is constitutional.

Harry Reid: ‘The Rich Want To Pay More’ In Taxes

October 24, 2013

“The rich are willing to pay more,” he said. “They’re not the ones out here saying ‘please don’t tax me.’ The only people who feel there shouldn’t be more coming into the federal government from rich people are the Republicans in Congress. Everybody else, including rich people, are willing to pay more. They want to pay more.”

Actions speak louder than words coming out of someone else’s mouth. If someone wants to pay more in taxes there’s nothing stopping them. The fact is: no one wants to pay more.

Related:

How Apple Makes the Mac Pro

October 24, 2013

Deep drawing is a process that very efficiently produces a “net shape” part. Apple could have just chucked a giant hunk of aluminum in a lathe and created the same part, but that amount of metal removal is extremely inefficient. Deep drawing efficiently creates a hunk of metal that is very close to the final shape of a Mac Pro in just a couple of operations. After that, the Mac Pro enclosure is lathe turned to clean up the surface and achieve desired tolerance, polished, placed back in a machining center to produce the I/O, power button and chamfer features and finally anodized.

Check out Apple’s assembly video here.

Why the Fed will NEVER end Quantitative Easing

October 24, 2013

… the Fed’s justification for continuing QE is the result of its own QE policy! The American economy is right back in a bubble similar to that of ten years ago, only this time the economic data is worse, because the economy has had even more credit expansion poison.

The current bubble is similar to the bubble ten years ago because it is the same bubble. As Pat mentions, the government has fought off a correction and instead made the underlying problems worse.

The mainstream has no clue. If they do, they certainly don’t show it.

What a narrow definition of success

October 24, 2013

… there are many other definitions of success to measure yourself against. We’ve long been campaigning for the success of bootstrapped, proud, and profitable. Businesses, who like 37signals didn’t get off the ground by a Series A round of funding, and who do not see IPO, acquihire, or any other form of acquisition as a successful outcome.

This is how most of the world’s businesses work! And not only work, but prosper, and sustain themselves in the long run.

A bill to end patent trolling?

October 24, 2013

The bill would require patent holders to lay out details about their infringement case early in a lawsuit, and would require the loser of a patent suit to pay legal fees unless they could show that the case was “substantially justified.” It would expand a program to allow for the review of “business method” patents at the US Patent and Trademark Office, a key request by CCIA that has not been without controversy. And the bill would also allow customers or end users of a technology to stay a lawsuit while the patent holder and the manufacturer battle it out. That would prevent patent trolls from pulling moves like one last month, where a judge let Lodsys dodge Apple’s lawyers— while it continues to threaten iOS developers.

I’d rather they abolish the entire patent system, but at least it’s a step in the right direction.


Murray Rothbard on Patents (pdf)

I don’t have any connections

October 23, 2013

I don’t understand people stuck with zero connections. There’s an entire rolodex in front of us with billions of connections. They’re on Facebook or Twitter or there are plenty of ways to figure out their email. Many entrepreneurs are happy to answer questions you have.

Anarcho-Capitalism: The worst kind of tyranny?

October 22, 2013

A commenter on YouTube thinks so. They make a very compelling argument by putting quotes around the word anarcho-capitalism and referring to words with opposite meanings as the same.

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The Austrian Business Cycle Theory explained in 6 minutes (Video)

October 18, 2013

This video does a great job explaining The Truth About Central Banking and Business Cycles. It’s short and to the point too!

Just because we’ve had a system of central banking for 100 years doesn’t mean we ought to. In fact, it’s starting to look like central banks do more harm than good. From obscuring the true cost of credit to causing confusion about good investments, central bankers end up papering over economic problems. And when they send the wrong messages to savers and consumers trying to coordinate their plans, boom and bust cycles lengthen and worsen.

Learn more about the problems central banking causes at http://www.FEE.org/centralbanking

War: Big Government’s Best Friend

October 2, 2013

Bestselling author Tom Woods speaks at the Mises Institute’s seminar at Furman University, “War: Big Government’s Best Friend.” Sponsored by the Conservative Students for a Better Tomorrow.