Fiat Currency – Scrip by Another Name


American culture can teach us historical lessons without us even realizing it. We are all familiar with the chorus of the song, “Sixteen Tons” where it goes, “I owe my soul to the company store”. The song describes the mining “company towns” of the day. Due to the isolation of these towns, the low amount…

Death by Taxes: The Elites


In the previous installment of the Death by Taxes series, we learned about Beardsley Ruml’s contribution in establishing the withholding tax. This most influential of unknown people in American history deserves a closer look. He had some important things to say about why we pay federal income taxes that may surprise you.

Death by Taxes: The Federal Reserve


In the first two installments of the Death By Taxes series we discussed the history, motivation and reasoning for adopting an income tax and its ramifications for both consumers and entrepreneurs. In this third installment, we will discover “Cui bono” or who benefits the most from the income tax. The truth is far from what…

The Snake Oil of Inflation


Janet Yellen recently gave her first press conference as the new Fed Chair-person. Being the stalwart Keynesian that she is, emphasis was given on the Fed’s targeted inflation rate. One of the problems here being in how modern economists define inflation. Over the course of history inflation has gone through a type of metamorphosis as…