classical economics
for analysis,  forecasting
and policy design

Main Navigation



FINRA   FOIA  FRBal  WSJ   NYT   WaPo   LDT   ToL   LAT   Drudge   FNC   FBN   FinT   CSPAN  SSForum  FairTax        

Preview Table of Contents Here

Reduced Price!

Free Shipping!!

Hardback, Sewn Binding
 
Quantities





Or Call 1-888-364-0007  

PROOF KEYNESIAN STIMULUS FAILS
$5 Trillion in Four Years Buys Only “Grand Illusion”
By Wayne Jett © April 22, 2013
       Since 2009, the U. S. has borrowed and spent $5 Trillion – $42,500 on behalf of every household in the nation – to produce economic recovery, and has failed to achieve it. A suggestion four years ago that each household should borrow and spend that much new debt would have been called, at best, ill advised. This being so, the federal government doing the equivalent on our behalf has been both destructive and unpardonable. Complete text here.
                                      _________________________________________________
GOVERNMENT POWER AND YOU
Lessons from Cyprus and the Homeland
By Wayne Jett © March 30, 2013

       Cyprus teaches the wisdom of limits on government power. Lucky for Americans, Framers of the U. S. Constitution understood this and wrote into the Bill of Rights specific things the government is prohibited from doing. But words on paper cannot restrain governments. Only daily, vigorous actions to protect and extend human liberty can do so. Otherwise, governments will grind into dust every claim of right made by aliens or its own citizens. Complete text here.
______________________________________________________________________
                            OUR MOST URGENT CRISIS
                                                                              War on Weather Is Really Against Us
                                                                                             By Wayne Jett © December 10, 2012
    Despite the season, for those unaware, this news cannot wait. Agents with U. S. government authority are using chemical and electronic weapons of mass destruction against America – poisoning the air, soil, food and life itself. Millions of tons of metallic aerosols are being sprayed into our upper atmosphere, then coupled with powerful electronic beams, under the thin disguise of “geo-engineering” – weather control – bringing drought, famine, disease and death. This assault on nature already has raised an imminent threat of climate change so radical as to end life on major portions of the planet. Those spraying, apparently aware of the threat, are doubling down. Complete text here.
                                               _____________________________________________
                             ABOUT “THE DUST BOWL”
                                  Historical and Economic Misconceptions
                                                          By Wayne Jett © November 20, 2012
     PBS’s documentary called “The Dust Bowl” directed by Ken Burns and produced by Burns and others deserves commendation for telling an historically pivotal story through the faces, words and scenes of the epic itself. The families, ordeals and outcomes of real people project honesty and reality in ways not often achieved by expert commentary or fictional accounts. But “The Dust Bowl” presents a thesis that severe dust storms and poverty in the southern plains during the 1930s resulted primarily from abuse of nature by ignorant and greedy farmers. This involves serious misconceptions. Complete text here.
                                 _____________________________________________________

CHOOSE ECONOMIC RECOVERY
Turn Out Elitists Who Destroy Prosperity
By Wayne Jett © November 1, 2012

     Keynesian dreams came true with the arrival of Hurricane Sandy in the populous U. S. East Coast. Natural disasters, economist John Maynard Keynes advised, are stimulants of economic growth. He saw wars and pharoahs’ make-work projects like pyramids as economic stimulus, too.

     So Hurricane Sandy is just what the U. S. needs at this miserable time, right? If only Sandy had blown ashore in 2009, by Keynes thinking, the U. S. could have saved $5 trillion in deficit spending blown instead. Complete text here.
______________________________________________________________________________
A New Essay
"Buttoned Up Under His Coat"

The Life and Death of James A. Garfield

By Wayne Jett © October 11, 2012
_________________________________________
 
SERIOUS ECONOMICS
Winnowing Imposters is Easy Call
By Wayne Jett © October 2, 2012

    Do you recall an economist advising that the Federal Reserve should not manipulate interest rates? If you do, you are rare, as is that economist. Radio, television and print media define “serious economist” as one who endorses interest rate manipulation as the primary instrument of U. S. monetary policy. But no serious economist can accept that premise as valid. Complete text here.
________________________________________________________________________________
$480 BILLION ANNUAL DIRECT TAX ON SAVINGS
Federal Reserve Goes All In for its Owners
By Wayne Jett © September 14, 2012

      The Federal Reserve announces its intent to create $40 billion monthly at the expense of existing savings and pay it to the big banks for mortgage-backed securities. This outrageous looting evokes what response? Applause, of course, and a little intellectual hand-wringing gives just the right tint of fair debate. Complete text here.
______________________________________________________________________________________________
RE-THINKING OBAMA AND “2016”
D'Souza Errs in Two Conclusions
By Wayne Jett © August 27, 2012
    The documentary film “2016” provides insights into early influences on Barack Obama and how they affect the U. S. president’s agenda. But author and co-director Dinesh D’Souza errs in two basic conclusions expressed about his subject. Obama is not an anti-colonialist, and his agenda is not a socialist America in the image of Europe. On each count, Barack Obama’s aim is markedly different, and worse, than D’Souza portrays. Complete text here.
_______________________________________________________________________________________
A GOLD STANDARD THAT WORKS    
Monetary Misconduct Worsens Fiscal Plight
By Wayne Jett © July 31, 2012
    A large gold hoard in the U. S. Treasury is unnecessary for a return to dollars with value reliably anchored in gold. Markets monitor the dollar’s value in gold moment-to-moment, and the Federal Reserve or (better yet) Treasury can adjust the supply of dollars so their value remains rock solid. This will leave prices of goods and services to be set by the markets, inflation-free, based on supply and demand.

      The only things “lost” would be the Fed’s discretion to create trillions of dollars at will to bail out big banks or to lend to Treasury for deficit spending. In other words, a new gold standard would be a win-win-win outcome – ending inflation, bank bailouts and excessive budget deficits. Complete text here.
___________________________________________________________________________________________
BIG BANKS RIG LIBOR
                            Federal Reserve and Bank of England In On It
                                                              By Wayne Jett © July 11, 2012
    This just in: LIBOR, the most watched and used benchmark interest rate in the world, is rigged by big banks. So are bids for large deposits of bond funds by local and state governments in the U. S. – again by big banks. So can we finally dispose of the old Wall Street shibboleth that conspiracies absolutely do not exist in the U. S. financial sector? Complete text here.
_________________________________________________________________________________________
EXPLAINING THE GREAT DEPRESSION
Simply, Factually and Clearly
By Wayne Jett © July 5, 2012

    The Wall Street Journal marked the recent passing of economist Anna J. Schwartz at age 96 by republishing an October, 2008, interview and report of her contributions during a productive career spanning 70 years. In the 2008 interview, Ms. Schwartz emphasized the classical principle that markets must be permitted to punish mistakes if economies are to prosper. Complete text here.
___________________________________________________________________________________
CHIEF JUSTICE SELLS OUT

Roberts Joins Four Elitists to Impose ObamaCare

By Wayne Jett © June 28, 2012
          Benedict Arnold committed no greater betrayal of Americans than has his 21st Century counterpart: John Roberts. Arnold abused his appointed position of trust in General Washington’s Revolutionary Army by scheming to hand over West Point to British Redcoats. Chief Justice Roberts joined the ranks of traitors to the cause of individual liberty, turned his back on all who supported his appointments to the Supreme Court and as Chief Justice, and stripped away hard-won political rights of ordinary Americans. Elitists now control access to health care and can rule from above as they please. Complete text here.
                                          _____________________________________________
BIG BANKS “BIG BANG” SCHEME
America, Not Banks, Set to Blow Up
By Wayne Jett © June 9, 2012
      Why on earth would giant banks like J. P. Morgan Chase “invest” hundreds of trillions of dollars in derivative securities? Ordinary price volatility, it would seem, could wipe out those banks overnight. In a forehead-slapping moment, the answer becomes clear. Effects on America and the world are both diabolical and catastrophic.

     In April, 2011, Classical Capital asked here “is the Federal Reserve selling Treasury puts?” Despite this foreboding alarm, the light did not shine far enough ahead to explain the seemingly irrational conduct of the Wall Street’s big banks. Until now. Complete text here.
_________________________________________________________________________________________
$5 TRILLION TAX HIKE
Thanks to President, Congress, Federal Reserve
By Wayne Jett © May 27, 2012
     The federal budget deficit is $5 trillion this year – not the mere $1.3 trillion we’ve been told by the president and Congress. USA Today says so. This is a tax hike of $5 trillion, or $50 trillion if they do the same each year for ten years. Oh, yes, it is a tax hike. The money must be collected from taxpayers. Congress and President Obama are just waiting for someone else to tell taxpayers how much and when to pay. If you now get it that deficit spending mandates increased tax collections, then there’s more news, and its worse. Complete text here.
____________________________________________________
CHAIRMAN BERNANKE, DEBATE ME
Let the Public Decide Who is Right
By Wayne Jett © April 24, 2012
     Federal Reserve Board chairman Ben Bernanke, let’s debate the topics on which you lectured students of George Washington University. Your office may lead some to believe what you tell them is valid. If so, they are misled in important respects. Complete text here.
__________________________________________________________________________________
PRESIDENT OBAMA – MENTOR AND TEACHER
Things We Learned Last Week
By Wayne Jett © April 12, 2012

    President Obama told a press conference the Supreme Court should stand aside when Congress has enacted a law with broad support. He said court intervention in this democratic process would be “unprecedented.” On March 26, Obama confided to Russian president Medvedev that he (Obama) would have more flexibility in negotiating a nuclear arms treaty after the November election, when he wouldn’t have to campaign for office again. This informed the public in two important ways, neither of which has been noted by other commentators. Complete text here.
                                 _______________________________________

MR. SMITH GOES TO … THE TIMES
Lost Faith in Goldman Sachs “Culture”
By Wayne Jett © March 20, 2012

     A young executive resigned from Goldman Sachs, the giant international investment bank, after 12 years during which he advanced to head U. S. equity sales to Europe, the Middle East and Africa. Having starred in the bank’s recruitment of new talent, Greg Smith concluded the firm culture no longer placed its clients’ interests above maximizing its own profits. Complete text here.
                          ___________________________________________
GASOLINE PRODUCTION SCUTTLED
 Oil  Refineries Closed After Fire-sales
By Wayne Jett © March 11, 2012
       Gasoline prices hit historic highs as America languished in winter depression. During the week ended March 2, demand for gasoline ran about 7.8% lower than a year earlier, its worst performance so far in the so-called “recovery.” Gas prices at the pump, however, made historic highs in many locations, far above $4 per gallon. Do principles of supply and demand no longer apply in U. S. markets? Complete text here.
                               _________________________________________
WALL STREET CREATURES EMERGE
 Trump Picks Mitt, Threatens Split
 By Wayne Jett © February 14, 2012
    The U. S. economy is collapsing, not recovering. Gasoline use has dropped off a cliff, and is presently lower than in 1983 – the year the nation emerged from its worst recession since the Great Depression, and U. S. population was only 73% of the current level. Do not believe Pollyanna’s numbers on unemployment or GDP growth. The ruling elite will not allow economic recovery in 2012, not even for a presidential election. Complete text here.
_____________________________________________________________
COMMON SENSE SURVIVES
Elitists Remain Intent on Destruction
By Wayne Jett © January 24, 2012
    On Monday, a caller to Rush Limbaugh’s radio show identified himself as a 48-year-old black man, a Democrat and a truck driver. More importantly, he distinguished himself as one who trusts the power of his own mind to distinguish fact from fiction, truth from lies, and right from wrong. Reliance on common sense is the foundation for humanity’s claims to individual liberty, dignity and opportunity. This is why common sense is presently, and always has been, under savage assault by those who aspire to be our rulers. Complete text here.
                            ___________________________________________________________
UNDER AMERICA’S RULERS
Defending Only the Defensible
By Wayne Jett © January 19, 2012
    Capitalism under attack in America is nothing new. In 1880, the best-selling economics book ever declared that “the power of a vast and dominant pecuniary interest … in every country … writes laws and molds thoughts [based on] elaborate fallacies and misleading theories.” A century later, the widely revered economist Milton Friedman credited the book’s author for “the least bad tax” ever designed.
    More to the point, Henry George’s Progress and Poverty was an able and eloquent defense of capitalism and free markets. So, then, what was the “vast and dominant pecuniary interest” about which he warned us? Complete text here.
_______________________________________________
GLOBAL “NEW REPUBLIC” ARRIVES
End of National Democracies at Hand
By Wayne Jett © January 4, 2012
    Good news is hard to find, especially good news which is credible. One possible source is Robert A. Mundell, professor of economics at Columbia University, who was chronicled here as entitled to credit for such economic growth policies as were adopted in the U. S. during the past 50 years. Complete text here.
____________________________________________________
THE END OF REASON
And Why “Utterly Irrational” is Dangerous
Wayne Jett © December 17, 2011
    America is occupied by ruling elite who have captured enormous amounts of capital by defrauding financial markets and monopolizing business. Leveraging their giant pools of loot, the ruling elite dominate federal government policy. They hand down policy from above and see it adopted and enacted into law by executive and legislative officials, regardless of views and interests of the popular electorate. Complete text here.
__________________________________________
HENRY PAULSON’S COVER SLIPS
Source Reveals Plot Against Fannie, Freddie
Wayne Jett © November 30, 2011
    Another ray of light just fell on former Treasury secretary Henry Paulson Jr.’s role in the financial destruction of 2008, otherwise known as “the eight-months-long October Surprise.” Bloomberg News reports Paulson convened a secret meeting (undisclosed to President George W. Bush, or the public, or mentioned by Paulson in his recent book) on July 21, 2008, the very day Fannie Mae and Freddie Mac gained shelter from illegal naked short selling under an emergency order of the Securities &  Exchange Commission. The meeting of about a dozen major hedge fund managers was held in the Manhattan offices of a hedge fund, and Paulson told those attending something extraordinary. Complete text here.
______________________________________________________________________________________
OBAMA AND THE RULING ELITE
Why He is Willing to Lose in 2012
Wayne Jett © November 21, 2011
    Barack Obama does not worry about winning his 2012 campaign for re-election. His campaign will be propelled, as in 2008, by big money from the ruling elite. If he wins, fine. He will continue providing a governmental platform for his sponsors to loot financial markets and taxpayer funds, and to swing the class warfare hammer at the middle class, especially the upper middle class (the people he calls “those of us who are better off”).
    If he loses, Obama will be elevated into the pantheon of global aristocrats who serve the ruling elite well. He has delivered for them as few other U. S. presidents have. Complete text here.
_______________________________________________________________________________
BIG RELIGION TAKES STAND
With Dominant Elite, Of Course
Wayne Jett © November 2, 2011
    The moral gulf between Vatican and Church of England was once so vast troops might have moved across borders. Now, in the wink of a week, they have acted towards the global financial disaster as if of a single mind. To declare solidarity with common humanity, you ask? They do so in rhetorical flourishes, of course, but the thrusts of their actions advance an entirely different agenda. Complete text here.
_____________________________________________________________________
SEISMIC SHIFT IN WORLDVIEW
Orthodoxy Wrecks Western Civilization
Wayne Jett © October 25, 2011
    The American dream seemed to work for a while after World War II. “The deal” was: study hard, get a good education, and productive employment will provide the path to prosperity. But that panned out for only one generation. By the early ‘70s, the deal was on shifting sands. Now the deal is in quicksand and, instead of buying it, Americans young and old ask “what’s the deal?” Complete text here.
___________________________________________________________
MIDDLE CLASS MUST HAVE CAPITALISM
Mercantilism is the Enemy
Wayne Jett © October 17, 2011
    Those protesting Wall Street oligarchs and those protesting Big Government spending have much more in common than even they think. They are all middle class who worry their prospects are suffering, although they propose conflicting political solutions and rhetorically attack each other. Each must awaken to this fact: their common oppressor is mercantilism – not capitalism. Complete text here.
_________________________________________________________
AHEAD: WORST FINANCIAL CRISIS EVER
Bank of England Governor Speaks
Wayne Jett © October 10, 2011
    If you think economic recovery is proceeding, though slowly, you are badly misled. Readers here have long known that government policies put the U. S. into economic depression and continue to make the crisis worse. The Bank of England now confirms this is closer to understatement than hyperbole. Reality approaches even those marginally affected to date. Complete text here.
__________________________________________________
TRADE WAR
By
Taxation Without Representation
Wayne Jett © October 6, 2011
     Mercantilists have played the protectionism card since before the onset of the Dark Ages. In so doing, they seek monopolies in domestic markets – not jobs for workers. Jobs are destroyed – not created – by protectionism. Dollar devaluation is trade war by means more subtle than tariffs. The U. S. has waged trade war by monetary policy ruthlessly since 1971, destroying jobs both here and abroad, to assist the dominant elite in looting capital and gathering power. Complete text here.
_______________________________________________________
OCCUPY WALL STREET?
Get Real, Get Informed, Get Political
By Wayne Jett © October 3, 2011
    Young people demanding justice on Wall Street are akin to shepherds fasting outside the wolves’ den while demanding a promise their sheep will not be bothered again. The objective is commendable but the plan of action is sadly lacking. To have any chance of success against international bankers, the American middle class and poor (Left and Right) must overcome elitist domination of their respective political parties. Complete text here.
_________________________________________________________
WHO ROBS AMERICA’S YOUNG?
No Jobs, No Homes, No Children, No Future
By Wayne Jett © September 25, 2011
    Familiarize yourself with the expression “man-made depression.” It refers to an economic depression resulting from actions carefully designed and taken to cause it. That is how depressions come about in the real world. They are neither delivered by a stork nor leaked into society through a flaw in the way markets work, as the myth of good intentions often applied to culpable public officials would have us believe. The Great Depression of the Thirties was man-made, as is the one Americans presently experience. Complete text here.
__________________________________________________________________________________________________
NEW WORLD ORDER(S) HIGHER TAXES
Class Warfare Hikes U. S. Taxes in Europe
By Wayne Jett © September 19, 2011
    Imagine the U. S. has a Treasury secretary (Europe calls them “finance ministers”) who does the bidding of a powerful, private cabal (the ones who control the central banks), which seeks to rule the world with a single government. What if this Treasury secretary flies to Europe and tells a meeting of finance ministers the U. S. will increase its contributions to the International Monetary Fund by a factor of, say, ten, to show solidarity with debt-ridden governments who will be aided by the IMF? Does that action effectively enslave Americans with high taxation forever? Complete text here.
__________________________________________________________________________________________
OBAMA IS THE NEW F.D.R.
Boding Ill for America
By Wayne Jett © September 8, 2011
    Barack Obama was in good company choosing Martha’s Vineyard for another elitist-fested vacation as the nation sank further into economic depression. Franklin Delano Roosevelt took an extended Caribbean cruise on Vincent Astor’s yacht in early 1933 and spent quality time with Rockefeller men from the beginning of his years in office. Like F.D.R. 75 years ago, Obama’s personal ebullience indicates a U. S. president whose true economic agenda is precisely on track. Read complete text here.
_________________________________________________________
THE REPUBLIC IS USURPED
By Wayne Jett © August 4, 2011
    Ben Franklin said the Constitutional Convention had given the nation “a republic, if you can keep it.” Alas, we have failed. Aristocrats (now called “oligarchs” because they have accumulated so much looted capital) dominate Congress with money poured into pockets of party leaders. They dominate the executive and judicial branches and elite media by much the same means. Republican democracy is a faint image of honest representation of popular interests. The dominant elite are focused upon using debt to bring about collapse of U. S. constitutional government. Complete text here.
____________________________________________________________________________

Destitute pea-pickers in California;
a 32 year-old mother of seven children (Feb. 1936).
By Dorothea Lange
Content copyright . Classical Capital LLC. All rights reserved.