Record Fed Kickback: Taxpayers Get $46.1B

The Federal Reserve paid a record $46.1 billion to the U.S. Treasury in 2009 increasing by $14.4 billion its 2008 payment. It was the largest payment since the central bank was created in 1914. Its total 2009 net income of $52.1 billion also was a record.

“This is a silver lining in that big . . . → Read More: Record Fed Kickback: Taxpayers Get $46.1B

Monthly U.S. Budget Review

CBO has released the monthly budget review of recent fiscal estimates for the U.S budget (link).

The Recession of 1920 – Causes, Responses and Insights

In my study of political economy, one of the most overlooked yet fascinating historical episodes I have come across is the Recession of 1920-21. A handful of free-market economists have tackled this crisis, and I decided to throw in my lot with them and pursue the subject further myself.

Below is the abstract for . . . → Read More: The Recession of 1920 – Causes, Responses and Insights

Chavez Evaporates Venezuelan Bolivar And Leads Country Into Darkness

Hugo Chavez, president of Venezuela, started 2010 off by devaluing the Venezuelan bolivar by 50% from 4.3 per dollar from 2.15 per dollar, along with several other silly little limits.  This is continuing the theme of currency devaluations from late 2008 and 2009.  But the evaporation of currency is not only limited to third . . . → Read More: Chavez Evaporates Venezuelan Bolivar And Leads Country Into Darkness