Economics

Liberty Classroom

Subscribe to Tom Woods's Liberty Classroom

Tom Woods is one of my favorite speakers (and authors). He's a libertarian historian with a PhD from Columbia (undergrad at Harvard) if that's possible to believe. He has an interest in economics and is especially good at explaining the implications of economics on historical events. He is very entertaining. If you're only going to listen to one of his speeches, the one embedded below is the one (just because of the first two stories).

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Download: Tom Woods 33 Questions Speech

If you like what you hear, then I'd suggest listening to all of his speeches on Mises.org (free RSS feed). Once you've exhausted those, you should consider signing up for his Liberty Classroom where you can here additional lectures series by him and other like minded professionals.

Outside Reading: Marc Faber tells Investors to Calm Down


From: Wallstreet Pit

Synopsis: Marc Faber, financial adviser who predicted the 1987 stock market crash discusses why most Americans should readjust their expectations of investments if not completely steer clear of the financial markets altogether.

Outside Reading: The Simple Gold Strategy


From: Daily Wealth

Synopsis: From the United States inception until Roosevelt's illegal confiscation of gold in 1933, the dollar was defined as ~1/20 of an ounce of gold. Roosevelt changed the dollar's definition to 1/35 of an ounce of gold. The price stayed at this rate until 1972, when Nixon completely severed the dollar from gold. The moral of the story is that the free market in gold is relatively new (about 40 years) and has been highly volatile. Steve Sjuggerud describes an investing method that is very simple, reduces the volatility of gold, and increases the return dramatically.

Profit is not a dirty word

Another reason not to send your child to school.

The primary purpose of school is conformity. Children who do not conform are labeled slow, dumb, troublemakers. One of the major themes of indoctrination is that of selfless cooperation, volunteerism, altruism. They are taught that profits are selfish, crass, even immoral. Students displaying entrepreneurial bent are especially singled out for conformity training and medication. In reality, most of the good in the world is not the work of selfless volunteers, but the work of profit seeking entrepreneurs. These heroes seek out humanity's unmet needs and find innovative ways to meet them, improving the lives of billions of people, thus fulfilling the words of Jesus, "If anyone wants to be first, he must be the very last, and the servant of all." – Mark 9:35

In this video, Cameron Herold tells his story and gives tips for encouraging your child's inner entrepreneur.

My favorite tip:

Don't give your child an allowance or even pay him to do chores. That simply teaches him to be dependent. Instead, allow him to find things that need to be done and come to you with them and negotiate a fee for their completion. This teaches him to be observant, proactive, and incentivizes performance.

Outside Reading: Sympathy Deformed


From: City Journal

Synopsis:

The author explains how compassion and well-meaning people can destroy the poor with their misguided actions. He illustrates the principle with his personal experiences and the history of Tanzania.

Video Introduction to Austrian Economics

An Introduction to Austrian Economics

by Hans-Hermann Hoppe and Jörg Guido Hülsmann

Mises and the Austrian School by Jörg Guido Hülsmann

Financial Goals

Begin with the end in mind

When we speak of financial planning, what we usually mean is saving and investing money for the future. What this means is that you have not consumed everything that you have produced (the opposite of credit, which is consuming more than you have produced). There is only one reason not to consume everything you produce today (i.e. spend all your money). That something is uncertainty.

Budgeting

The first step in getting your finances in order is a budget. It is absolutely impossible to have sound finances and investments if you are spending more than you earn. For this page, we will assume that you have already done that. Once the only debt you owe is your house (and maybe school loans), should you begin investing.

Step 1: Identify your expenses

Financial Resources

The Financial Resources are broken up into

  • Budgeting
  • Debt Elimination
  • Basic Investing
  • Financial Companies
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