Economy

Exposing bogus claims about sweat shops.

"One of the most elementary propositions of the science of economics is that the higher the price of anything, the smaller is the quantity of it that will be purchased. This applies to labor no less than to goods. If wage rates in Bangladesh are arbitrarily increased, fewer workers will be employed in Bangladesh. In that case, workers who would have earned low wages will earn no wages. They will starve. If employers in Bangladesh are compelled to make improvements in working conditions of a kind that do not pay for themselves, the cost of those improvements represents the equivalent of a rise in wage rates. Again, there will be unemployment."

People work in those jobs because doing so is better than the alternative. Arbitrarily raising prices would take away the better opportunity for many.

"The high profits that can be earned in a Third World country, if not prevented by too many obstacles, will be heavily saved and invested, mainly in that Third World country. As the experience of Taiwan, South Korea, and now even mainland China shows, a generation or more of such a process results in a vast accumulation of means of production in the country—i.e., numerous new factories, with better and better equipment."

And better working conditions and higher wages.

Bernanke hints at slowing bond purchases. Stocks fall. This shows that the stock market is a bubble blown by the Fed.

"U.S. Treasuries sold off on Bernanke's comments about possibly tapering bond purchases, with the yield on the 10-year note, which moves inversely to the price, crossing 2 percent. European shares .FTEU3 ended 0.2 percent higher, with European markets closing before the release of the Fed minutes."

This shows how trapped Bernanke is. If he slows down purchases one iota, the stock market and treasury bubbles will burst. The US government will be forced to admit it's broke.

Japanese stocks fall over 7 percent.

Texas, red states at the top of economic growth stats. Ohio, blue states at the bottom.

The economy is not a machine.

While elites like George Soros keep talking down gold, they're loading up on it.

"If the orchestration is apparent to me, a person with no experience as a gold trader, it certainly must be apparent to federal regulators. But don’t expect any action from the Commodities Futures Trading Corporation. It is headed by a former Goldman Sachs executive."

He's doing his job for our rulers.

Gold and silver bullion shortages continue.