The U.S. Federal Budget can be difficult for the average American to relate to since it deals in billions and trillions of dollars. This infographic scales those numbers down to a more familiar and manageable size to effectively display the instability of the current economic situation. With the U.S. only days away from going over the fiscal cliff, it's important to understand just how vital a return to a solid, stable gold standard dollar is to the country's future prosperity.
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U.S. Federal Budget as Household Budget infographic</a>.</div>
…and of course a nice square thumbnail for facebook:
On the Minting of Money presents the case for the classical gold standard. It is beautifully written and as relevant to 2014 as it was to 1526. Let’s hope the monetary authorities listen this time.
Copernicus’s insights on monetary policy are as profound as were his astronomical insights, although not yet assimilated by the culture. Two well recognized modern proponents of restoring a 21st century gold standard, Ralph Benko and Charles Kadlec — contributors to Forbes.com Opinions and advisors to the Lehrman Institute’s highly regarded web-based compendium on all things gold standard, served as editors.
Publisher's Note: Originally released in June/July of 1991, this detailed report discusses Jacques Rueff's economic theories and applies them to modern economic events.
By John D. Mueller
Rueff Restates Say’s Law
According to Rueff, “This formula leads to a revised version of Jean-Baptiste Say’s law of markets and the quantity theory of money.
“As regards the law of markets, the formula shows that, at each market session, practically all the demand is indeed provided by the proceeds of the supply during the same market session, as Jean-Baptiste Say had foreseen. But there is in addition to this supply, a term which may be positive or negative, and is a monetary residue: the difference between the overall variation of the circulation of money and the overall variation of the desired cash balances occurring during the same session of the market.
"The value of the new monetary substitutes, the check and the transferable bank deposit, were upheld by convertibility to gold in the same manner as the value of paper currency or bank notes. Evolving as they did in the 17th and 18th century, bank deposits or credit money were convertible into a fixed weight unit of the original gold or silver coin, or real money, they represented. The coin and bullion were held by the banks in reserve by which to redeem fiduciary paper bank notes and deposits for real money equivalents – gold and silver."
From The Founders' Constitution, a joint venture of the University of Chicago and the Liberty Fund.
James Madison, image courtesy of White House Historical Association
James Madison, later to become president of the United Sates, is widely considered the prime architect of the United States Constitution. Therefore, his notes for a speech...
The Greeks are seeking revenge. Tired of five years of economic shrinkage and lectures directed at them by the Germans as the price for fiscal rescues, the Greeks are looking outside the box.
Stelios Bouras wrote in the Wall Street Journal that “there has been a souvlaki renaissance sweeping Greece. Although...