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Francisco D’Anconia, Redux March 11, 2008

Posted by Resident Egoist in : Economics (Theory), Philosophy and Objectivism , add a comment

I just stumbled upon a very rare thing, and feeling a little nostalgic about blogging, I thought I’d share this with whomever is still dropping by here.

And what exactly is this: it’s a rational comment from Slashdot:

why do you think you achieve some sort of higher moral ground or purpose by shunning money? all you do is hobble your own ability to properly understand how the world you live in actually functions. i’m not asking you to worship money. and money certainly leads people to do evil things. but again, money is just an abstract expression of human desires. the real evil is aspects of human nature itself, not a piece of green paper with alexander hamilton’s face on it

all i’m asking you to do is grant money the proper respect it deserves for quantifying abstract human interest in such a way that it makes the world we live in a better place. yes, money is a great invention, like the wheel or the semiconductor. it makes your world a better place. bartering chickens for school books gets kind of old after awhile. thus the glorious invention of money. and no, i’m not gordon gecko. i’m just a realist. realism trumps cotton candy idealism any day. and the most sober realistic consideration of money in this world is that it makes your life better

The author was trying to knock some sense into those smug, obliviously self-righteous slashdotters who think WikiPedia shouldn’t consider selling advertisements as a solution to its financial problems. If you’re familiar with Atlas Shrugged, this should remind you of Francisco’s Money Speech — save for the fact that the definition of money here leaves a lot to be desired.

For a quick and excellent starter on money, see What Has Government Done to Our Money, by Murray Rothbard. Though I’m usually wary to recommend this author’s writings, this is by far, the single best introduction to money I know of, bar none. In light of this country’s current monetary tragedy, this should interest you.

Welcoming The New Econ Wizzz January 31, 2006

Posted by Resident Egoist in : Economics (Theory) , add a comment

Alan Greenspan had his last day wrecking the U.S economy today. It would have been a very sad day for America if it weren’t for the fact that everyone’s beloved Economic Wizz is to be replaced by another very beloved Money Wrecker, Ben Bernanke, whose nomination the Senate approved today. Woohoo!!

And don’t worry ladies and Gentlemen. Even if Mr. Bernanke isn’t as good as his predececessor at devaluing your hard-earned money, the Washington Post reassures us that he is inheriting a very “experienced staff” — so yes, the deed will be done.

They have excellent evidence too … for example, on that fateful day, September the 11th 2001, Fed Chairman Alan Greenspan was all but present in this country, yet his staff, all by itself, managed to pull us through and save the stock market from certain doom — yep just another day at the Federal Reserve!

Now, the Post in its own words:

Alan Greenspan was unreachable on the morning of Sept. 11, 2001, as terrorists destroyed several blocks in the financial heart of New York City. Returning from a bankers’ conference in Switzerland, the Federal Reserve chairman was flying in a jet over the Atlantic — depriving the central bank of its vaunted crisis manager at a daunting moment.

Yes Dear Reader, let the suspense sink in.

But the Fed did fine without Greenspan that day, led by several people who have worked alongside him during other crises over his 18 years running the central bank. Fed officials and senior staff members swiftly reassured the world, through words and actions, that the U.S. financial system would keep working — earning the chairman’s praise when he returned the next day.

I invite everyone to join me in signing the petition urging the Lord to bless the Fed staff. What would we do without the Federal Reserve? The thought is frightening, I know.

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