Historical Archives

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Reagan Admin official: This is the economy's biggest threat

David Stockman, director of the Office of Management & Budget during the first years of the Reagan Administration, discusses the Fed and what he thinks it's doing wrong.

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Safety play stocks

With a government shutdown looming in Washington, Mark Travis, Intrepid Capital Funds, shares stocks you should have in your correction protection playbook.

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Just Another Republican Keynesian?

Excerpt from The Great Deformation: The Corruption of Capitalism in America by David A. Stockman. Published by PublicAffairs. When Professor Friedman Opened Pandora’s Box: Open Market Operations At the end of the day, Friedman jettisoned the gold standard for a remarkable statist reason. Just as Keynes had been, he was afflicted with the economist’s ambition to prescribe the route to higher national income and prosperity and the intervention tools and recipes that would deliver it. The only difference was that Keynes was originally and primarily a fiscalist, whereas Friedman had seized upon open market operations by the central bank as the route … Continue reading

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FDR’s Fascist Legacy

Excerpt from The Great Deformation: The Corruption of Capitalism in America by David A. Stockman. Published by PublicAffairs. The Social Security Act of 1935 had virtually nothing to do with ending the depression, and if anything it had a contractionary impact. Payroll taxes began in 1937 while regular benefit payments did not commence until 1940. Yet its fiscal legacy threatens disaster in the present era because its core principle of “social insurance” inexorably gives rise to a fiscal doomsday machine. When in the context of modern political democracy the state offers universal transfer payments to its citizens without proof of need, it … Continue reading

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The Man Who Justified the Fed

  Attend the Stockman Seminar CHAPTER 13 MILTON FRIEDMAN’S FOLLY Rise of the T-Bill Standard T he stage was thus set for the final “run” on the dollar and for a spectacular default by the designated “reserve currency” provider under the gold exchange standard’s second outing. And as it happened, the American people saw fit to install in the White House in January 1969 just the man to crush what remained of gold-based money and the financial discipline that it enabled. Richard M. Nixon, as we know, possessed numerous and notable flaws. Foremost was his capacity to carry a grudge … Continue reading

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Did the American Empire Kill Sound Money?

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American Fascism

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A Cruel Game

Excerpt From David Stockman’s The Great Deformation: The Corruption of Capitalism in America Even the tepid post-2008 recovery has not been what it was cracked up to be, especially with respect to the Wall Street presumption that the American consumer would once again function as the engine of GDP growth. It goes without saying, in fact, that the precarious plight of the Main Street consumer has been obfuscated by the manner in which the state’s unprecedented fiscal and monetary medications have distorted the incoming data and economic narrative. These distortions implicate all rungs of the economic ladder, but are especially egregious … Continue reading

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Great Lies of Our Times: No, the Fed Didn't Prevent Depression 2.0

by Adam Taggart Peak Prosperity Recently by David Stockman: The Forgotten Cause of Sound Money       Then, when the Fed’s fire hoses started spraying an elephant soup of liquidity injections in every direction and its balance sheet grew by $1.3 trillion in just thirteen weeks compared to $850 billion during its first ninety-four years, I became convinced that the Fed was flying by the seat of its pants, making it up as it went along. It was evident that its aim was to stop the hissy fit on Wall Street and that the thread of a Great Depression … Continue reading

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The Forgotten Cause of Sound Money

by David Stockman Recently by David Stockman: Mitt Romney: TheGreatDeformer       The Henry Hazlitt Memorial Lecture, Austrian Scholars Conference, March 10-12, 2011. Listen to the podcast. ROCKWELL: Well, it’s great to have as our Henry Hazlitt Memorial lecturer this year, Mr. David Stockman. David is a graduate of Michigan State University. He did graduate work at Harvard University. He was elected to Congress three times from the state of Michigan. And back when I first went to work for Ron Paul in the reign of Jimmy I — (Laughter) — outside of admiring our own boss, the Ron … Continue reading

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David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.