Monthly Archives: August 2015

The Economic Significance of Saving

This article first appeared in The Crank Report, Issue #7 (29 June 2015). In the previous issue of The Crank Report, an attempt was made to reintroduce the very old notion of “forced saving” (The Crank Report, Issue #6, 3 June 2015). In this section, we’ll take a closer look at “good old-fashioned” saving and why saving is as timeless as the most novel Shakespearean ideas. Saving is defined as a surplus of production over consumption; it is the difference between what we earn and what we spend. It is the portion…

The Economic Meaning and Consequences of Debt

This article first appeared in The Crank Report, Issue #5 (5 May 2015). Debt, debt, yet more debt. Politics, mainstream economics and other popular arenas dominated by feelings and collective notions of what should be right or wrong for all suffer from one major flaw: the inability and inherent reluctance to think critically and learn from fundamentally sound theory and history. For decades, western economies, the economic powerhouses of the world, have wrecked their economies with faulty economic doctrines making but one thing possible: an ever growing mountain of money….