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March 19, 2006

The beginning of the end of dollar hegemony

Article traces the steps from when the US was on the gold standard to when it became the world's paper reserve currency. America is the only country in the world which can export dollars and have foreign banks keep them as reserve currency. This is a major factor accounting for our enormous balance of payments deficits. Simultaneously, oil's denomination in dollars increases world demand for dollars. The scam can't last. Iran has announced the opening of a bourse, in which dollars can traded in euros. If the US succeeds in thwarting Iran, there are sure to be other attempts in the future. More

Posted by Ray Hewitt at 02:55 PM | Comments (0)

March 04, 2006

Harry Browne R. I. P.

A great man has died recently at the age of 71. I never knew him personally, but I'll miss him. He is well known to lovers of liberty like me who abhor the growth of government. You have to read Harry to appreciate his simple writing style. It was a model for me, as I developed my own.

I first met Harry in his first book in 1970, "How You Can Profit From the Coming Devaluation." He foresaw what would happen when Nixon abandoned the gold standard. The book was my first lesson in economics, for which I will be forever grateful. He went on to write four more books on economic investment, each time foreseeing the calamity that like ahead. Alas during those years, the costs of raising a family and my slow learning curve prevented me for taking advantage of those opportunities.

Harry did not just write about economics; he wrote about individual freedom. His other work that had a great impression on me was, "How I Found Freedom in an Unfree World." Twice he was the Libertarian Candidate for president. I know he did not expect to win or even wanted to win. The candidacy gave him a forum to explain the cause of freedom. Having heard him a few times, he was as eloquent in voice as he was in written word.

In one article he explains "Why You Are a Libertarian": "As one who abhors violence, you're willing to tolerate anything that's peaceful, and you practice the principle of live and let live – opposing the initiation of force (violence) against anyone for any purpose." Harry Browne archives

His website is still in operation, but I don't know for how much longer. I hope his family keeps it online. One that stands out is The Seven Vital Principles of Government

He died of Lou Gehrig's disease. It was only a few months ago when he stopped refreshing his website when he could write no longer.


Posted by Ray Hewitt at 02:28 PM | Comments (0)