Ron Paul starting strong in first debate

The first Republican debate of the 2012 US presidential election was held last night in South Carolina. I found this video of Ron Paul’s responses. Looks like he got a lot of time, unlike in the 2008 debates:

He also raised a million dollars online yesterday in the first of probably many moneybombs. He has never expected to win, but runs because the election is the best way to spread his message. The appearance of fellow libertarian Republican Gary Johnson this year is probably a direct result of Paul’s trailblazing.

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BTW, I post a lot on twitter under this account – some on the resources sector, some on the markets in general and whatever else I feel like: http://twitter.com/miningalmanac

Keynes vs. Hayek, Round 2

I like how at the end Keynes is pulled up to his feet and declared the victor (no matter how obvious a failure, the corrupt system keeps applying his theories). Then the Washington mandarins, Wall Street bigwigs and press all gather around him while the nerds come to congratulate Hayek. The press often implies that the Wall Street crowd loves Hayek and laissez-faire (“unrestrained markets” and all that), when in reality the moneyed political players support intervention since they are successful rent seekers and bailout recipients.

The key point that well-intentioned supporters of government (like most everyone in Europe) often miss is summed up in this phrase from Hayek:

“With political incentives, discretion’s a joke.
Those dials they’re twisting, just mirrors and smoke.”

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For those who haven’t seen it, this is the first video:

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And the real Hayek on Keynes: