News & Analysis
A VIRTUAL WHO'S WHO
The good and the bad, the big dogs and the small, the thinkers and the doers among libertarians and on the "Right" – you can encounter them all in The Daily Bell's exclusive weekly interviews. Indispensable.
TRUTH AT WORK
There are very few publications out there that have the smarts and guts to tell the truth about the dictatorial forces at work destroying our civilization. Thankfully The Daily Bell is one of them, and it appears in the mailbox every day.
PART OF MY DAILY NEWS DIET
I read it every day!
I really enjoy reading The Daily Bell for the excellent research and content provided on a wide variety of issues vital to the Freedom Movement.
A MUST-READ FOR EVERYONE
The Daily Bell is a must-read for anyone who wants to understand the effects of the state on our economic future.
THE DAILY BELL IS A MUST-READ
Because the world is changing so rapidly, it is difficult to keep up, which means The Daily Bell is a must read. I consider the information critically important reading.
GREAT JOB, DAILY BELL
I can say that, unlike the mainstream press, The Daily Bell knows the questions to ask and has the chutzpah to ask them. They realize that socialism and Keynesianism are wrecking the world and they are helping to save what is left of liberty and free markets.
The Daily Bell features consistently solid analysis of and thoughtful challenges to contemporary statism. I am proud to be on the team.
I consider The Daily Bell essential reading for anyone desirous of understanding the way the world really works.
GREAT INVESTMENT INFORMATION
I love reading The Daily Bell! Interesting investment information, a political and social viewpoint that lets me know I'm not alone in the world and "annotated" with analysis. I highly recommend it to all interested readers.
Sit down to read from The Daily Bell and experience a jolt of intellectual energy.
INFORMATIVE SOURCE OF INFORMATION
The Daily Bell is an informative source of information and commentary from leading figures in the liberty movement. It's a pleasure to be interviewed alongside far more notable individuals.
VOICE OF REASON
I have thoroughly enjoyed the analysis and interviews at The Daily Bell, which has so often been a voice of reason during these perilous times
GREAT THINKERS YOU CAN'T GET ANYWHERE ELSE
The Daily Bell has revived that great old institution of the personal interview, extracting information from today's great thinkers you can't get anywhere else. Outstanding!
The Daily Bell is an indispensable source of news and information for those seeking to curtail the power of the welfare-warfare state.
SEPARATES WHEAT FROM CHAFF
The Daily Bell is a true beacon to lead in helping the reader to separate the wheat from the chaff.
PREMIER FREE-MARKET ANALYSIS
The Daily Bell rings out for liberty every day. It is the premier online source for insightful and hard-hitting free-market analysis and interpretation of economic, political and business events.
Liberty is under assault by Big Government. The Daily Bell is an essential tool for information for those who want to fight for freedom.
The Daily Bell does a remarkable job of exposing how money power uses central banking to crush people into submission via global government with economic and political slavery being the desired end result.
There is no other publication in print or on the Internet like The Daily Bell. They have the courage to report the truth and analyze current foreign policy, politics and economic events in the context of a formerly hidden history of financial elites.
The Daily Bell has a great libertarian point of view, and excellent economic analysis. Add it to your daily reading.
For alternative views on contemporary politics, culture and science, from a libertarian point of view, check out The Daily Bell.
AHEAD OF THE CURVE
The Daily Bell has come out of nowhere to introduce to the Internet community some of the most intriguing and proactive interviews there are out there. Let's hear it for creativity and being ahead of the curve.
THOUGHTFUL NEWS, EXCLUSIVE INTERVIEWS
I always read the Bell. The news items are thoughtfully selected, and the interviews are unavailable elsewhere.
INSIGHT YOU CANNOT IGNORE
The Daily Bell provides unique insights on contemporary political, economic and social problems that can be found in such a concentrated form nowhere else. Whether one agrees or disagrees with it, one cannot afford to ignore it.
I read The Daily Bell every day and I find it very informative.
GUTS, OBJECTIVITY, WISDOM
Rarely does a publication have the guts and objectivity to tell it like it is, yet the eloquence and wisdom to listen carefully to the ‘other side.’ This is The Daily Bell accomplishing its daily mission.
I enjoy reading The Daily Bell because it often has refreshing and novel ways of looking at things.
The Daily Bell is a fantastic source of challenging thought from a wide range of freedom loving people.
The Daily Bell affords an excellent alternative perspective on some of the noise and nonsense of mainstream media. In particular, I enjoy reading Anthony Wile's 'free-market analysis' on current subjects and articles. Very insightful.
SOURCES YOU CAN TRUST
The Daily Bell should be on everyone's shortlist of news sources you can trust. It's on mine, and we often refer to it in our own weekly news service at The Reality Zone.
Get outside the box with The Daily Bell and experience independent views.
READ IT EVERY DAY
A defender of free markets, The Daily Bell takes a libertarian approach to expose and unravel global misinformation. Read The Daily Bell – every day!
The Daily Bell is one of the most innovative and in-depth websites on the Internet. The breadth of the content is awe inspiring and the amount of knowledge imparted is almost impossible to quantify. For me, as a liberty minded seeker of knowledge, it is a must read.
MESSAGES OF TRUTH
The Daily Bell website is one of the authentic voices cutting through the clouds of vapid opinion, the morass of mediocre media and the confusion of Orwellian doublespeak. The Bell website lives up to its name, ringing unheard messages of truth in our ears.
NEVER MISS AN ISSUE
I love the Daily Bell. Every issue is principled and informative.
CUTTING EDGE ANALYSIS
At a time when growing majorities worldwide are tuning out mainstream news, people are seeking the cutting edge, insightful and thought provoking analysis that The Daily Bell consistently provides.
A LEADING LIGHT
The future is created by the people who build it, not the people who predict it will not exist. You can meet lots of important builders by reading The Daily Bell.
PROFOUND AND PROVOCATIVE
Every day, I rely on the Daily Bell for a different perspective you'll never find in the regular media. It's an analysis and timely insight that is profound and provocative.
OUT OF THE DARK
The Daily Bell leads us out of the dark tunnel of manipulated press into the light of free press.
Anatole Kaletsky: How to Fix the Global Economy ... Kaletsky argues that capitalism has gone through three major eras punctuated by two near-death crises – the Great Depression of the 1930s and the stagflation of the 1970s – which forced the system to adapt in order to survive. In the aftermath of the Great Recession, he says, capitalism is morphing into a new, fourth era. Kaletsky spoke to TIME about what went wrong with the global economic system – and how to fix it. ... TIME: What will be the defining feature of capitalism 4.0? Kaletsky: In the fourth era we are going to recognize that both governments and markets can, at times, make serious – sometimes catastrophic – mistakes. There was a view after the Depression that markets were dangerous and needed to be tamed by an all-knowing, benign government. In the third phase [before the Great Recession] there was a reversal: the idea was that markets are perfect and governments need to be tamed. Now we know that both government and markets make mistakes, and we won't trust either of them. – TIME Magazine
Dominant Social Theme: Government is very helpful in the wealth building process and without an enlightened regulatory bureaucracy the Invisible Hand would be fumble-fingered indeed.
Free-Market Analysis: The Daily Bell analyzes the dominant social themes of the elite. In TIME, the Wall Street Journal and other major mainstream media, a new dominant social theme is being constructed in our opinion. It is one justifying the Western economic system and the massive government interference that has taken place. We have pointed this out in several articles recently, most recently in Libertarians Seek Rahn's Ideal State where we wrote the following ...
Two brand new dominant social themes in a very short space of time, or at least that is the way we see it. The state has come under tremendous attack in the 21st century and we believe the powers-that-be are pushing back. (Why wouldn't they?) In aggregate, the themes make a powerful argument that some level (perhaps a high degree) of state involvement in the economy is at least tolerable if not an unmitigated good.
We explored the first meme just the other day. It was, we believed, a sophisticated socioeconomic perspective promulgated by a brilliant young political observer, one Ian Bremmer – who had the perspicacity to focus on the idea that most of the major powers of the world today are practicing something called state capitalism ... Bremmer, we decided (whether he knows it or not) is essentially creating a new dominant social theme that justifies Western capitalism not just in previous free-market incarnations but as it is today. The argument he presents, we came to believe, is one that if taken to its logical conclusion implies that instead of criticizing Western capitalism, Westerners ought to devote their energies to combating state capitalism abroad. ...
Now the NEW meme (new to us anyway) buttresses what Bremmer is proposing. This suggestion is brought to us from the mainstream libertarian wing of the US sociopolitical dialogue. ... [Called the Rahn curve], it postulates that data shows governments are most effective at supporting economic growth and free-markets when they comprise no more than 15 to 25 percent of total GDP. Because today governments in the West are consuming so much more of GDP to provide "services," the "Rahn Curve" claims that government is basically out of control.
We can see in both of the above that there is an effort to incorporate the government as a natural part of the larger conversation. This interview with Anatole Kaletsky in TIME magazine parallels what we have already observed. Who is Anatole Kaletsky? Wikipedia tells us that he is "a journalist and economist based in the United Kingdom. He is Editor-at-Large and Principal Economic Commentator of The Times, where he writes a thrice-fortnightly column on economics, politics and financial markets."
And Wikipedia adds, "He was named Newspaper Commentator of the Year in the BBC's What the Papers Say awards for 1996. He has twice received the British Press Award for Specialist Writer of the Year, has won the Wincott Award for economic journalism administered by the Institute of Economic Affairs, and the First Cernobbio-Europe prize. Beginning in 1990 he was Economics Editor of The Times, responsible for all economic news and analysis, and resigning in 1996 to create his consultancy practice. He remains the paper's principal commentator on economic and financial affairs, and is now Editor-at-Large writing for The Times Comment pages on Thursdays and for the Times Business section on alternate Mondays."
This sounds most impressive, and yet we have this from Wikipedia as well:
Many of his economic predictions have been proven wrong by subsequent events, and this tendency was noted by the satirical magazine Private Eye. For example, Kaletsky wrote, "... I am one of the few economic commentators who has consistently made light of the anxieties about a "day of reckoning" for British homeowners and consumers ..." Predictions include that "the credit crunch seems to be ending" (June 2008) and that "there will be no US recession" (January 2008). His latest prediction is that in the United Kingdom general election, 2010, the Liberal Democrats may displace the Labour party as the "dominant party of the Left".
Wow. Here is a fellow who has won some of the most prestigious awards in his profession and yet on every significant economic event of the 2000s he was wrong. He didn't believe there would be a real-estate crash, a credit crunch or a recession – and said so in no uncertain terms. Yet not only has he kept his job, he is being held up buy TIME magazine as an economic "guru" whose words we ought to trust.
Should we? It is Kaletsky theory (as we can see from the article excerpt that began this analysis) that there have been three major eras in terms of the West's perception of capitalism. During the Great Depression, he argues that "markets were dangerous and needed to be tamed by an all-knowing, benign government." The second era was during the 1970s, an era of stagflation when capitalism had to readapt to survive. After that came a third era during which the idea took hold that "markets are perfect and governments need to be tamed." What has been the result of all this? A fourth era as follows: "Now we know that both government and markets make mistakes, and we won't trust either of them."
This fits right into the meme we have already discerned – arguments that go out of their way to incorporate government involvement in the marketplace. We would argue this is a pro-active theme, a fear-based promotion that is gradually building in power and persuasiveness via the mainstream media. Like many such themes it is being pursued at a number of levels and in a number of guises. The idea is always to suggest a number of possibilities and then see which is the best received. That is the one then to receive the most promotion.
We have an alternative point of view that we will suggest however. It is one that goes back to the Greeks and has as its basis the idea that government ought to be rigorously disciplined and pruned. This idea of severely limiting government found resonance in Britain with the Magna Carta and was soon married to the idea that the free-market itself was the driving force behind prosperity. Adam Smith suggested this with his concept of the Invisible Hand. Not much later with the founding of the Austrian School, the idea that the market was the fount of prosperity began to accumulate theoretical backing.
We now have some 200 years of neo-classical theorizing, beginning with the boundary between classical and neo-classical economics – the theory of marginal utility that shows comprehensively that wealth is created and accumulated via free-markets (the freer the better) not via the guidance of government. Ludwig von Mises presented this clearly in his great work Human Action, which postulated that it is the individual, operating freely and within the ambit of the larger marketplace, who makes the decisions that drive prosperity, not the government bureaucracy.
And then we have this – what we have pointed out ourselves – that the great Western nation-states seem to come from inchoate and small entities competing side by side and sharing the same language and culture. In such instances, governments are likely to be quite cautious because citizens can move from one region to the next and thus avoid draconian laws, regulations and taxes. We have pointed out this pattern as regards the Greek city states, the Seven Hills of Rome, the city states of the Italian Renaissance and of course the 13 US colonies.
These are all historically valid points in our view and their frame of reference is millennia. Why is it then that Kaletsky writes a book that attempts a historical analysis of capitalism in less than a century? If you read the interview, you will see for yourself, dear reader. Over and over Kaletsky returns to the idea that government is a necessary part of any economy. If one examines the economic and political history of thousands of years, one sees that this is not necessarily so. But Kaletsky, an astonishingly bright man, is determined for some reason to look at only about 100 years. We would argue this foreshortened frame of reference is partially responsible for what we consider to be flawed conclusions.
But we think unfortunately that it goes deeper than that. The usual mainstream suspects in Britain and America have launched yet another promotional campaign using various intellectual justifications to ensure that people are reminded that government is a necessary part of any economic adventure and that wealth cannot be gained without the presence of government. What does Kaletsky tell us? "The crisis has made it fairly clear that the deregulated, noninterventionist model of capitalism can't cope with extreme fluctuations. America will pragmatically conclude there is a need to invent a new system, crucially one in which government is necessary."
Kaletsky's solution is an aggressive one indeed and features another element of the West's current command-and-control economy – central banks. Here is what he proposes: "There is another alternative: monetary policy. Central banks could do more. We already have short-term interest rates near enough to zero all over the world. But there is still a view that this is a temporary emergency situation that isn't going to last very long. What central banks can do — and I think will do — in the next several months is offer clear assurances that interest rates are going to be at or near zero for many years to come, perhaps the rest of the decade. ... That's really the most plausible formula for a return to decent economic growth all over the world."
We disagree with this. We think central banks fix the price of money and always do so wrongly causing terrible booms and busts. We think central banks are a big part of the problem. Why doesn't Kaletsky? We have no idea. We are not even prepared to say that he is a knowing part of what we discern as a new elite dominant social theme for the 21st century. In fact, we have no idea how these promotions work at the upper levels. We are fairly sure that individuals such as Kaletsky are not given direct orders to pursue this or that intellectual endeavor. Kaletsky and the others may be therefore entirely sincere in their premises and conclusions. But nonetheless, these fear-based promotions evidently and obviously take place.
We believe the three examples cited in this article begin to show once again how these memes are promulgated and how sophisticated they can be. They do exist in our view and the solutions they offer are always, at least, quasi-authoritarian. The idea is ever to advance centralized governance and inevitably a global form of it. They worked better in the 20th century than today.