Yes! It can be done.

If you’re like me, you have an interest in economics, but all the economic jargon thrown around gets a little confusing. With all of the news these days about the Wall Street takeovers, bank and insurance company bailouts, plus Fannie Mae and Freddie Mac doing whatever it is they weren’t supposed to, it helps to have the reference tools available to make sense of all that information.

That’s why I’m glad to know Mike, The Classic Liberal. He’s got  a B.A. in Finance and has professional experience as a stockbroker, entrepreneur, and bank officer. He also has a solid background in Austrian economics.

The CL has put together a small collection of posts that explain these seemingly complex issues in a way that’s easy for even a Mind-Numbed Robot to understand and for that, I’m thankful.

  1. What is Money (Currency)?
  2. Money (Currency) Inflation Explained
  3. Money, Inflation, and the Federal Reserve
  4. Inflation Illustrated
  5. Federal Reserve Bank: Counterfeiting Machine
  6. Fractional Reserve Banking: Money Out of Thin Air
  7. Possibility of Money Inflation in America
  8. The Very Real Threat of Currency Inflation
  9. Gold and Central Banks
  10. History of the Federal Reserve Bank

These links will be duplicated on the “Prime” page, but I first wanted to give you a heads up here on the front page.

Be sure to stop by Mikes place take a look around. There’s lots more where this came from.

  • […] This post was mentioned on Twitter by victoria michael, Matt Ross. Matt Ross said: Economics Made Fun and Easy? […]

  • 5etester July 21, 2010 at 3:05 pm

    Do robots need money?Where do you put your wallet?Money is easy.Spend more than you have and you’re broke.Steal money and spend it and you are a criminal.Steal and spend money you don’t even have and you are our government.But you’re right.If you really must understand the lingo,the CL is the place to go.

    • mnrobot July 22, 2010 at 7:08 am

      5e, of course robots need money. I have to replace a worn out gear or microchip every so often. Then there are the upgrades. Tyrell Corporation stopped warranty work as soon as they issued the later models so, all upgrades are at my cost. Why do you think I need to sell T-shirts and take donations? Maybe I need to reword my donation message. Yes, That’s it. I shall parse a new donation reminder today. I’m glad you brought this to my attention. You are very intelligent, for a human.

  • theCL July 21, 2010 at 4:35 pm

    The reason that “all the economic jargon thrown around gets a little confusing,” is because all of mainstream media and the political class have become Keynesians (been so for a long time too). Oh, and because most journalists simply don’t know what the hell they’re talking about.

    Austrian economics in reality, is nothing more than the theoretical and intellectual evidence that what you know intuitively is indeed correct. For example, you know that you have to save and invest, not spend and borrow, to improve your personal economic situation. You also know that counterfeiting money is bad, because it dilutes the value of your own dollars. Well, both are correct whether we’re talking about your family, a business, or a government.

    Deficits are bad both at home and in government. When the Federal Reserve prints (counterfeits) money, it’s just as bad as if someone else did it. Well, worse, because they do it in such massive quantities.

    When my grandmother was still alive, she would have read Hayek’s “Road to Serfdom,” or Mises “Socialism,” and said well yeah, that’s common sense. What some like to call a “conspiracy theory” about the Federal Reserve, was a major campaign theme for President Andrew Jackson (who shut the central bank down). What I’m saying here is, that there’s nothing new under the sun, it’s just that today the truth has been muddied.

    Sure you could dig deep into Austrian economics and get confused by that too. But you don’t need to be a geek like I am, to understand it well enough for application. Like I said, it’s all common sense. No math problems and “macro” talk and all that nonsense either. Economics is a social science. Math is for things like finance. After all, how could one create a mathematical model which accurately described each individual choice?

    Oh, they’ve called every bubble and what not since before the Great Depression too! No wonder they’re on “the fringe” … After all, when you accurately predict every government blunder, and correctly point out how to fix it, our Overlords (on both sides of the aisle) will hate you.

  • Teresa July 21, 2010 at 7:59 pm

    I took a class on economics and the book was written by Greg Mankiw, so I have a little bit of an understanding of economics. I will be checking out the Classic Liberal’s site soon. This economic info looks like great stuff.

    • mnrobot July 22, 2010 at 7:01 am

      Mike is certainly a realist. I hope we can hold off and push back the policies that are in play at the moment because if we don’t and Mike is correct, then we are in for some tougher times than anyone cares to admit.

  • […] noggin of the Mind Numbed Robot, we have a new set of Resource Posts.  The general theme is the  Perils of Big Government, and as the Robots points out, the perils are considerable.  Kindly click the links, and take a […]

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