Banknotes – April 2017

We all know that long ago the Church condemned usury. As a result, a special monetary device was conceived that allowed religious institutions to borrow great sums of money from the public without committing this sin. That peculiar financial instrument was the annuity.

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Banknotes – March 2017

There are various ways of motivating the philosophy of Nelson Nash that he lays out in his classic book, Becoming Your Own Banker (BYOB). In this article I want to focus on the benefits of “owning your debt,” a phrase that I first heard from David Stearns.

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BankNotes – February 2017

A mutual insurance company is an insurer that is owned 100% by its policyholders. Policyholders in a mutual are “contractual creditors”1 of the assets of the company. This means that a policyholder has ownership, membership, and contractual rights vested to them by state law. When a mutual insurance company demutualizes it converts completely to a stock company owned by shareholders. When this happens it loses its mutuality. A mutual insurance holding company (MIHC) is something altogether different—

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BankNotes – January 2017

In April of 1987 a newspaper ad ran in the Wall Street Journal with the following almost unbelievable bold headlines: “All Life Insurance Lets You Provide For Your Children—Ours Lets You Buy Toys Of Your Own.” This ad was so ostentatious in its message that it became Exhibit-A in a Senate Hearing before the Subcommittee on Taxation and Debt Management on March 25th, 1988.

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BankNotes – December 2016

There’s a principle in hypnotism that goes like this: A person cannot be hypnotized against his will. He must be a willing subject. He must be fully cooperative.
So it goes with propaganda. For propaganda to be effective, it requires submissive subjects.

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BankNotes – November 2016

One of the most widely accepted propositions among political economists is the following: Every monopoly is bad from the viewpoint of consumers. Monopoly is understood in its classical sense to be an exclusive privilege granted to a single producer of a commodity or service, i.e., as the absence of free entry into a particular line of production.

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BankNotes – October 2016

Critics of liberalism and the market economy have made a long-standing habit of inventing terms we would never use to describe ourselves. The most common of these is “neo-liberal” or “neo-liberalism,” which appears to mean whatever the critics wish it to mean to describe ideas they don’t like.

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BankNotes – September 2016

The Republican and Democrat Party Conventions are now behind us. But through all the cheers and jeers, hoopla and poopla, warnings of a dark and dangerous future or promises of a bright and beautiful shape-of-things-to-come, one of the most serious shadows hanging over America was hardly mentioned at all: the unsustainability of the “entitlement” programs of the welfare state.

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BankNotes – August 2016

“Sweetheart, I think you’re making a terrible decision. However, I am not going to stop you.”

“Yay!”

That’s from a not-too-long-ago escapade with my daughter, who was about to spend her money on what I honestly thought was dumb. Why, if she was making a mistake, didn’t I stop her?

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