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Intervention With a new twist
March 23, 2012
Intervention With a new twist By Martin A. Armstrong Copyright August 14, 1998 Princeton Economic Institute Friday’s price action in Hong Kong brought with it more than a mere short-cover rally of 9%. For perhaps the first time in history a government has directly intervened in a share market using the futures to do so. […]
The Crash of '98 Continues
March 23, 2012
The Crash of ’98 Continues By Martin A. Armstrong August 14, 1998 Copyright Princeton Economic Institute While our clients have been amazed that our computer model called for the peak in the stocks markets as July 20th, 1998 more than 4 years ago, some visitors to this site have sent their emails of disapproval. We […]
Global Meltdown
March 23, 2012
WARNING Global Meltdown? By Martin A. Armstrong © June 1st, 1998 Princeton Economic Institute Capital is currently fleeing from emerging markets on a wide scale basis. The immediate problems that are surfacing in Russia should come as no surprise. Russia has been unable to collect taxes; unable to make payroll for months; unable to control […]
On The Principles of Political Economy and Taxation Part 3
March 21, 2012
Chapter 23: On Bounties on Production It may not be uninstructive to consider the effects of a bounty on the production of raw produce and other commodities, with a view to observe the application of the principles which I have been endeavouring to establish, with regard to the profits of stock, the division of the […]
An Inquiry Into the Nature and Causes of the Wealth of Nations Book 5
March 21, 2012
BOOK FIVE OF THE REVENUE OF THE SOVEREIGN OR COMMONWEALTH CHAPTER I: Of the Expenses of the Sovereign or Commonwealth ——————————————————————————– PART 1 Of the Expense of Defence THE first duty of the sovereign, that of protecting the society from the violence and invasion of other independent societies, can be performed only by means of […]
An Inquiry Into the Nature and Causes of the Wealth of Nations Book 2
March 21, 2012
BOOK TWO – INTRODUCTION OF THE NATURE, ACCUMULATION, AND EMPLOYMENT OF STOCK ——————————————————————————– IN that rude state of society in which there is no division of labour, in which exchanges are seldom made, and in which every man provides everything for himself, it is not necessary that any stock should be accumulated or stored up […]
An Inquiry Into the Nature and Causes of the Wealth of Nations Book 1
March 21, 2012
BOOK ONE OF THE CAUSES OF IMPROVEMENT IN THE PRODUCTIVE POWERS. OF LABOUR, AND OF THE ORDER ACCORDING TO WHICH ITS. PRODUCE IS NATURALLY DISTRIBUTED AMONG THE DIFFERENT RANKS OF THE PEOPLE. CHAPTER I ——————————————————————————– Of the Division of Labour THE greatest improvement in the productive powers of labour, and the greater part of the […]
History of Panics – The force of Creative Destruction
March 20, 2012
The History of Financial Panics By Martin A. Armstrong Throughout time, the economy of mankind has swung back and forth between some fantastic periods of prosperity and deep dark depressions. It is our failure to understand this mechanism that often drives the politics of the world also between two extremes of totalitarian regimes and communism […]
Money and the Evolution of Banking
March 19, 2012
The Origins of Money Chapter II By Martin A. Armstrong Money and the Evolution of Banking While prostitution has long been regarded as the first profession and lawyers as close second, the banking profession is clearly the third oldest known to humankind. The invention of banking preceded that of coinage by several thousand years. Banking […]
Primitive Period
March 19, 2012
The Origins of Money By Martin A. Armstrong First “Official” Coinage minted in Lydia (Turkey) 700 BC The origin of money extends back in time far beyond the recorded history of civilization. Indeed, the definition of money is much broader in scope than many would typically expect. The oldest surviving written records are in cuneiform […]
