Archive for First National City Bank
Private Affluence and Public Poverty
From the Monthly Letter of the First National City Bank of New York, June 1960. The real point at issue is how much farther—if at all—we can safely go toward discouraging individual initiative, self-reliance, and industrious habits. The barrage of complaints over inadequate economic growth would seem to suggest that we need to concern ourselves [...]
1Oct1960 | First National City Bank | 0 comments | ContinuedHong Kong–A Success Story
From the Monthly Letter of the First National City Bank of New York, December 1959. In a free economy, man’s ingenuity knows no bounds. The industrial expansion and high living standards of the United States are testimony to what individual enterprise can accomplish. Abroad, too, we find striking examples of what men can achieve when [...]
1Mar1960 | First National City Bank | 1 comment | ContinuedGovernment’s Expanded Role
The expanded role of government has brought about significant changes in our economic system. Old-style, individual-enterprise capitalism has given way to what Professor Calvin Hoover of Duke University describes in his recent book, The Economy, Liberty and the State,¹ as "Welfare Capitalism, Progressive Capitalism, or simply the Organizational Economy." Picking up the last descriptive [...]
1Nov1959 | First National City Bank | 19 comments | ContinuedThe Cost of Depreciating Money
By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. In Germany before the first World War, 40 billion marks of mortgage loans were outstanding —calculated to represent about one-sixth of the German national wealth. By 1923, when the mark had depreciated to a [...]
1Feb1957 | First National City Bank | 0 comments | Continued-
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JPMorgan Chase and Casino Banking
JPMorgan Chase & Co., one of the nation’s leading banks, revealed in May that a London trader racked... Read More
Individualism, Trade-Unions, and “Self-Governing Combinations”
Who do you imagine said this? “[Trade-unions] seem natural to the passing phase of social evolution,... Read More
Bubbles, Malinvestment, and Higher Education
Many commentators are asking whether the next big bubble to burst will be the debt associated with the... Read More
JPMorgan’s Blunder Is No Market Failure
I am not going to try to defend JPMorgan Chase for its recent, widely reported financial blunders. ... Read More
For Equality; Against Privilege
This TGIF originally ran July 7, 2006. The freedom philosophy can be boiled down to two phrases: for... Read More
