2020 October BankNotes

As I explained last month in the first installment of this series, I am showing the reader that the various attacks on our liberties are part of a coordinated strategy that was conceived decades ago by avowed socialists. I realize that is a provocative claim, but it is easily demonstrated, as I show in this series.

2020 September BankNotes

The Global “Lock Step Scenario.” The Kennedys – Part One: By L. Carlos Lara
It was after reading the works of Augustine of Hippo that I was able to more accurately comprehend the depravity of man and how far his violence can actually extend. Prior to this I was always asking, what many of us lately are asking, “what’s wrong with people these days?”

2020 August BankNotes

IBC and Whole Life: Process versus Platform: By Robert P. Murphy

At this year’s Think Tank, I noticed that the various speakers seemed to fall
into two camps. In the first camp, the practitioners stressed their understanding
of the “banking” aspect of Nelson’s ideas. People in this camp explained how
they helped their clients redirect cash flows to allow their clients to “become
their own bankers.” Not surprisingly, people in this camp relied very heavily
on Nelson’s best-selling book, Becoming Your Own Banker, since their
approach with clients followed very closely the approach Nelson uses in his
book to address the reader. Typically the people in this camp would reject
the conventional framework and terminology of the professional financial
industry, saying that only by changing one’s mindset and thought process
could one escape from the bondage of the bankers.
On the other hand, there was a different camp of speakers at the Think Tank. In
their presentations, they explained how they showed their clients that dividendpaying
Whole Life insurance was a perfectly respectable asset class, which
had its own pros and cons. They then explained quite convincingly that in our
current economic and political environment, it made a lot of sense for many
clients to shift their portfolio more heavily in favor of this conservative asset,
because it was superior to the more popular selections (stocks, bonds, real
estate, etc.) on many dimensions. The practitioners in this camp did not shy
from taking on the Dave Ramseys and Suze Ormans of the world on their own
terms. You want to talk about rates of return? Sure thing, let’s just make sure
we’re analyzing the assets correctly, including tax considerations and liquidity.
The more we study it with an open mind, the more amazing it is that somehow
Whole Life insurance has gotten a reputation as an awful financialproduct.

2020 July BankNotes

This Lara-Murphy Report (LMR) article was reprinted with permission. This and many more articles related to IBC and Austrian Economics are published monthly in the LMR. Subscriptions are available at

2020 June BankNotes

Humanity has been asking what is happiness and how to achieve it since the dawn of time, but still without a definitive resolution. The divergence of views on this subject is enormous, although it may be a good thing, because each individual can pursue happiness in their own way, which—according to the Declaration of Independence—is an inalienable right.

2020 May BankNotes

The latest report on new unemployment claims was abysmal, coming in at 4.4
million last week, some 100,000 more than surveyed economists had expected.
The continuous claims came in at just under 16 million, an all-time record.
Mainstream labor economists estimate that, all things considered, the actual
unemployment rate now (which is only officially reported with a lag) is above
20 percent—a rate not seen since the darkest days of the Great Depression.
Indeed, all of the job gains since the Great Recession have been wiped out in
just a matter of weeks.

2020 April BankNotes

“This is R. Nelson Nash” in His Own Words
The following was put together in January 2018 by R. Nelson Nash for the
2018 IBC Think Tank Conference. I thought it appropriate to share on the
anniversary of Nelson’s passing (27 March, 2019). — David Stearns
A person’s thoughts over a period of time ultimately results in a set of core
beliefs—a mindset—some call it a worldview—that controls human action
and gives life meaning and purpose.

2020 March BankNotes

Norman Vincent Peale’s Timeless Advice: Take Charge of Your Own Life, First

Dr. Norman Vincent Peale’s ideas are especially important today, when envy
and jealousy seem to permeate much of our politics.

by Lawrence W. Read

The more jealousy one has in his nature, the more critical he is of those who have accomplished things. If you are critical and mouthing negativisms it could be that your own failures are caused by a mixed-up, hate filled mind.

2020 February BankNotes

On March 27, 2019 — not two months after that year’s Think Tank — Nelson graduated (Passed Away). Things didn’t feel the same this time as we shuttled downtown late Tuesday morning. Though attendance this year would be the greatest in eight years, this one man’s absence was obvious and painful.

2020 January BankNotes

As in the grocery business that we discussed earlier, you must first study the banking business so that you have a firm grip on what it is all about and feel that you can run such a business. Without this confidence you are fighting a losing battle. This, too, is a very competitive business.

2019 December BankNotes

The newfound openness of large numbers of Americans to socialism is, by now, a well documented phenomenon. According to a Gallup poll from earlier this year, 43% of Americans now believe that some form of socialism would be a good thing, in contrast to 51% who are still against it. A Harris poll found that four in ten Americans prefer socialism to capitalism. The trend is particular apparent in the young: another Gallup poll showed that as recently as 2010, 68% of people between 18 and 29 approved of capitalism, with only 51% approving of socialism, whereas in 2018, while the percentage among this age group favoring socialism was unchanged at 51%, those in favor of capitalism had dropped precipitously to 45%

2019 November BankNotes

Although the roughly two million affected residents of Northern California are recovering from the rolling blackouts imposed by utility PG&E, the company has warned that these “fire safety outages” may be periodically required for another decade. Naturally, California Governor Gavin Newsom decried the debacle as yet another example of “greed and neglect.” Yet as IER analyst Jordan McGillis explained in a previous article, the episode actually showcases the dangers of a government-imposed monopoly in electricity provision. In this article, I’ll elaborate on McGillis’ insights and show why the conventional economic rationale for government regulation of electric utilities is fundamentally flawed. Read More in BankNotes

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