“Thank you industrialization. Thank [...]]]> Hans Rosling always gives great presentations and this one is really excellent as he discusses energy uses across economic class lines. Using his personal expierence of how the washing machine affected his life, he touches both sides of the issue. The ending sentences are some we should all remember.

“Thank you industrialization. Thank you steel mill. Thank you power station. And thank you chemical processing industry that gave us time to read books.”

Watch the whole video, it’s short and you’ll like it.

www.youtube.com/watch?v=_Rl1xgT3REE

We have tried buy local before. It is called the Middle Ages.

The State is also subject to Malthus’s Law. It tends to exceed the level of its means of existence, it expands in line with its means and [...]]]> There is more worth quoting in Bastiat’s few short works than in most libraries. Here he smiths what is perhaps the only true application of Malthus’s Law.

The State is also subject to Malthus’s Law. It tends to exceed the level of its means of existence, it expands in line with its means and what keeps it in existence is the substance of the people. Misfortune thus afflicts those peoples who cannot limit the sphere of action of the State. Freedom, private activity, wealth, well-being, independence and dignity will all disappear.

But few gain sufficient experience [...]]]> Clews great classic Fifty Years in Wall Street was added to the Free Books page. This is not only an important read but an entertaining one as well. I’ve often wondered if this quote from the book might not be the most important two paragraphs ever written about investing.

But few gain sufficient experience in Wall Street to com-
mand success until they reach that period of life in which
they have one foot in the grave. When this time comes
these old veterans of the Street usually spend long intervals
of repose at their comfortable homes, and in times of panic,
which recur sometimes oftener than once a year, these old
fellows will be seen in Wall Street, hobbling down on their
canes to their brokers’ offices.

Then they always buy good stocks to the extent of their
bank balances, which have been permitted to accumulate for
just such an emergency. The panic usually rages until
enough of these cash purchases of stock is made to afford
a big “rake in.” When the panic has spent its force, these
old fellows, who have been resting judiciously on their oars
in expectation of the inevitable event, which usually returns
with the regularity of the seasons, quickly realize, deposit
their profits with their bankers, or the overplus thereof,
after purchasing more real estate that is on the up grade,
for permanent investment, and retire for another season to
the quietude of their splendid homes and the bosoms of their
happy families.