"Economics is haunted by more fallacies than any other study known to man"...
Five unfortunate myths of modern finance…
From the desks of President Trump and Robert Kiyosaki… this book isn’t available anywhere else. That’s unfortunate for most Americans. The good news is you can get a copy. Go here to see why it’s so important — and exactly how you can get your hands on it.
Dear Reader,
Men spin myths as naturally as spiders spin webs.
Eve and Adam munched the apple, Noah’s Ark stabled all animal species in duplicate, Zeus kinged Earth.
Washington axed the cherry tree, Abe was honest, Roosevelt saved capitalism from itself.
Democracy — the theory that the individual may be a dunce but 300 million dunces strung together equal Einstein — is ingenious.
Examples run and run.
The subjects of economics and finance are shot through with their own fantastic fictions.
As the late economics writer Henry Hazlitt styled it:
"Economics is haunted by more fallacies than any other study known to man."
Economic Fallacies
Among these are the fallacies that:
Wise and learned experts from ivied institutions can repeal the iron laws of economics.
A body of 12 Federal Reserve functionaries should determine the value of money for hundreds of millions of independent economic actors.
Deficits do not matter.
Prosperity springs from the printing press, money and wealth are identical twins, to have money is to have wealth.
Sinking the nation into debt will raise it up into wealth.
Negative interest rates are positives.
To these we may add the fallacy that stocks, like mighty oaks, grow to the sky.
And that “buy and hold” — through peak, through valley, over hill, over dale — is the everlasting way to wealth.
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Five Myths About Markets and Finance
Stock speculator Nick Giambruno founded an outfit named The Financial Underground.
This fellow has pinpointed five specific financial myths that hagride investors.
They are these:
Myth #1: “Risk-Free” Returns
For decades, US government bonds were treated as the ultimate safe haven — where investors could stash cash with the promise of stability and zero risk.
That all changed in 2022, in 2022, the worst year for Treasuries in American history. The benchmark 10-year Treasury dropped nearly 18%, while the 30-year collapsed over 39%. Many bonds fared even worse…
That should have permanently buried the myth that Treasuries are risk-free. Yet many individuals — and nearly every major financial institution — still thoughtlessly cling to this belief…
Myth #2: The Lender of Last Resort and Fictional Reserve Banking
The idea that central banks act as a backstop during crises — a "lender of last resort" — sounds noble…
However, when central banks create money out of thin air to rescue failing institutions, it's really just legalized counterfeiting.
And let’s be clear: the money you think you have in the bank? It’s not actually there.
Most banks would collapse if even a tiny portion of depositors tried to withdraw their funds. That's because of fractional reserve banking — a practice that would be considered outright fraud in any other industry…
That’s why fractional reserve banking is really fictional reserve banking. The reserves don’t exist in any meaningful way — the system runs on smoke, mirrors, and a lot of blind trust. The illusion only holds because central banks stand ready with the money printer to bail it out when cracks appear…
Myth #3: Policymakers Aren’t Central Planners
We often hear about "policymakers" adjusting economic levers to keep things stable. But this is really central planning by another name — more in line with top-down command economies than the free markets we're told we live in.
Myth #4: Many Elites Create Wealth
In many cases, those referred to as “elites” are not wealth creators but wealth extractors — parasites living off the productivity of others through favorable regulations, insider deals, seigniorage, cronyism, and bailouts. They are more accurately called parasites.
Myth #5: The Federal Reserve is a Free Market Institution
In The Communist Manifesto, Marx’s fifth plank calls for the “centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.” That’s a spot-on description of the Federal Reserve and other central banks.
In reality, the Fed is nothing more than a politburo of bureaucrats attempting to centrally plan the economy by tinkering with the money and interest rates — the most important prices in all of capitalism…
Seeing Through the Lies Is no Longer Optional
Concludes the myth-shattering Mr. Giambruno:
Many of the foundational beliefs propping up the modern financial system are riddled with contradictions, euphemisms, and carefully crafted illusions.
Scratch just beneath the surface, and it becomes clear: this isn't a system rooted in free markets — it's one driven by deception, control, and theft.
Seeing through the lies is no longer optional — it’s essential.
I have alighted upon the identical conclusion.
That conclusion — in fact — forms the inspiration behind and beneath this publication.
Does that render us heretic?
Well, then, let us declare ourselves heretics, raise our infidel flag… and train our cannons on the castle walls of the financial establishment.
And while we are at it:
We petition the government to shutter the Federal Reserve — and to direct its members toward productive employment in private industry — should an employer take any on.
Their services are no longer required. They never were.
Regards,
Brian Maher
for Freedom Financial News
P.S. One book can’t make you rich. We all know that.
And I’m not necessarily saying that this book released by President Trump and Robert Kiyosaki will automatically make you rich.
I would never — ever — say that. But…
What you read on pages 33 and 243 alone just could help you get rich.
How?