Introduction Read an online post or watch an online video, and you may find yourself asking, "How can they be so certain about the claims they make?" and "Where's the empirical evidence that supports that argument?" I argue that "facts" and "empirical data" do not provide the best place to start. If you apply sound … Continue reading Tools for Thinking
Tariffs are Taxes
There seems to be some confusion amongst high-ranking members of President Trump’s cabinet as to whether tariffs are or are not taxes. To settle the question, I spoke to one of the few economists whom I really trust. I asked sincerely, “Are tariffs taxes or not?” He turned red in the face and said, “Jim, … Continue reading Tariffs are Taxes
Regular Schedule
I returned to my publications with every intent of posting a newsletter every day of the work week. It didn’t take me long to realize that, given my overall work schedule, this level of production was a little overambitious. Something had to give. I didn’t want to sacrifice quality for quantity, so I have cut … Continue reading Regular Schedule
Who Expands The Money Supply?
The Fed or Banks? by Jim Berger, 6/2008 Updated 10/2025 Update I posted this article on a different channel in 2008. I decided to update and republish the content today, October 10, 2025. This article runs quite a bit longer than most of my publications. In addition, I have placed some rather technical modeling at … Continue reading Who Expands The Money Supply?
Money: Not for Consumption
Introduction One big difference makes money distinct from all other economic goods. The consumption of money contributes nothing to human well-being. Having more money by itself does not make one's life better. The holder of money values it only because he can trade it for something the consumption of which will improve his well-being. Indirect … Continue reading Money: Not for Consumption
An Annotated Definition of Money
Introduction It would prove difficult to count the number of commentaries online and in the media that refer to "money," yet seldom, if ever, do you see a definitive definition of "money." They proceed with the discussion as if everyone agrees on what "money" means. When people do define money, they frequently confuse "money" with … Continue reading An Annotated Definition of Money
An Introduction to Trade Deficits
When President Trump threatened to impose tariffs on steel and aluminum, it triggered a blizzard of articles for and against the proposal. Instead of parroting what others have said, I want to give you the tools to understand the issue behind the proposed tariffs: “trade deficits.” Definition To discuss the issue intelligently, we must first … Continue reading An Introduction to Trade Deficits
Trade Balance and Math Quiz
Introduction Providing images (and videos) can raise provocative questions that words cannot. In this newsletter, I present an image that should prompt questions about the trade balance and the mathematical basis for determining U.S. trade policy. Trade Balance The following image shows the trade balance between the U.S. and China in 2001 and 2003. (I … Continue reading Trade Balance and Math Quiz
Collective, Group, or Individual
Introduction Do humans act as collectives, groups, or individuals? Because of their discrete nature, humans cannot be part of a collective. When one or more individuals gather, they do not represent a single entity; yet, many commentators refer to people as “us” or “them”. By referring to people as collectives, communicators intend to create conflicts … Continue reading Collective, Group, or Individual
Conversation
Introduction Humans spend a huge amount of time in conversation of one sort or another. During the period in which I grew up, conversations consisted of written letters or telephone calls (limited by time and distance). Today, you can text or call anyone anywhere in the world with a device you carry with you. The … Continue reading Conversation