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A good lesson from Greece in the difference between private and public finance

Tuesday, March 10th, 2015 by posted in Banking, Capitalism, Economics, Politics.

From today’s Open Europe news summary (my emphasis): Greece to start technical talks with creditors tomorrow amid criticism that too much time is being wasted Eurozone finance ministers agreed yesterday that officials from the Greek government and the EU/IMF/ECB Troika

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In Further Defense of Political Dynasty

Tuesday, March 10th, 2015 by posted in Philosophy, Politics.
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When the chatter heads in Washington are uptight about something, you can usually bet it’s good. The recent brouhaha amongst the political class was sparked by a Washington Post column trollishly titled “In Defense of Political Dynasties.” Written by George

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How not to win friends!

Monday, March 9th, 2015 by posted in Capitalism, Economics, Foreign Policy, Politics, Socialism.

From today’s Open Europe news summary: Greek Defence Minister: We’ll flood Europe with refugees if Greece is ‘hit’ by Germany; Speaking at a meeting of Independent Greek MPs yesterday, party leader and Greek Defence Minister Panos Kammenos argued that “If

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The Threat to the Dollar as the World’s Primary Reserve Currency

Saturday, March 7th, 2015 by posted in Economics, Politics, Trade.

(Following is the text of a speech given today at Drake University at the annual convention of the Iowa Association of Political Scientists.)   The Threat to the Dollar as the World’s Premier Reserve Currency …but does it really matter?

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The Delusions of the Left

Friday, March 6th, 2015 by posted in History, Philosophy, Politics.
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Reprinted from Liberty.me I recently published the results of some detailed reading I had done in early 20th century intellectual history as it pertained to the minimum wage. In order to grasp the full horror of the thing, you need

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It’s About Envy, Stupid

Wednesday, March 4th, 2015 by posted in Philosophy, Politics.
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Reprinted from Casey Research It seems on every commercial break, we see handsome and charismatic Rob Lowe pushing DirecTV, while introducing us to another Rob Lowe who has cable: paranoid Rob Lowe, super creepy Rob Lowe, a meathead version, a

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Water Rights and Chinatown

Tuesday, March 3rd, 2015 by posted in Politics, Regulation, Socialism.
chinatown

Does a warning mean anything if nobody listens? With the precarious case of Lake Mead, doomsayers never seem to break the surface. For years, reports of the lake’s declining levels have popped up in the news. Yet residents of the

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The Austrian Solution to Greece

Wednesday, February 25th, 2015 by posted in Economics, Politics, Regulation.
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Arnold Kling asks economists to fill in the blank: “Greece will achieve economic success when ____” There is an answer from the Austrian perspective, but first I want to highlight some thoughts from other prominent bloggers. Option A: Paul Krugman of

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The Greek deal won’t solve anything

Monday, February 23rd, 2015 by posted in Economics, Politics, Regulation.

Since the Greek deal contains absolutely zero pro-market reforms, it won’t fix anything. Raising taxes, cutting down on tax evasion and smuggling, even if successful in raising tax revenue, simply entrench government at its current and possibly higher level. The

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The Common Sense of Progress Part 2

Wednesday, February 18th, 2015 by posted in Economics, Philosophy, Politics.
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Reprinted from The Constitution of Liberty by F. A. Hayek via Freeman Short-term Gain: Long-term Loss Therefore, there must be two different ways of looking at the possibility of reducing inequality and abolishing poverty by deliber­ate redistribution—that is, from a

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The Common Sense of Progress Part 1

Tuesday, February 17th, 2015 by posted in Economics, Philosophy, Politics.
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Reprinted from TheConstitution of Liberty by F. A. Hayek via Freeman If today in the United States or western Europe the relatively poor can have a car or a refriger­ator, an airplane trip or a radio, at the cost of

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My letter to the NY Times re: How much more government “help” can the poor withstand?

Wednesday, February 11th, 2015 by posted in Economics, Politics.

Re: Consumer Protection Agency Seeks Limit on Payday Lenders Dear Sirs: Although one loses count very quickly, government’s attacks upon the poor seem to come in three’s. First government fights the dreaded specter of deflation, meaning lower prices, by its

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Wrong policies for Greece

Monday, February 9th, 2015 by posted in Economics, Politics.

From today’s Open Europe news summary: Greek PM refuses to change course ahead of crucial week of meetings with Eurozone partners “…Greek Prime Minister Alexis Tsipras…reiterated his plan to increase the minimum wage, halt privatisations, reopen closed public broadcaster ERT

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Government Spending and Regime Uncertainty

Monday, February 9th, 2015 by posted in Capitalism, Politics, Regulation.
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Reprinted from The Independent Institute In 1997, my article “Regime Uncertainty” appeared in The Independent Review. In the article, I sought to explain and elaborate on an idea that I believed, and continue to believe, helps substantially in understanding why

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The Case for Freedom

Monday, February 2nd, 2015 by posted in Philosophy, Politics.
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Reprinted from The Constitution of Liberty via The Freeman The case for individual freedom rests chiefly on the recognition of the inevitable ignorance of all of us concerning a great many of the factors on which the achievement of our ends

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I beg to differ…

Friday, January 30th, 2015 by posted in Economics, Politics.

Re: CAT CEO says strong dollar bad for US economy Here come US exporters, right on schedule, complaining that a strong national currency is bad for them and for the US economy. Not so. When a nation debases its currency

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Why the welfare state grows, and grows, and grows…

Thursday, January 29th, 2015 by posted in Law, Politics.

Re: George Will on the mushrooming welfare state Columnist George Will puts recent research into the adverse consequences of the welfare state into words that we all can understand. However, I do not think that he gets to the heart of

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Financial Myth Busting: The Bubble Economy

Monday, January 26th, 2015 by posted in Banking, Economics, Politics.
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This weekend, I had the pleasure to be a guest on the radio program Financial Myth Busting with Dawn J. Bennett. We discussed the inability or unwillingness of politicians and economists alike to learn from past mistakes, and the consequences

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Charlie Hebdo Goes Critical

Saturday, January 24th, 2015 by posted in Economics, Politics, Regulation.
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The murder of eleven employees of the Charlie Hebdo newspaper in Paris has grabbed international headlines. It was, indeed, an appalling act. Western media outlets went ballistic.  Politicians from around the world descended on Paris and locked arms in a

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Switzerland Leaves the European Monetary Union

Friday, January 16th, 2015 by posted in Banking, Economics, Politics.

Oh. You didn’t know that Switzerland was part of the European Monetary Union? You thought that the Swiss used their own currency, the Swiss franc? In a definitional sense only, you are correct. Within its monopolized currency area, the political

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