Thinkers on the Left blame the current financial crisis on the excesses of capitalism. Free-market partisans say it’s the government’s fault. Distributists say they’re both right, and their “third way” philosophy has a lot of appeal to the majority of Americans who are somewhere in the middle between socialism and laissez-faire, and yet recognize . . . → Read More: Distributism: A New Economic Philosophy for the Post-Crisis Age?
The U.S. national debt now stands at over $10 trillion. If Social Security and Medicare liabilities were accounted for (as they would have to be if the U.S. Government were a private corporation), then the real debt would be in excess of $100 trillion. And yet, in response to sweeping economic failures—caused by the . . . → Read More: Who Will Bail Out the U.S. Government?
In ECON 101, we are taught the concept of “structural unemployment.” Government economists say that structural unemployment, which refers to the segment of the work force unemployed due to “structural change” in the economy, is unavoidable. Therefore, a good 3-5 percent of Americans can be out of work and the government will still say . . . → Read More: The Irrationality of Unemployment Insurance
The conventional wisdom is that the year 2009 will be a tough one. We’ll all have to cut back on spending, get our debts under control, skip the annual family vacation, and clip coupons, but by 2010, we’ll have a “return to normalcy.” Unfortunately, this just isn’t in the cards. The era of Permanent . . . → Read More: M0 Money, M0 Problems: Expect Massive Inflation in 2009 and Beyond
When Illinois Governor Rod Blagojevich was arrested by the FBI on charges of corruption, he was allegedly seeking to sell Barack Obama’s soon-to-be-vacated U.S. Senate seat. Although the Constitution requires that special elections be held in the case of a vacant House of Representatives seat, it vests the power of appointing fill-in senators to . . . → Read More: Illinois Governor Rod Blagojevich: A Rare Breed of Politician
One of the most draconian and counterproductive interventions of the New Deal was the Glass-Steagall Act of 1933. Not only did it effectively end the gold standard and establish a fascistic regulatory environment that undermined the global competitiveness of the U.S. banking industry, it also established the sham known as the FDIC (Federal Deposit . . . → Read More: Is Your Money Really Safe with FDIC?
“How is the Fed’s performance in the present economy,” asks The Citizen Economists’ Poll. “They’re doing excellent,” say a sarcastic and/or deranged 5 percent of respondents. Twenty-one percent say they’re “doing okay,” and another 12 percent say “pretty good.” But the most popular answer is “horrible,” which leads polling with 30 percent, and the . . . → Read More: A World Without the Fed: Why Opposition to the Central Bank is Growing
Last week, I produced a list of the Top 10 Worst Presidents (from a free-market perspective), #s 6-10. Starting with #6, they were Richard Nixon, George Washington, George W. Bush, Ronald Reagan, and Theodore Roosevelt. Now here are the “top” 5:
5. Lyndon Johnson : In addition to the pointless death and destruction of . . . → Read More: The 10 Worst Presidents (from a free-market perspective): Part 2
Now that the 2008 election is history, and George W. Bush’s presidential tenure has come to an end, historians will begin to evaluate where Bush-43 ranks among the best and worst chief executives in America’s history. My prediction: Ultimately, they’ll rank him highly. That’s because, if you look at traditional presidential rankings, the presidents . . . → Read More: The 10 Worst Presidents (from a free-market perspective): Part 1
Abortion is a hot-button issue. To people of the pro-life side of the debate, abortion is nothing less than the legally condoned murder of innocent babies. To people on the pro-choice side, the opponents of abortion want to enslave women by claiming literal ownership of their bodies. There are people in the middle of . . . → Read More: The Economics of Abortion