For more than two hundred years, practically all of the leading advocates of individual liberty and free markets have assumed that money and banking were different from other types of goods and markets. From Adam Smith to Milton Friedman, the presumption has been that competitive markets and free consumer choice are far better than government control and planning – except in the realm of money and financial intermediation. They have been wrong on this important issue.
A gentle giant just fell. Every person living in Illinois owes Jack O. Roeser an enormous debt of gratitude. The state’s business leaders, politicians, and reporters should hang their heads in shame for not having followed his lead.
President Obama’s own Administration officially reports that the U.S. economy DECLINED by 1% in the first quarter of this year. That follows 1.9% reported total annual growth for all of[...]
It’s June, a month famed for marriages, but it is likely to be remembered for the high rate of teen unemployment which has been soaring for a long time. By February, the national unemployment rate for youth, age 16 to 19, had reached 20.7%. By November 2013 it was three times higher than the national average of 6.6% according to the Bureau of Labor Statistics.
President Obama seems committed to forcing the minimum wage up through federal intervention. If he succeeds, it will only damage the economy further, resulting in higher unemployment and less growth. Here are four reasons a minimum wage is a bad idea.
Republicans have not unified behind a single bill to replace Obamacare because conservatives have been debating among themselves exactly what the components of that bill should be. The ongoing collapse[...]
We’ve seen it in too many sectors of the economy to possibly mention – both domestically and internationally. The greater the government involvement in an economic sector – the greater the ensuing economic damage. To that sector – and the broader economy.
Governments have an insatiable appetite for the wealth of their subjects. When governments find it impossible to continue raising taxes or borrowing funds, they have invariably turned to printing paper money to finance their growing expenditures. The resulting inflations have often undermined the social fabric, ruined the economy, and sometimes brought revolution and tyranny in their wake. The political economy of the French Revolution is a tragic example of this.
Politicians and the media have retrained their sights on the Koch brothers’ political influence, but a look at some numbers suggests they should investigate other billionaires—such as Bill Gates. The New York[...]
In campaigning for the presidency, Barrack Obama inspired popular support of millions of voters by eloquently promising to “transform” America with “fundamental” change. Now his popularity is at its all-time low, his signature legislation, Obamacare, has been a disaster, his highly touted—and extremely expensive—stimulus program has failed. He has done nothing to lower the federal debt or tackle the future insolvency of Social Security, Medicare or Medicaid.And the economy continues to stumble 58 months after the recession officially ended.
Matt Kibbe: The individual has to protect their liberty by taking responsibility and working to stand up to the government. “The government goes to those who show up,” he said. “If we don’t show up, the power goes to those who do, who may corrupt the power. We have to show up.”
This year marks one hundred years since the beginning of the First World War in the summer of 1914. The Great War, as it used to be called, brought great devastation in its wake. Millions of human lives were lost on the battlefields of Europe; vast amounts of accumulated wealth were consumed to cover the costs of combat; and battles and bombs left a large amount of physical capital in ruins. But the “war to end war,” as it was called, also resulted in another weapon of economic mass destruction – an orgy of paper-money inflations.
Even so, you do not have to be smart with numbers to know that the real state of the U.S. economy is pathetic these days. You can thank Barack Obama for that because, dear reader, he is utterly clueless regarding America’s economy; how it works, and what it needs to work.
The banking crisis of 2008 and its attendant deep recession have been hailed by statists the world over as the ultimate demonstration of capitalist greed and a justification for more and more regulation and government control of the economy, particularly the financial sector. Their argument boils down to an accusation that private actors in the marketplace are incapable of dealing with systemic crises and that government is the only agent that can address the market as a whole in order to combat panics and economic shocks. That argument won out in the aftermath of the recession, leading to a raft of new regulations, most notably the voluminous Dodd-Frank Act.
A new book by French economist Thomas Piketty on “Capital in the Twenty-First Century” has recently caused a major stir on the opinion pages of newspapers and magazines. Piketty has resurrected from the ash heap of history Karl Marx’s claim that capitalism inescapably leads to a worsening unequal distribution of wealth with dangerous consequences for human society.