Policy analysts and pundits alike seem to enjoy downplaying the U.S. economy’s recovery since the recession of 2008/9. It is time for them to wake up and smell the roses: The U.S. economy clearly is the dominant economy of the world. The European Union’s death rattle continues, while China is encountering a litany of unforeseen problems.
Finally, there is credible housing affordability data from China. For years, analysts have produced “back of the envelope” anecdotal calculations that have been often as inconsistent as they have been wrong. The Economist has compiled an index of housing affordability in 40 cities, which uses an “average multiple” (average house price divided by average household income) (China Index of Housing Affordability). This is in contrast to the “median multiple,” which is the median house price divided by the median household income (used in the Demographia International Housing Affordability Survey and other affordability indexes). The Demographia Survey rates affordability in 9 geographies, including Hong Kong (a special administrative region of China). The average multiple for a metropolitan market is generally similar to the median multiple.
More than seven billion people now populate Earth, including six billion who live in developing economies. After having already quadrupled in the past century, the world’s population could reach near 9 billion by 2050, according to projections by the United Nations. Half of that growth will come from Africa, which will increase its percentage of world population from 13 to 20 percent.
Last week the Dalai Lama, the religious leader of the Tibetan people, announced that he might not reincarnate, a suggestion that has sparked a flurry of commentary and speculation about the future of the Tibetan independence movement.
Penn Jillette, the world-famous magician (and fellow of the Cato Institute), has a saying: “Everybody got a gris-gris.” By that, Jillette means everyone has some irrational belief or superstition, something one believes even when knowing it is an unreasonable. We carry these superstitions through life like talismans, and we defend them when confronted with the cold light of reason. My gris-gris is NASA.
Last week a federal judge ordered Microsoft to hand over its data stores to the government, including data housed overseas. The ruling marks an ominous new chapter in Internet privacy, one that could have lasting impacts on both individuals’ privacy online and the nature of international law.
There is a strain of thought in the American pro-liberty movement that argues for what is essentially a return to a policy of isolationism. That is the attitude typified by former Representative Ron Paul and his adherents, who have spent years calling for the withdrawal of the United States from many of its foreign treaty and institutional obligations, including the United Nations. There is a certain attractiveness to this position, especially in light of the recent exhausting and expensive wars in Iraq and Afghanistan. The claim that the War on Terror and other interventions in various countries’ affairs have created more enemies than they vanquished holds no small amount of truth.
The United States is a political anomaly. Throughout time there has never been a nation so politically, culturally, and militarily dominant. Rome, even at its height, had rivals. So too did the British Empire, which at its apex made pretense to the rule of the waves, in spite of near constant challenges to its power from forces seeking to upset or supplant it. The international stability and peace created by these great empires, the Pax Romana and Pax Britannica, the Roman Peace and the British Peace, served in their times to guarantee security and relative prosperity within their spheres of influence. Yet they could never do so unchallenged.
TweetMonths have passed since the saga about the fate of Fisker Automotive ended, which was the stimulus-funded electric vehicle flop that always seemed on the verge of bankruptcy but had[…]
It tells you everything you need to know about the utter contempt those in the White House and the circles of power that the announcement of 0.01% economic growth thus far this year was blamed on—wait for it—the weather! Specifically, a cold winter.
Storm clouds have been gathering around the Common Core for some time. Until now, most of the critical attention has been on the political ramifications of the program, that it centralizes and federalizes teaching, diminishing the power of parents to participate in the educational process. When the criticism does turn to the content of the curriculum, it usually focuses on social studies, such as Joy Pullmann’s excellent account of the Common Core’s trashing of the Constitution and Founding Fathers. Yet the Common Core’s treatment of math is proving to be even more questionable.
On March 14, the Obama administration announced it was initiating a process to transfer oversight of the Internet from the United States to some yet-to-be-defined global entity.
Assistant Secretary of Commerce Lawrence Strickling said, “The timing is right to start the transition process.”
You don’t need to be a credentialed foreign-policy expert, however, to harbor reservations concerning the plan to turn over management of key Internet functions to what the Commerce Department called the “global multi-stakeholder community.”