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.
Tagged: free market
In yet another uninspiring performance by our unengaged and unengaging president, this time a press conference at the end of a three-day U.S.-Africa Leaders Summit in Washington, D.C., Barack Obama discussed, among other things, the ceasefire between Israel and Hamas which, according to The One, “we” have achieved.
The Daily Record reports that the Maryland Public Service Commission ruled that Uber is a common carrier subject to its regulatory jurisdiction. The PSC stated: “[W]hen viewed in their totality, the undisputed facts and circumstances in this case make it clear that Uber is engaged in the public transportation of persons for hire. Thus, Uber is a common carrier and a public service company over whom the Commission has jurisdiction…”
We recently discussed a bipartisan group of Senators and House members who correctly identified a global trade problem and its negative domestic ramifications. 57 Senators and 152 House members…sign(ed) letters to Barack Obama Administration Secretary of Commerce Penny Pritzker. In which they expressed concern about inexpensive Korean steel being in mass quantities imported here….
Nikola Tesla, the Serbian-American inventor, while not a household name, has been recognized by the scientific community many times over the years. The metric system unit for magnetic field strength, for example, is known as the tesla. Tesla made many contributions to various sciences over the years, including pioneering work in magnetic fields, induction motors, and electricity. In recent years, various communities on the Internet have sought to lionize Tesla’s life and to expand knowledge of his scientific achievements. This goal is a noble one, as Tesla’s life is frequently reduced to the position of footnote in science histories. But these communities have also engaged in a very wrong-headed pursuit: trashing the reputation of Thomas Edison.
Google has privacy clay feet. The NSA and Big Data may also, since they are relying on many of the same outdated legal assumptions as Google. In the last few months, both the U.S. Supreme Court and European authorities have made new baseline privacy decisions that have greatly strengthened individuals’ right to privacy. As a result, they’ve also exposed and heightened Google’s massive privacy liabilities.
It seems that when Chief Justice John Marshall was preparing the opinion for McCulloch v. Maryland he tapped into an eternal truth. “The power to tax is the power to destroy,” he wrote on behalf of a unanimous Supreme Court. Those words are no less true in 2014 than they were in 1819. Taxation appropriates money from one person or group of people in order to give it to others. There is no way to escape taxes. But there is a way to make taxes somewhat fairer. One way is to make taxes flatter and expand the tax base.
Want to know why capitalism will always triumph over collectivism? It responds to people’s desires, even those who would consider themselves enemies of capitalism. A case-in-point is the ubiquitous Che Guevara t-shirt. Anyone who has spent any time walking down a city street will have come across at least one young person wearing Che’s famous likeness. Some leftists have argued that the sheer pervasiveness and popularity of the image is proof of the enduring principles of which Che has sometimes been seen as a symbol. Yet that is not the case.
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.
All over the world, advocates of the free market are looking askance at Pope Francis. Since succeeding Benedict XVI in 2013, Pope Francis has mounted a vocal challenge to what he sees as the now dominant global ideology of capitalism.
The subject of tax inversion, in which American firms avail of lower tax rates in foreign countries by merging companies in those countries, has become very topical in the last couple weeks thanks to a decision by Abbvie, a drug company, to merger with Shire, an Ireland-based firm and move its headquarters overseas. One of at least 47 tax inversions in the last decade, the Abbvie-Shire deal is the largest such action yet, worth $54 billion. Perhaps unsurprisingly, President Obama and Democrats in Congress have become apoplectic with rage at the audacity of a business making a prudent decision to escape bloodsucking taxes.
The U.S. Environmental Protection Agency announced on Monday, June 1, a power-plant proposal that seeks a 30% carbon dioxide emissions cut by 2030 from existing power plant, based on emission levels from 2005. With this proposal, the main piece of President Obama’s Climate Change Agenda has been set in motion. Although the rule is scheduled to be completed one year from now and will give flexibility to the states, it will regulate carbon emissions from hundreds of fossil-fuel power plants across the U.S. The 600 U.S. coal plants will be hardest hit by the standard.
According to data released this week, Samsung and Apple make up the majority of the top 20 global smartphone models sold in the first quarter of 2014. While that success demonstrates the robust market prowess of these smartphone manufacturers, the real winners are the customers, getting more services, better products and lower prices. Almost the exact opposite happens when companies resort to lawsuits to gain market advantage, a sort of rent seeking via the courts.
A cautionary tale about the pitfalls of bureaucratic incompetence played out in Ireland over the last several days. American country music star Garth Brooks was scheduled to play five concerts in the Croke Park arena, one of the largest venues in the country. In all, 400,000 tickets were sold. That is an astonishing number, considering Ireland’s population is just under 4.6 million. Close to one in ten citizens was planning to attend!
As announced yesterday, Aereo, a streaming broadcast TV company, was found to be violating copyrights on programming it was providing, given that the almost live broadcasts it made available represented a public performance of the content and hence was illegal under copyright law. In plain speak, Aereo’s entire business model was to take that which didn’t belong to it and sell it. Try selling access to your neighbor’s guest room on AirBnB, or taking your neighbor’s otherwise unused car to use for your own Uber sideline, and see how things work out.
Convenient transportation has become a staple in today’s society, however, convenience is no longer enough. People need to have access to a ride in real time. Every transportation service is coming up[...]
Hillary Clinton’s memoir, Hard Choices, has failed the one test even the Obama White House cannot rig (or simply chose not to do): book sales numbers. Although the legacy media have commonly characterized sales of her book as lukewarm so far, the numbers are significantly worse than that, considering her name-recognition and public prominence.
Almost every day we hear about severe weather events—wildfires in Colorado, droughts in California, polar vortexes in Wisconsin. Often we are told it’s all our fault, that the carbon dioxide we release into the atmosphere by driving our cars, having a summer campfire, even when we exhale, is causing dangerous climate change. And regardless of whether the evidence supports these claims or not—we must change our ways, we are told.
Rarely do some of the nation’s most powerful politicians and businesspeople laud banks that report big profits when in fact they have lost billions of dollars. But we’re witnessing this spectacle on behalf of the Export-Import Bank of the United States, which for many decades, and for good reason, has been called by its critics “The Bank of Boeing.” Its charter expires September 30, and a battle over its possible extension is brewing between the political establishment and reformers.
Forty years ago, during the week of June 15-22, 1974, the Austrian School of Economics was reborn during a conference in the small New England town of South Royalton, Vermont. Why was this important? Because the economists of the Austrian School have developed the most persuasive understanding of why only economic freedom can give mankind both liberty and prosperity.