Governments are managed by elites who are beholden to somewhat larger elites for support. Members of the former usually spring from the latter. Whether the nature of rule dictates this sort of cozy arrangement, as pronounced by the Iron Law of Oligarchy, or not, we see this type of tight, inbred elite rule in virtually...
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We are now hearing ominous warnings about imminent deflation. Checking the welcome page at AOL this morning, I see that the lead item in the financial news section heralds “The Looming Threat of Deflation.” This headline encapsulates two highly problematic ideas. The first is that deflation would necessarily be a bad thing. The second is that deflation is likely to occur in...
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COVINGTON, LA. (Nov. 29) – Buck Higgs, a down-at-the-heels hobby farmer living four miles north of this small southeast Louisiana town, said today that he would seek a banking charter from New York State’s banking department, a key step in his effort to change his business model and attract deposits. This action comes immediately...
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Porfirio Díaz, the Mexican strongman of the late nineteenth and early twentieth century, famously described his country’s situation by exclaiming, “¡Pobre México! ¡Tan lejos de Dios y tan cerca de los Estados Unidos!” (Poor Mexico! So far from God and so close to the United States!) I cannot say whether Mexico is now any...
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Just when it looked like statism was in an unchallenged political trajectory in the U.S. and Europe, the classical liberal President of the Czech Republic, Dr. Václav Klaus, stands to become the next President of the European Union, the world’s biggest trading bloc. Needless to say, those who F. A. Hayek dubbed “the socialists...
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Articles acclaiming the devastating analysis by Independent Institute Senior Fellow Robert Higgs in showing why federal government controls and intervention have consistently been responsible for creating and deepening financial crises, including both the Great Depression and the current financial upheaval, continue to appear in an expanding number of major media outlets. The latest include...
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In an article in the December 2008 issue of GlobeAsia, economist Steve Hanke quotes Senior Fellow Robert Higgs and references Dr. Higgs’s monumental Independent Institute book, Depression, War and Cold War, to show how federal government policies created, deepened and prolonged the Great Depression, killing off the chances for recovery until after World War...
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Ronald Reagan was no economist, but his economic logic was impeccable when he declared, “If you want more of something, subsidize it; if you want less of something, tax it.” So, as the current recession deepens and the rate of unemployment rises, we might have confidently predicted that Congress, in its infinite compassion for the...
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Over at Organizations and Markets, co-blogger Peter Klein has posted a game card for Bailout Bingo. Here’s my (probably unwinnable) version: check off one of these every time you hear them or see them mentioned in the national news. Special Privilege Credit Crunch Working together Yes We Can Hard-working Americans Related Industries Moocher Pain...
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“Do not trust the horse, Trojans! Whatever it is, I fear the Greeks [Greens], even bringing gifts.” *** On college campuses, the far Left rarely engages in open debate on the issues of the day. Why debate the other side when you can charge students to support the causes you embrace? The key is...
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