Tag: Transparency

A Bogus Example of Controlling Inflation with Price Controls »

As the U.S. government prepared for and then engaged fully in World War II, it made increasingly stringent efforts to control inflation by imposing price controls. Late in 1942, these controls were strengthened substantially, and from early 1943 through mid-1946, when the controls were allowed to lapse, the consumer price index rose very little....
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The National Security Agency Collects and Stores Everyone’s Email, Indefinitely »

William Binney, a mathematician who worked for the NSA for 32 years as a cryptographer, goes on the record to detail that the FBI’s going through General Petraeus’s email is no particular exception: all electronic communications of all Americans are under constant surveillance and are permanently stored so security agencies can look through them...
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It’s Official: No Global Warming Since 1997 »

The Daily Mail of London has reported that despite its support for global warming alarmism, Britain’s National Weather Service (U.K. Met Office) has quietly unveiled a report admitting that there has been no warming from January 1997 through August 2012. (Here also are the data sets for the report as well as an analysis...
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Claim that Unemployment Figures Were Cooked Not so “Ludicrous” After All? »

When the September unemployment figures were announced a month before the presidential election as having miraculously declined to below 8% for the first time since the current administration started, more than a few speculated that there may have been some book-cooking in the back room. In response, Labor Secretary Hilda Solis, said she was...
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QE3: An Example of Regulatory Capture »

One of Nobel Laureate George Stigler’s best-known articles is his “The Theory of Economic Regulation,” in which he argues that over time, regulatory agencies that are designed to regulate industries for the public interest become “captured” by the industries they are supposed to regulate. Stigler’s “capture theory of regulation” concludes that regulators end up...
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The Fed’s New Foray Into Crony Capitalism »

I’ve been teaching economics for decades, and until 2008 I taught my students that the Federal Reserve Bank (Fed) engages in monetary policy through open market operations by buying and selling government securities. (They have other policy tools too.) They dealt in government securities partly because their operations would alter the money supply without...
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Georgia On My Mind »

I am leaving tomorrow to teach in a week-long economics program for college students in the Republic of Georgia. Georgia was one of the Soviet republics until the Soviet Union dissolved 21 years ago, and the country has made remarkable strides in the two decades since. After a slow start, Georgia instituted major economic...
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Form Trumps Function on Taxpayers’ Blank Check »

The elevated freeway that collapsed during the 1989 Loma Prieta earthquake in Oakland had long been known to be non-seismically-sound. Engineering students at nearby University of California, Berkeley were directed to the structure as a case-study in negative harmonics, and we who drove on it regularly were well familiar with the almost seasickening wavy...
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Obamacare Cronyism Makes Bad Medicine »

Emails released last week between representatives of major pharmaceutical companies (“big Pharma”) and top Obama administration officials, including White House Chief of Staff Rahm Emanuel, reveal insider-dealing sufficient to kill any remaining Hope that Obamacare was designed to deliver on the promises of its official name: there is no Patient Protection or Affordable Care...
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New Book Examines the History and Folly of Bank Bailouts »

No issue during the recent financial crisis aroused more passion than the bailouts of large banks and other financial institutions. Polls conducted during the peak of the crisis in September 2008 revealed that the American public overwhelmingly objected to the bailouts. Yet, although numerous books and articles have reported on the crisis, few have...
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