Reckless bank lending and credit for dubious projects flag a future Chinese economic crisis (FinTimes$, letter by me): “During October 2003 the annualised increase in China’s broad money supply topped 21 per cent and domestic financial institutional lending climbed by a yearly rate of 71 per cent. Consistent with a burgeoning boom and bust
Well-intentioned or not, it is simply fallacious to deem government construction projects or social programmes as productive “investments”. As the only entities in society — besides criminals — that exist through the involuntary exaction of private property, governments rely on compulsion to achieve their ends. Unlike private enterprises,
Though details are still scant. Expenses expected to be 0.3-0.4%. One unfortunate point: “Finally, strange though it may sound, gold — even gold bars in a vault — are classified as “collectables,” (artwork also falls under this category) and are therefore taxed at a higher 28 percent capital gains rate in the U.S. after being held for more than
Bruce Bartlett, a supply-side economist who has written on the Austrian School, has reversed himself on the Iraq war. Then : “Iraq is clearly the most terrorist-friendly nation on Earth. The fact that Iraq’s people deserve liberation is also important — even if it makes me sound like a Wilsonian liberal, something I have always hated. Still, that
My letter appearing in today’s Financial Times : Sir, Although I endorse Sir Samuel Brittan’s call to distinguish between Santa Claus and government “handouts”, his analysis is seriously flawed (”There is no such thing as the state”, December 17 [ $link ]). Sir Samuel’s description of the state, specifically “a mechanism for transferring claims to
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