In its original meaning, "crisis" signifies a turning point that can either lead to improvement and recovery or to more severe deterioration. In the case of Argentina, with the future of the Argentinean people in mind, one must hope for the abandonment of its interventionist economic system, with its reliance on a bureaucratic apparatus and its self-chosen dependency on foreign credits.
The energy problems that plague this country are government created. From restrictions on drilling to U.S. foreign policy blunders, the government has been a veritable "bull in a china shop" when it comes to energy policy. Another layer of political action, even when suggested by "free-market economists," will not solve our problems.
The controversy is as old as the Great Society. So why bring up the fluoridation question again? Well, my county in Florida just voted to fluoridate the water supply. Actually, the government officials in my county who are responsible for such things voted for it—neither I nor my neighbors were ever asked to vote on anything.
But rather than being the substance of a conspiracy theory, as is usually claimed, the question of fluoridation is a question of the proper role of government (federal, state, or local) in society.
The fact that Carlo Ponzi's investment scheme lasted less than a year--while the government's "Ponzi scheme" has lasted, through good times and bad, for more than half a century--only suggests that Ponzi should have applied his talents as a politician, where he could've fleeced his victims legally.
The introduction of the euro consists simply of introducing another "managed" paper currency. Whether it will go up or down against other currencies will continue to depend on how it and the other ones are managed.
The 1922 baseball antitrust exemption ruling is one of the few remaining precedents adhering to the earlier, limited-government understanding of the commerce clause. So while some local sports fans may support further limiting baseball's antitrust exemption as a way to keep their teams from moving to another town, it comes at a constitutional price that is too high.
Economies do not subside because demand wanes--we could all use a shiny new car, or a beautiful new house pretty much any time. However, in a world where means, unlike wants, are not infinite, we have to be able to offer something in exchange. We do that by first profitably producing things other people require, at a price they are willing to pay, not by stamping our feet and making demands like a petulant 5-year-old.
In the weeks following the terror attacks, calls have come from politicians and journalists to "federalize" airport security by making workers who screen passengers and baggage government employees. House Minority Leader Richard Gephardt and others in Congress have declared that "passengers won't feel safe again" unless the government takes this step.
So, knock down the Empire State Building and we can further increase our economic output. Of course Krugman would not want just New York City's economy to grow, so we should also knock down the Sears Tower in Chicago and the Hancock Building in Boston. If this does not revive the economy, we better start leveling entire cities; surely that will bring economic prosperity.
It comes as no surprise that governments spend more money and regulate more actively during crises--wars and economic bailouts are expensive and complicated. But a more active government also attracts opportunists, who perceive that a national emergency can serve as a useful pretext for achieving their own objectives.
