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The Week in Review: February 20, 2016

  • The Week in Review: February 20, 2016

Tags Global EconomyU.S. EconomyU.S. HistoryPolitical Theory

02/20/2016Mises Institute

Is it time to abolish the Supreme Court? This was the question Ryan McMaken asked following the death of Justice Antonin Scalia. While the high court may have been created with the lofty ideals of being above the political fray, the desperate scrambling of politicians on both sides of the isle illustrates how broken and partisan the court has become in practice. As Jeff Deist notes, the increased centralization of the rule of law has seen the court play a role in further dividing the country.

Of course, the loss of faith in the Supreme Court simply mirrors the larger global trend of deteriorating faith in central intuitions. With every day comes a new headline of governments and other central planners desperately trying to regain control, be it Japan’s central bank panicking in their embrace of negative interest rates (which are doomed to fail), or Saudi Arabia scrambling to respond to the current oil market, or escalations in the global war on cash. Try as they might, the global planners will not be able to return to the unsustainable status quo.

Luckily it is in times like this that spur people to look for real solutions. This week, Mises.org set new records in website traffic. Thank you to all of our incredible donors, supporters, and readers who help us spread the ideas of Austrian economics, freedom, and peace.

We dive deeper into negative interest rates on the latest Mises Weekends. Paul-Martin Foss, founder of the Menger Center, former monetary aide to Ron Paul, and frequent Mises Wire contributor, joined Jeff to discuss the ramifications of such a policy. With a growing chorus of mainstream economists calling for it, including former Federal Reserve Chairman Ben Bernanke, could the Federal Reserve turn to negative interest rates as their next Hail Mary?

Mises Weekends

In case you missed any of them, here are articles from this past week’s Mises Daily  and Mises Wire:

Note: The views expressed on Mises.org are not necessarily those of the Mises Institute.

Mises Institute

The Mises Institute works to advance the Austrian School of economics and the Misesian tradition, and defends the market economy, private property, sound money, and peaceful international relations, while opposing state intervention.

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