Mises Daily

"Contrary to Krugman and other commentators, we suggest that the best economic policy for the Fed and the government is to do nothing as soon as possible."

The ensuing debasement of the currency is the economically devastating outcome of central banks' unlimited power to suppress the interest rate. This, in turn, is the result of the government taking full control over money production.

The rich can indeed help us all, not by spending but by being thrifty and even miserly for as long as necessary to fix what the government has broken.

Combine loose money with flawed financial theories and the creation of byzantine financial products, and ultimately modern financial alchemy "has a distinctly statist and paternalist tone, and one which, taken to its logical conclusion, implies the establishment of nothing less than a world government with the power to redistribute most of our income at will," explain the authors.

The exercise of arbitrary or dictatorial power is, of course, the whole purpose and function of all those agencies, commissions, and czars.

"Even mainstream economists recognize the role that price discrimination can play in allowing producers and consumers to exploit potential gains from trade."

It is through the interaction of many people in the marketplace of ideas and goods that street art, indeed any innovation, is able to reach millions.

American libertarians would be particularly interested in Peake's great novel, since the perspective on the individual and society that pervades it is very libertarian in the broadest sense of that word.

The bottom line here is that insurance of this kind — as opposed to catastrophic insurance like car insurance, which pays for accidents and not for oil changes and general repairs — creates moral hazard.

But history proceeds, miracle after miracle, driving progress forward, uplifting humanity, bringing glorious things to life on earth.