Madison stated the historic fact: in democracy there is nothing to check the inducements to sacrifice the weaker party. There is no protection for liberty. Hence it is, that democracies always destroy personal security (the Gestapo, the concentration camps) and the rights of property (what rights of property ownership are there in Europe, now?) and are as short in their lives as they are violent in their deaths.
The essence of the phenomenon of interest is the cost that a lender or an investor endures. This cost stems from the fact that the lender or the investor has given up some present benefit.
Fannie Mae is representative of all that's wrong with central planning institutions: it is a government-created conduit for carefully crafted financial and market socialism that the bureaucrats uphold for the purpose of propping up their fantasies for pandemic social engineering.
It is not only the regulation on retail price maintenance that is unconstitutional but the whole of the Sherman Antitrust Act…
Frédéric Bastiat said long ago what still rings true today: "Government is the great fiction through which everybody endeavors to live at the expense of everybody else."
The solution to the crisis in higher education is to take the government out of the equation.
In the same way that a hacker can provide a good test against holes in program code, the crowbar kids at the rental place showed me something important: if you are worried about the security of your automobile, you need to do more than lock your car.
The remains of the Roman Forum, Coliseum, and the palaces of Palatine Hill, are proof that empires fall, despite the wonders created by the political class in attempts to placate the masses. In addition, these sites show that every empire needs a war for victories, and enemies for threats. Sadly, we have not learned these lessons.
Finally, I must add that Sennholz has never been shy about insisting on the centrality of ethics in the study of economics. He has decried the welfare state as confiscatory and immoral. He has called inflation a form of theft. He has identified government intervention as coercion contrary to the true spirit of cooperation.
Political entrepreneurs are experts at fabricating false crises to convince the public to acquiesce in their policy proposals.
