Section 1: The Skyscraper Curse
Chapter 1: What Is the Skyscraper Curse?
The skyscraper, that unique celebration of secular capitalism and its values, challenges us on every level. It offers unique opportunities for insightful analysis in the broadest terms of twentieth-century art, humanity, and history. — Ada Louisa Huxtable, The Tall Building Artistically Reconsidered
People have been seeking to discover the cause of the business cycle since the dawn of capitalism. For an even longer time people have sought a magic crystal ball that predicts the future. This book provides some insight for both quests.
Introduction
The Skyscraper Index expresses the strange relationship between the building of the world’s tallest skyscraper and the onset of a major economic crisis. This relationship only came to light in 1999 when research analyst Andrew Lawrence published a report noting the odd connection between record-height buildings and noteworthy economic crises — that is, the skyscraper curse, a relationship that dated back nearly a century. Without a theory to support it, journalists largely dismissed Lawrence’s report as the fun story of the day.
Foreword by Thomas E. Woods, Jr.
In the wake of the financial crisis of 2008, the economics profession suffered a blow to what reputation it had. But unlike most of his colleagues, Mark Thornton was vindicated by 2008. Mark has been a voice of sanity at times when the wild interventions of the Federal Reserve have caused otherwise sensible people to lose their minds.
One rule of thumb I’ve adopted is: whenever the idea that the business cycle may have been tamed forever starts to become mainstream, the bust is around the corner.
Inspector General’s Report on FBI and Clinton’s Emails Shows Secrecy Threatens Democracy
Yesterday’s Inspector General report on the FBI’s investigation of Hillary Clinton contained plenty of bombshells, including a promise by lead FBI investigator Peter Strzok that “We’ll stop” Donald Trump from becoming president. The report reveals how unjustified secrecy and squirrelly decisions helped ravage the credibility of both Hillary Clinton’s presidential campaign and the FBI. But few commentators are recognizing the vast peril to democracy posed by the sweeping prerogatives of federal agencies.
The Skyscraper Curse: And How Austrian Economists Predicted Every Major Economic Crisis of the Last Century
Balanced Budget Amendments Are Useless: Limit Taxes, Debt, and Spending Instead
A balanced budget requirement is neither necessary nor sufficient for good fiscal policy.
Trump’s Two Biggest Trade Myths
On March 22, Donald Trump announced a new series of tariffs on products coming from China. When Trump announced the measures, he assured everyone of two things: First, the move would “make the country stronger and richer.” Second, the trade deficit with China, supposedly amounting to $375 billion, was “the greatest deficit of any country in the history of the world.”
The Problem with Government Licensing Schemes
According to conventional wisdom, one of the prerequisites for a civilized society is a system of government enforced licensing of numerous occupations.
Licensing laws establish the standards (e.g. educational) to be met before people are legally permitted to sell specified services. The government says the safety and wellbeing of consumers impels it to enact these laws, which ensure the superior quality of various products and services purchased by consumers, as compared to what would be available in the absence of such laws.
