Last night’s midterms were the odd political event where both sides left seeming reasonably happy with the result. While it was no blue wave, Democrats will now have two years of using the House to investigate the Trump Administration, while the GOP has strengthened its hold of the Senate and held on to several governorships.
Yesterday in Colorado, voters rejected numerous proposed taxes and government regulations. One of the biggest was Proposition 112, which was an anti-fracking measure that would have outlawed fracking in much of the state. That failed, with 57 percent voting no.
There were three important victories related to cannabis yesterday, including the states of Michigan, Missouri and Utah which are far from being lefty hippy states! Only in North Dakota did the ballot measure fail.
Michigan passed full adult recreational legalization of cannabis by a 54-46 margin making it the 10th state to do so.
The eurozone could not borrow from the momentum of the U.S. economy in the third quarter as economic growth slumped to a tepid 0.2% , the slowest rate in more than four years. With the 19-nation currency bloc beginning to stagnate, and the heavyweights failing to post significant gains, Brussels is in panic mode, likely leaning on the European Central Bank (ECB) for further stimulus.
Entrepreneurs face decisions in the free market for any good or service. Entrepreneurs may enter new markets, leave existing markets, or adjust the quality or price for goods offered in markets. These decisions are based on anticipation of future prices and costs. The entrepreneur assumes the risk of loss for bad decisions and is entitled to the profits realized from good decisions.
Every other year, the run-up to election day reminds me of an irony about the “wonders of democracy” rhetoric that peaks then--that is also when the misrepresentations poured into voters’ ears, undermining the likelihood of achieving those wonders, also peak.
[From No Treason No. VI: The Constitution of No Authority.]
Listen to the Audio Mises Wire version of this article.
All the voting that has ever taken place under the Constitution, has been of such a kind that it not only did not pledge the whole people to support the Constitution, but it did not even pledge any one of them to do so, as the following considerations show.
