It has been often said that our future rests with the next generation. If that is true, then it is a scary prospect.
The millennial generation (ages 18-34) increasingly sees itself, politically, as socialist. I personally know a couple of young men who declare themselves Marxists! Although that is frightening enough, remember the context in which it occurs:
On May 11, 1998, at a formal ceremony, Economy Minister Dominique Strauss-Kahn activated the mint printing press and produced its first euro coin, making France the first of 11 nations participating in the launch of the single currency to strike the money. Taking a bite out of the coin, Strauss-Kahan declared that it’s “the real thing, it’s no copy.”
I almost feel guilty when I criticize the garbled economic thoughts of Pope Francis. After all, he was influenced by Peronist ideology as a youngster, so he was probably a lost cause from the beginning.
For eight years (2008–2016), the US liberal media touted the brilliant accomplishments of the liberal president, whilst the conservative media groused that nothing he did was of value.
Today, the conservative US media are touting the brilliant accomplishments of the conservative president, whilst the liberal media grouse that nothing he does is of value.
So, which is it? Who is correct here? Well actually, neither is correct.
Supporters of carbon taxes like to tell Americans not to worry, that people warning about “Big Government” are scaremongers, and that we can certainly trust political officials to calibrate taxes based on the scientific recommendations of economists in white lab coats. Yet recent news out of British Columbia shows just how aggressive the government can get, if given permission to tax an “inelastic” good like gasoline.
Last fall, the Washington Post reported on how a “chilling study” showed that college students are “hostile...toward free speech.”
Central banks are shrouded in secrecy and few understand how they operate. These institutions handle economic matters that we’re told are far too complex for average people to understand.
The Federal Reserve’s secrecy originated from its inception, when created by a group of elite men using secret code names at a place named Jekyll Island a century ago. No doubt at least one mustache was twirled mischievously. Of course the day to day of monetary policy is far less thrilling, but that doesn’t mean the consequences of these bankers’ actions are any less dramatic.
I’ve been really enjoying David Beckworth’s Macro Musings podcast - a nice, conveniently way of hearing some good econ discussions outside of my own personal bubble.
