If Science Is a Public Good, Let China Pay for It
Representative Zoe Lofgren says Trump’s proposed 2027 budget “will stymie American science and innovation and hand over our competitiveness to our adversaries.” The Association of American Universities makes the same case
The Problem with Eternal Vigilance
Ft. Knox Full of Impure Gold Unfit for International Transactions
The bulk of the US gold reserves held in Fort Knox are made up of impure “non-standard” bars that don’t qualify for use in international settlements. In practice, this means that most of America’s massive gold stockpile is illiquid and wouldn’t be readily accepted on the international market should the need arise:
“It’s a decrepit relic just like our monetary policy is. With respect to America’s gold stockpile, we hold ourselves to a lower standard than the rest of the world,” Money Metals CEO Stefan Gleason said.
Free Speech is About Individual Liberty, Not Viewpoint Discrimination
Supreme Court rulings are significant not only for their decision on who wins, but also for their reasoning. A victory for common sense may sometimes be pyrrhic if it benefits the party who wins the dispute but relies on reasoning that erodes individual liberty in the longer term.
Robert Aro on the Fed’s Reverse Repo Trick
The Problem with Eternal Vigilance
“Politics in all its variants, particularly the politics of political parties, is the archenemy of freedom, prosperity, and peace. Yet wherever one looks, more government is invoked as the solution.”—Antony P. Mueller, “Is Anarcho-Capitalism Viable”
Transparent Monetary Policy and Economic Stability
According to some economic commentators, the key for economic stability is that the central bank should state clearly the likely course of the monetary policy ahead. In this way of thinking, expected monetary policy is a factor of stability while unexpected policy sets shocks and instability. The transparency framework is based on the ideas of the Chicago School economists Milton Friedman and Robert Lucas.