Today would have been the 81st birthday of Ralph Raico, who died last December 31. His intellectual brilliance was evident from an early age, and while still in high school, he attended Ludwig von Mises’s seminar at New York University. There he met Murray Rothbard, who became his lifelong friend. Ralph was one of the most brilliant members of Rothbard’s Circle Bastiat. He received a PhD from the University of Chicago, working under Friedrich Hayek.
The newest cover story in The Economist deplores the situation of cities in developed countries that are left behind in terms of economic development by the digitized, globalized economy. One such is Scranton, Pennsylvania, where, since 2007, the local government has spent over $6bn on corporate subsidies in an effort to encourage redevelopment and boost local infrastructure.
One of Ludwig von Mises’ great contributions to modern thought was his proof of the inability of economic calculation under socialism. This core truth should be recalled as many leftists seek to restore communism’s cachet. Perhaps nothing more vividly illustrates the mental paralysis that socialism begets than the foreign trade practices of East Bloc regimes.
Recently a young Austrian scholar made a very interesting observation in an informal discussion on Facebook:
Former President George W. Bush gave a speech yesterday implicitly slamming President Donald Trump for dragging down democracy. Bush told political cronies and other attendees: “We are gathered in the cause of liberty this is a unique moment.” He assured listeners that freedom “should be the defining commitment of our country, and the hope of the world.” Bush invoked the “high ideals” of our nation, declaring, “We become the heirs of James Madison by understanding the genius and values of the U.S. Constitution.”
Last week, Donald Trump signed a new executive order facilitating more flexibility for consumers of health insurance.
Recently Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies. When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments:
Back in 2011, U.S. Army veteran, Oh Suk Kwon, the owner of a gas station in Maryland, was held up. The perpetrator got away with $59,000 leaving him with no money assets and forcing him to close his business. But it wasn’t just a garden-variety thug who robbed Mr. Kwon’s gas station and seized all of his cash; it was the IRS. Mr. Kwon was just another hapless victim of the War on Cash that is being ruthlessly waged by the U.S.
Earlier this week, The New York Times noted that movements for greater local autonomy appear to be spreading throughout Europe. In some ways, the conflict in Catalonia is just the tip of the iceberg. The Times reports:
