Defense Spending Must Be For Actual Defense

In a disturbing indication of how difficult it would be to bring military spending in line with actual threats overseas, House Armed Services Chairman Rep. Mac Thornberry (R – TX) told President Obama last week that his war funding request of $11.6 billion for the rest of the year was far too low. That figure for the last two months of 2016 is larger than Spain’s budget for the entire year! And this is just a “war-fighting” supplemental, not actual “defense” spending!

There Are Two Types of Credit — One of Them Leads to Booms and Busts

In the slump of a cycle, businesses that were thriving begin to experience difficulties or go under. They do so not because of firm-specific entrepreneurial errors but rather in tandem with whole sectors of the economy. People who were wealthy yesterday have become poor today. Factories that were busy yesterday are shut down today, and workers are out of jobs.

Peter Lothian Nelson

Mr. Nelson is a professional engineer in the state of Colorado and previously in Wyoming.

India’s War on Cash and the Poor

Last week, India’s Prime Minister Narendra Modi banned from circulation the country’s two largest denomination banknotes, of 500 rupees ($7.50) and 1000 rupees ($15). The shocking move—kept secret and set to take place overnight—was intended to flush out the cash hoardings of black market participants and stop the corruption currently permeating all levels of business and government in India. The two banknotes, rumoured to account for almost 80% of the cash in circulation, were used primarily to avoid paying taxes and to pay bribes.

Trisha Mani

Trisha Mani is a final year undergraduate at St. Xavier’s College, Mumbai.

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