A study last year by Germany’s Halle Institute estimated a no-deal Brexit would cost 12,000 jobs in the UK, and 422,000 jobs in the other 27 EU members, of which 100,000 are in Germany and 50,000 in France. Recently, Ireland’s central bank forecast a loss of up to 100,000 jobs in the medium term in Ireland alone, on a no-deal. Clearly, the EU’s negotiators risk losing the wholehearted support of its two largest post-Brexit paymasters and others.

It should have been no surprise that Boris Johnson is now Prime Minister. It should also be no surprise he will implement Brexit on 31 October, the last date agreed between Mrs May’s government and the EU. Johnson was elected by Conservative constituency members to do just that. His cabinet appointees are fully supportive, including ex-Remainers (that’s politics!) and he has appointed an aggressive rottweiler, Dominic Cummings, as his Brexit enforcer. Already, his influence over Brexit strategy can be detected.

During my presidential campaigns, well-meaning supporters would sometimes suggest I stop emphasizing opposition to overseas intervention and focus on fiscal issues. I disregarded the advice, not only because adopting a noninterventionist foreign policy is crucial to restoring constitutional government but because it is impossible to be both a budget hawk and a war hawk. This is shown by the constant failure of so-called fiscal conservatives in the Republican leadership to fulfill their promise to cut spending.

[This is an excerpt from Richard von Strigl’s 1937 textbook Einführung in die Grundlagen der Nationalökonomie, as found in chapter 3, part 5: “Die Lehre vom wirtschaftlichen Werte.” It is here presented in the English language for the first time. The translator, Pedro Almeida Jorge, from Instituto Mises Portugal, would like to thank Dr. Eduard Braun, from Technische Universitat Clausthal, for his very kind revision of a previous draft, comparing it to the original German edition.

Brazilians were told the way to reducing poverty and curbing social inequality was enlarging the government’s role in the economy through the expansion of public services and public works. And the voters believed it. Social democrats were elected with the hope that they would bring a more prosperous and egalitarian society.

But then, things didn’t go as planned.

If there is something that is evident, it is that the United States does not need a rate cut.

With the economy growing at 2.1%, unemployment at 3.6%, creating 170,000 jobs per month, and estimated underlying core inflation of 2%, no objective data justifies cutting rates that are already artificially low. Wages are rising by 3% and credit growth for companies and families is solid.

I recently returned from two weeks abroad in Russia, I did the usual sightseeing, but my main objective was to climb the highest peak in Europe, Mount Elbrus, which happens to be in Southern Russia. This is the fourth of the seven highest peaks on each continent I’ve had the opportunity to climb. What I find most interesting about climbing these peaks is their international allure. The base camps of these peaks are always international melting pots, people from all over the world travel to these remote areas with the same goal in mind.

The Hell o Good Intentions: America’s Foreign Policy Elite and the Decline of U.S. Primacy
by Stephen M. Walt
Farrar, Straus, and Giroux, 2018
xii + 384 pages