Governments worldwide crack down on the consumption of tobacco. We know that smoking is bad for one’s health, but governments manage to create a new set of health risks through their interventions. The War on Tobacco is amongst the most misguided doctrines in behavioral policy, and yet politicians continue to enforce it. The side effects on private industry as well as personal health have long been ignored by advocates for smoking-freedom. Nevertheless, these side effects exist. 

Markets have not been slow to see through the hollowness of the European Central Bank’s announced (on December 8) curtailment of the pace of money printing planned for April next year. The ECB plans to reduce its “stimulus” from 80 billion euros per month down to 60 billion euros per month. But, it plans to do this for nine months before any further review — rather than the usual 6-month fixed period until further review.