[Libertarian Forum, 1980]
When Keynes’s General Theory was published in 1936 there was no reason to believe that it would soon serve as the framework for 40 years of economic theory and policy. Almost to a man, every important economist of that era condemned the book and its message as confused, inconsistent and dangerous.
[Originally published March, 2010.]
There is a connection between fiat currencies and trade deficits, and many cynics have argued that the US dollar’s status as global reserve currency allowed Americans to consume more than they produced for decades. However, this “deficit without tears” argument is sometimes overstated. To gain a deeper understanding of both monetary theory and international trade, it’s useful to probe the issue more carefully.
Now, I’m not suggesting that Hoenig has a single Austrian bone in his body, and I doubt he would ever make such a claim. But, for years now, he’s been one of the few establishment economists who actually speaks some sense every now and then.
The Los Angeles Times has given me a case of déjà vu. It recently (February 6) ran an opinion piece titled “Food stamp fight,” by history professors Lisa Levenstein and Jennifer Mittelstadt, that had a distinctly familiar ring to it.
The modern institution of the presidency is the primary political evil Americans face, and the cause of nearly all our woes. It squanders the national wealth and starts unjust wars against foreign peoples that have never done us any harm. It wrecks our families, tramples on our rights, invades our communities, and spies on our bank accounts. It skews the culture toward decadence and trash. It tells lie after lie. Teachers used to tell school kids that anyone can be president. This is like saying anyone can go to Hell. It’s not an inspiration; it’s a threat.
Recently, a friend of mine complained about a spate of burglaries that had occurred near her newly bought home. A house down the street from hers had been burgled in the weeks before, and her next-door neighbor had been burgled not long afterward. In the latter case, the thieves had made off with a large-screen plasma television set and a laptop computer, apparently having walked out of the house with them in broad daylight.
