The Federal Reserve (Fed) and other central banks currently face a dilemma. A strong central-bank balance sheet is essential for the quality of a currency and the stability of a financial system. Unfortunately, the financial crisis has seen substantial changes in the balance sheets of the world’s major central banks.
When I wrote my article Does Mining Matter?, I would have liked to include some statistics on the total volume of gold trade but I did not know whether they existed or where to find them.
Americans are being burdened by a historic expansion in the federal government. It has effectively nationalized much of banking, bailed out financial and car companies and arrogated the power to override bondholders’ rights, fire corporate officers and control executive compensation. Health care “reform,” will impose new taxes, fees, deficits, regulations, bureaucracies and price controls, and may mandate that individuals buy insurance as well. Massively expensive new environmental policies are next on Congress’ agenda.
Just came across an interesting blogpost by one Bary Stocker, a “British philosopher based in Istanbul”: Hoppe: Habermas’ Anarcho-Conservative Student.
It is a simple news report about regulatory changes, but the NYT figures that Ron’s book is important enough for a strong mention near the end. Times are changing.
The news reports the death of Irving Kristol, one-time socialist turned democratic capitalist. He was of course not a libertarian; his love for the market extended to two cheers only. He was also instrumental in tying the capitalist cause to a celebration of the warfare state–the whole ideology of neoconservatism–which didn’t help the cause much in the end.
