Fast Forward to the NEP

Soviet poster (1921) reads,”From the NEP Russia will come the socialist Russia.”

The sane maxim that the government doesn’t control reality, or even the economy, is actually a slight overstatement. The government can prevent market forces from operating by channeling resources into artificial channels.

The Left in Power

It is tragic that Obama should be president at all. If we had a position called “national well wisher,” “national greeter,” or “national symbol of accomplishment,” he would be perfect for the job. He is elegant and graceful and articulate, and inspires people in an unusual way. As chief policymaker, however, he has revealed himself as nothing more than a two-bit socialist.

The Victorian Bushfires

Fires are transformed into huge infernos and spread uncontrollably across Victoria only because of extremely high fuel loads throughout the state’s bushland. Local governments have neglected to manage fire hazards on their land in order to be faithful to the principles of environmentalism.

Printing Like Mad

We live in an age of grave economic ignorance, if central-bank policy is an indication of prevailing economic theory. It is apparent that we’ve learned nothing from several millennia of monetary destruction. The persistent demonstration that capital, not paper, is the basis for prosperity has fallen on deaf ears.

Normal?

Why do people keep referring to the last several years as normal? Over and over again I hear supposed experts on CNBC and other news channels saying things like “normally,” “how things usually are,” or “under normal circumstances” when referring to the economic conditions present over the past several years. I hear the talking heads asking when banks will return to “normal lending practices.”

There is nothing normal about a recession; likewise, a boom phase is equally abnormal. During the boom phase no one asked when the banks would return to normal lending practices.

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