And no, it’s not “impeach,” since that is “off the table.” House Speaker Nancy Pelosi, while acknowledging that Democrats and Republicans differ about the final form of the bailout legislation, said that Congress will act quickly because “everyone knows that we must intervene.” When will these politicians learn that government intervention is always the problem and never the solution? The uncompromising ideas of Ludwig von Mises are needed now more than ever.
New York Law School professor Beth Noveck, quoted in an article on improving the U.S. patent system, reveals clearly the true nature of patents: “A patent is a pretty significant monopoly, so we want to make sure we are giving it to the right people.”
So, according to the government, monopolies are bad except when they are granted by the government.
No, unfortunately, the patent system is not dying. The title refers to deaths caused by the patent system. According to the BBC News science report, Patent system ‘stifling science’, findings by the Canada-based Innovation Partnership indicate that “Life-saving scientific research is being stifled by a ‘broken’ patent system”. “‘Blocking patents’ are delaying advances in cancer medicine and food crops,” according to the report.
See this excellent posting by Robert Higgs, who has an eye for these things. He looks at the credit markets to find that there is not calamitous shortage. “The sky is not falling. Lenders continue to lend at high rates, and the economy continues to operate reasonably well.”
[Originally published September 2008.]
What we’ve seen in the last week is the state at work — and by the state, I do not mean a particular set of leaders. If we watch carefully, we can gain insight into what the state is and why our fundamental problem extends far above and below the political party system.
Listen up folks!
Taking a page from the excellent Robert Higgs, James K. Galbraith surveys the banking industry and wonders why the bailout is necessary. He writes (“A Bailout We Don’t Need”):
Here is a letter signed by many economists that warns against several aspects of the bailout plan–all correct if weakly stated–and concludes that Congress should hold hearings. Compelling is not the word I would use to describe it. (Thanks MR)
[This article is excerpted from The Mystery of Banking.]
