Incomplete Transitions

There are many striking examples of how transition can be effective, and many depressing ones on how transition has, in fact, stalled in the face of state intervention. While more research is needed, it is clear that the outcomes Austrians expect in all economies indeed hold true in transition economies as well. Given the results of the past 20 years, it is difficult for policymakers to argue that socialism can work here while it didn’t work there.

Speculation and the Housing Bailout

Reminiscent of a juvenile accepting a dare to do something stupid, the chairman of the Senate Banking Committee, Senator Christopher Dodd, crowed to reporters the other day that committee members had done what many thought would be impossible: the committee agreed to legislation that would rescue homeowners facing foreclosure. Not to disappoint the senator from Connecticut, but few of us ever doubted the ability of politicians to dilute the risks and rewards of voluntary exchange.

The Government’s Statistical Whopper of the Year

Consumers shell-shocked by ever higher records for oil and gasoline prices may have been surprised by the mild Producer Price Index (PPI) update recently issued.

The Labor Department reported that from March to April, wholesale prices rose only 0.2 percent, half of what the markets had been expecting. The primary cause for this tame reading was that energy prices fell 0.2 percent, and in particular gasoline prices fell by 4.6 percent.

What, you think I misunderstood the news?

Metals are fairly difficult to print

Two weeks ago marked the 60th anniversary of a prescient essay (pdf) promoting gold as redeemable money. It was written by Howard Buffett, father of the famed investor, Warren. Several years ago Joseph Stromberg wrote an interesting biography about Howard, a four-term congressman of the Old Right. While many libertarians laud him for his defense of free-markets and personal liberties, his foreign policy views also make for a laudatory remembrance.

Unmasking Tyranny Again

 

One would not think someone legal historian M.J.C. Vile called “in some ways the most impressive political theorist that America has produced” would remain virtually unknown here. But that is true of John Taylor of Caroline.

John Taylor served in the Continental Army, the Virginia Legislature and the U.S. Senate. But he is best characterized for causes that, from today’s perspective, he was on the losing side of.

England vs. the Price System

Insofar as austerity has been imposed on the whole British people, it consists in refusing to permit either consumers or producers freedom of choice. The consumer is not free to spend his money on things he himself wants but only on things government officials think are good for him. The producer is not free to make what he wishes but only what government officials think is good for the country.
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