For those of you that have met Jörg Guido Hülsmann or have attended one of the Mises summer seminars, you may be interested in this illustrated retrospection.
And while I doubt they will shower anyone with icy cold water again (cross your fingers), student and hobbyist alike may enjoy the upcoming 25th anniversary celebration.
See also: The Last Knight of Liberalism
The media is reporting that George Bush has ruled out a government bailout of mortgage lenders, but instead, the Bush package is sure to provide indirect bailouts for homeowners in debt up to their eyeballs. This is from the Financial Times:
“Much has been written about panics and mania…. But one thing is certain; that at particular times a great deal of stupid people have a great deal of stupid money. At intervals… the money of these people — the blind capital, as we call it, of the country — is particularly large and craving: it seeks for someone to devour it and there is a ‘plethora’; it finds someone and there is a ‘speculation’; it is devoured and there is a panic.”
– Walter Bagehot, “Essay on Edward Gibbon”
The Federal Reserve added 31.25 billion dollars in temporary reserves to the US money markets Thursday in three different operations, the latest move to keep credit markets from drying up.
The New York Fed added 7.0 billion dollars in 14-day repurchase agreements, 16 billion in seven-day repurchase agreements and 8.25 billion in one-day repos.
The Fed has injected some 200 billion dollars into the financial system since August 9...
I’ve never quite understood how bigamy can be illegal. Bigamy means marrying two women. But marriage is a legal relationship recognized by the state. If the state recognizes it, why should it penalize it? If it penalizes the second marriage, then isn’t it partly responsible, since it granted the second marital status? Why doesn’t the state simply state that if you are married, any attempt to re-marry is null and void?
Jacob Sullum’s excellent Reason column, The Knock Against Knockoffs, he discusses knockoffs of high-fashion, which are not currently subject to copyright. Surprise—designers are lobbying for copyright protection of clothing designs. Sullum does a great job of setting forth, in a very pithy and persuasive (and sound) manner, both the utilitarian and moral problems with the state granting copyrights and patents.
In the comments to Let’s Bring Back the Good Old Days of English Patents, Jeff Tucker makes the following excellent observation:
First impressions of the Hulsmann biography of Ludwig Mises?
What could these two thinkers, considered to be opposites, have in common? It turns out that Karl Marx inherits from Adam Smith a very basic error, one which has monumental consequences and has changed the world forever.
