The Gold Problem

Why have a monetary system based on gold? Because, as conditions are today and for the time that can be foreseen today, the gold standard alone makes the determination of money’s purchasing power independent of the ambitions and machinations of governments, of dictators, of political parties, and of pressure groups. The gold standard alone is what the nineteenth-century freedom-loving leaders (who championed representative government, civil liberties, and prosperity for all) called “sound money.”

National Socialism Geographic

The current issue of National Geographic (August), in addition to the usual propaganda about global warming, chastises the United States for a poor family leave policy.

The one-page feature called “Who Gives Parents a Break?” opens with the statement that “American moms-to-be might consider a move to Slovenia. While U.S. law guarantees a mere 12 weeks of unpaid leave under certain conditions, the least of any industrialized nation, the relatively poor central European country offers far more substantial benefits.”

Are Americans the Chosen People?

David Gelernter starts with an undoubted fact and uses it to construct a bizarre fantasy. The origins of America have been profoundly religious; in particular, the Puritans affected American thought in pervasive fashion. Their influence long persisted their demise as a distinct movement in the nineteenth century. Thus, historians who view the Founding Fathers as creatures of a secular Enlightenment are badly mistaken.

Katrina and the Great Flood of 1927

Today we remember the victims of Katrina, but, writes Mark Thornton, we should not forget that government levees have been failing in minor and major disasters throughout their history. Recall, for example, the Great Flood of 1927. The similarities are startling. A known threat was approaching and yet all the government spending and planning completely failed. In fact, in both cases the government turned a normal problem into a major disaster. The African American population was hurt disproportionately in both cases. In 1927 Herbert Hoover promised aid and assistance which failed to materialize (this was a major reason for the black exodus from the Republican to the Democrat party). In both cases it was individuals and organizations — both commercial and charitable — that did the real work of reconstruction.

A Falling Dollar, After All

The dollar has fallen to historically low levels, and yet the current account deficit has continued to climb to historically high levels. It seems very unlikely to Robert Murphy that our present trade deficits should be attributed to the wonders of the US economy. Instead, it seems more likely that the artificially cheap credit of the early 2000s fueled various wealth bubbles, leading Americans to consume their capital without realizing it. In short, after reviewing more of the data, he now largely agrees with the conclusions (though not the arguments) of pessimists such as Peter Schiff.

The Growth Effects of Federal Regulation

Proponents of the modern welfare/regulatory state often claim that state intervention promotes the common good and benefits ordinary people. Markets allegedly fail to deliver maximum prosperity, so governments must intervene to promote the common good. Advocates of free markets have always had evidence to counter the arguments for government intervention, and this evidence is mounting.

Poland: With or Upon a Shield?

Why does Bush want Poland to host a missile shield? America’s government, as the biggest warfare-state, isn’t concerned with any Cold War sentiments, writes Juliusz Jablecki, but with global dominance. This requires, however, that its main challengers — the European Union, Russia, and China — who, by the way, also strive for hegemony — be kept in check: divided and defenseless. And what could possibly be a better means of attaining this goal than building military bases all across Eurasia and deploying a missile shield in Poland and the Czech Republic?

An Answer to the Freaks

With its title of Freedomnomics, some might dismiss John Lott’s latest book as just some slanted ideological rhetoric to be ignored. That would be a mistake. Having known him since graduate school at UCLA, I can attest that he is not an ideologue trying to abuse logic and statistics to confirm prior assumptions. He is someone who does his best to follow where the evidence leads.

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