China again raises reserve requirements of banks . This was the fourth time in just seven months that they did this. If they keep this up, fractional reserve banking might be ended in China soon!
No, not really perhaps, but it is clear that Chinese leaders are increasingly anxious to rein in credit expansion, especially since they’ve also imposed curbs on investments in specific industries, most recently auto manufacturing.
Central bankers such as those of the European Union and China have accepted the blame for the recent ballooning of their own real estate markets and have taken measures to slow it down. But the American Fed is loathe to do so “without further examination of the data.”
Well, this is interesting. The IRS here says that: “If you steal property, you must report its fair market value in your income in the year you steal it unless in the same year, you return it to its rightful owner.” (See page 90 under “”Stolen Property.”
I wonder what implications this has for the tax returns of, for example, Members of Congress.
(Thanks Digg)
David Beito at the Liberty & Power Blog recommends the film The Pursuit of Happyness with Will Smith which is currently in the theatres. He writes:
From Imperialism and Social Classes by Joseph Schumpeter, translated by Heinz Norden (Meridian Books, 1955) pp. 50-52
Since economics and college athletics go together these days like post-dated stock options and 3-6 months in a minimum security prison, you ought to know about Mal Moore. Probably a fine man but tragically misplaced, economically speaking — as Athletic Director of the University of Alabama.
As I’ve noted before, many libertarians display disregard for or ignorance of the federalist aspect of our Constitution, often manifested as references to federal constitutional limits on “government,” where “government” is used to mean state and federal government. Including both state and fed governments in the term “government” is a subtle way to put forward the centralist idea that the Fourteenth Amendment gives all kinds of power to the feds to police state actions.
Senators Max Baucus (D-Mont.) and Charles Grassley (R-Iowa), incoming and outgoing Chairs of the Senate Finance Committee, yesterday introduced The Individual Alternative Minimum Tax Repeal Act of 2007:
Here’s an interesting excerpt from an interview with David Card by the Minneapolis Fed’s Region (December 2006).
Is Card making the Austrian point that the perfectly competitive model (a.k.a. the simple supply and demand model) does not explain what actually goes on in labor markets? Has the infamous Card and Krueger really been misinterpreted?
