Richard Duncan, author of The Dollar Crisis (reviewed: here) writes today in The Financial Times of London (paid subscriber section),

Japan’s monetary alchemy may not yield gold

If you are new to this subject, it might strike you as odd that “privatizing” something would require the accumulation of an additional $1 trillion in debt. (See: Bush Seeks $1 Trillion Debt Boost).

“Another way the diffusion of knowledge is localized is through the development of ‘schools’ whose initial disciples learn at the master’s feet. The most prominent of these among the German emigrés was the Ludwig von Mises school, which, if success depended only upon the fervor of the subsequent disciples’ missionary efforts, might today be the leading brand of economics taught in American universities.” F. M.

The last few decades have witnessed many innovations in the consumer finance industry. Consumers enjoy a myriad of credit programs tailored to their particular needs: credit cards, home equity lines of credit, payday cash advances, etc. Unfortunately, all these options create problems too, as the attendant responsibility of money management has left many individuals struggling to service their debt. Nevertheless those who do not avail themselves of these services find themselves marginalized in an economy structured around the use of financial assets.

The New York Times reports this morning (free registration required) on efforts to expand federal control over high school education well beyond current levels.

The report charges that employers and postsecondary institutions “all but ignore the diploma, knowing that it often serves as little more than a certificate of attendance,” because “what it takes to earn one is disconnected from what it takes for graduates to compete successfully beyond high school.”

Under his administration, the national debt has gone up a stunning 24 percent, to $7 trillion. A chief reason for that increase is that Bush has enthusiastically promoted an explosion in government spending. In 2004, federal government outlays are expected to exceed $2.3 trillion, which is $500 billion more than in 2000.

I’ve added two new films to the film list, the Clint Eastwood western The Outlaw Josey Wales and the documentary The Commanding Heights. I get a slow but steady stream of e-mail suggesting movies for the list or wondering why I select the films I do. So, a brief explanation is in order.

Larry Sechrest, adjunct scholar of the Mises Institute, economics professor at Sul Ross University, and author of many important studies on monetary theory and economic history, has come under fire in his home town of Alpine, Texas, for an article he wrote for Liberty magazine.