The Myth of Media Watchdogs

As any reporter knows, U.S. attorneys on a regular basis illegally leak information to the press, which dutifully reports it as the unvarnished truth. By empowering the prosecution, the press is not protecting individuals but rather is creating an atmosphere in which government employees can readily break the law and be untouchable at the same time.

Get Out Now?

The latest commentary from Richard Russell of  Dow Theory (October 22) says the conventional wisdom is that the Fed will not let anything bad happen to the markets before the election in 2004. In his view, however, the conventional wisdom is worthless as regards market timing. The smart bunch will aways move ahead of everyone else, and Russell expects these people to get out. He also sees a move up in gold, even as he believes gold stocks are overvalued.

 

NYT Does Not Approve

Surprise, surprise: the  New York Times doesn’t approve of one of Bush’s “ideologically motivated” judicial nominees.  They criticize the nominee’s refusal to adhere to modern legal tradition—namely, the tradition holding that the state is the wellspring of human progress—and for having the audacity to suggest that “well-intentioned” government initiatives Social Security, labor legislation, and anti-discrimination laws may not, in fact, have been the greatest idea

The Myth of National Defense

Hans Hoppe writes: “Though the implications of the arguments made in this volume are radical and sweeping, the principles are quite simple at root. In economics, the contributors seek the consistent application of market theory, not its arbitrary exclusion from whole areas of life, such that it applies also to the delivery of goods and services associated with security and defense. In politics, the contributors seek only the application of the principle Jefferson presented in his Declaration of Independence, that people have the right and duty to throw off governments that are not effecting their safety.”
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