The Justice Department is looking into whether airlines have secretly colluded in increasing fares, according to a story on MSNBC. It seems that most fares went up $10 in anticipation of a four-month suspension of security fees, a move designed to give a break to an industry on the verge of collapse.
The suicide bombing in Riyadh, Saudi Arabia, reminds me of a drama that has long taken place on American soil. It has to do with crimes committed against the bourgeoisie in areas Americans euphemistically refer to as “bad neighborhoods.”
The War Over Iraq: Saddam’s Tyranny and America’s Mission by Lawrence F. Kaplan and William Kristol (Encounter Books, 2003, x + 153 pgs.)
Last week, the Federal Reserve sent financial commentators and traders into a frenzy. It announced that, although it had left the federal funds rate target unchanged, it is ready to lower the rate aggressively if economic activity does not improve. Also, the central bank expressed concern that a strong downtrend in the growth momentum of price inflation, as depicted by the CPI, less food and energy, could pose a threat to the economy.
The yearly rate of increase in the CPI, less food and energy, fell to 1.7% in March from 1.9% in February and 2.4% in March last year.
In democratic societies, elected political officials are the final arbiters of the government’s marketplace do’s and don’ts. Who elects these political officials? Surprise! The same people supposedly incapable of making informed decisions in the marketplace.
Outside links for today
As we continue to move stories from the ticker to the blog, here are a number that are worth reading:
CNN: “The government plans to unveil its new $20 bill Tuesday, marking the Treasury’s first deviation from its standard green color.”
Remarkable story on a central bank that cannot afford the paper to print more currency. In short, the story underscores the commercial foundations of civilization itself.
