In the spring of 1812, British textile workers smashed power looms across Nottinghamshire, convinced that the machines would make their skills worthless and their families destitute. They were right about the disruption. Mills did displace hand-weavers. Communities that had organized themselves around a particular kind of skilled labor were genuinely torn apart. The Luddites weren’t stupid, and they weren’t wrong to feel the ground shifting. They were wrong about one thing: the conclusion. The labor those machines displaced didn’t vanish.

“The recent increase shows that, unlike other producers, their shipments are unimpeded and that China hasn’t lost its appetite for Tehran’s crude.”

A flurry of bad news has drawn fresh scrutiny to the roughly $2 tln private credit market, as investors question the health of loan portfolios.

The rise in oil prices defied a U.S. effort hours earlier to reassure markets with an announcement of the second-largest ever release from the nation’s petroleum reserve.

A recent article published on Yahoo Finance was titled “Warren Buffett Says You Wouldn’t Owe A ‘Dime’ In Federal Taxes If 800 Companies Paid The IRS Like Berkshire — And That Includes Social Security Too.” This article offered a favorable presentation of Warren Buffett’s remarks regarding corporate taxation and taxation in general.

In 2006, Michael Nifong had been a year in his job as Durham County District Attorney, appointed by Democratic Gov. Mike Easley of North Carolina with the promise he would not run for that position in the next election. However, after Nifong and his wife saw he could earn an extra $15,000 a year on his pension if he served four more years as a D.A., he decided to run for office in the upcoming Democratic primary in April 2006.

In the nearly 10 days since the State Department directed non-emergency government employees to leave Iraq amid the war with Iran, the U.S. has struggled to remove all personnel.

This month is the 100th anniversary of the birth of one of the most important and prolific authors of the Austrian School. This author wrote about practically every possible topic: economics, history, philosophy, etc.

I first heard of Roger Garrison from Murray Rothbard. At a social gathering in 1973 of Rothbard and a few younger Austrian scholars and grad students in the New York City area. Rothbard excitedly recounted to the group the contents of a brilliant term paper he had just read involving a graphical comparison of Austrian and Keynesian macroeconomics. The paper was titled “Austrian Macroeconomics: A Diagrammatical Exposition” and its author was Roger Garrison, then an MA student. A week or two later, I received a copy of the paper in the mail.