Power & Market
Patrick Newman joined the Tom Woods Show yesterday to talk about the Murray Rothbard book he edited on the Progressive Era.
Check out the episode here.
One of the best stories I've seen recently comes from Irving, New York, where a man has decided to build his own highway off ramp for his tobacco store. This story has it all, tax evasion, Indian tribal sovereignty, and an answer to the question "who will build the road?" The video is worth watching.
Eric White is a member of the Seneca Indian Tribe and owns the “Big Indian Smoke Shop” in Irving, New York.
He is reportedly building the ramp as part of a personal protest after losing a legal battle with the state over allegedly selling untaxed cigarettes.
Through his attorney, Mr. White is defending his move by evoking the sovereignty of tribal land, a point that the Federal Highway Administration doesn't know how to respond to.
Just another reason why tribal sovereignty is so important
For years, people have demanded an update to Henry Hazlitt's 1946 best seller Economics in One Lesson. Now we have one.
In Economics in Three Lessons, Hunter Lewis brings Hazlitt's timeless wisdom to the 21st Century.
Even better, Lewis includes an additional work, One Hundred Economic Laws. Finally, an easy to reference collection of axioms to refute the economic fallacies from either the left or the right.
A complete course in economics, in just one short book.
On Friday, President Trump signed the omnibus spending bill for 2018. The $1.3 trillion bill was so monstrous that it would have made the biggest spender in the Obama Administration blush. The image of leading Congressional Democrats Pelosi and Schumer grinning and gloating over getting everything they wanted — and then some — will likely come back to haunt Republicans at the midterm elections. If so, they will deserve it.
Even President Trump admitted the bill was horrible. As he said in the signing ceremony, “there are a lot of things that we shouldn’t have had in this bill, but we were, in a sense, forced — if we want to build our military…”
This is why I often say: forget about needing a third political party — we need a second political party! Trump is admitting that to fuel the warfare state and enrich the military-industrial complex, it was necessary to dump endless tax dollars into the welfare state.
But no one “forced” President Trump to sign the bill. His party controls both houses of Congress. He knows that no one in Washington cares about deficits so he was more than willing to spread some Fed-created money at home to get his massive war spending boost.
And about the militarism funded by the bill? Defense Secretary James Mattis said at the same press conference that, “As the President noted, today we received the largest military budget in history, reversing many years of decline and unpredictable funding.”
He’s right and wrong at the same time. Yes it is another big increase in military spending. In fact the US continues to spend more than at least the next seven or so largest countries combined. But his statement is misleading. Where are these several years of decline? Did we somehow miss a massive reduction in military spending under President Obama? Did the last Administration close the thousands of military bases in more than 150 countries while we weren’t looking?
Of course not.
On militarism, the Obama Administration was just an extension of the Bush Administration, which was an extension of the militarism of the Clinton Administration. And so on. The military-industrial complex continues to generate record profits from fictitious enemies. The mainstream media continues to play the game, amplifying the war propaganda produced by the think tanks, which are funded by the big defense contractors.
This isn’t a conspiracy theory. This is conspiracy fact. Enemies must be created to keep Washington rich, even as the rest of the country suffers from the destruction of the dollar. That is why the neocons continue to do very well in this Administration.
While Trump and Mattis were celebrating big military spending increases, the president announced that John Bolton, one of the chief architects of the Iraq war debacle, would become his national security advisor. As former CIA analyst Paul Pillar has written, this is a man who, while at the State Department, demanded that intelligence analysts reach pre-determined conclusions about Iraq and WMDs. He cooked the books for war.
Bolton is on the record calling for war with Iran, North Korea, even Cuba! His return to a senior position in government is a return to the unconstitutional, immoral, and failed policies of pre-emptive war.
Make no mistake: the neocons are back and looking for another war. They’ve got the president’s ear. Iran? North Korea? Russia? China? Who’s next for the warmongers?
In 2017, the US spent more than $50 billion on foreign aid. Why then are so many of the countries receiving this aid still living in dire poverty with starvation as a constant threat? Why doesn't this aid foster economic growth and development in those regions? Because just throwing money at a problem, foreign aid in this case, simply doesn't work.
So then, what are the prerequisites for economic development? What will improve standards of living? These are some of the issues addressed in a new course, Development Economics: An Austrian Perspective. G.P. Manish will explain the roles time preference and capital accumulation play in economic development as well as the importance of a fully integrated structure of production. He wraps up the course with a case study of economic development — and economic disaster — in India since gaining its independence from Great Britain in 1947.
To understand the modern state, you must understand the Progressive Era. Thanks to the generosity of Mr. Tyler Folger, Murray Rothbard's definitive book on the Progressives is now available as a free audiobook.
The Summer 2017 issue of the QJAE is now online. (Here are the full archives.)
Justice in the Marketplace in Early Modern Spain: Saravia, Villalón, and the Religious Origins of Economic Analysisby Michael Thomas D’Emic. Reviewed by Eric Clifford Graf
The Man Who Knew: The Life and Times of Alan Greenspan by Sebastian Mallaby. Reviewed by David Gordon
The International Monetary System and the Theory of Monetary Systems by Pascal Salin. Reviewed by Carmen Elena Dorobăț
The Theory of Money and Credit, Ludwig von Mises's 1953 treatise on monetary theory, is now available as a free audiobook narrated by Jim Vann.
In a step-by-step manner, Mises presents the case for sound money with no inflation, and presents the beginnings of a full-scale business cycle theory.