Power & Market
The hypocrisy of the EU in two images.
“EU to impose duties on U.S. imports Friday after Trump tariffs”...
From Daniel Lacalle's Twitter @dlacalle_IA
Must Free Trade Be Reciprocal? by Frédéric Bastiat
Free Trade versus "Free Trade" by Peter Klein
Attorney General Eric Holder arrives today in Ferguson, Missouri, in response to the unrest after a local policeman shot 18-year-old Mike Brown. Holder assured the people of Missouri: "Our investigation into this matter will be full, it will be fair, and it will be independent."
But Holder's own record belies his lofty promise. As the U.S. Attorney for the District of Columbia from 1993 to 1997, Holder was in charge of policing the local police. When police violence spiraled out of control, he did little to protect Washington residents from rampaging lawmen.
The number of killings by Washington police doubled between 1988 and 1995, the year 16 civilians died due to police gunfire. Washington police shot and killed people at a higher rate than any other major city police department, as a Pulitzer Prize-winning Washington Post investigation revealed in late 1998. The Post reported that "Holder said he did not detect a pattern of problematic police shootings and could not recall the specifics of cases he personally reviewed." Holder declared: "I can't honestly say I saw anything that was excessive."
There was such a dearth of oversight from Holder's office that Washington police failed to count almost a third of the people killed by their officers between 1994 and 1997. Even when police review boards ruled that shootings were unjustified or found contradictions in officers' testimony, police were not prosecuted. In one case, a police officer shot a suspect four times in the back when he was unarmed and lying on the ground. But Holder's office never bothered interviewing the shooter.
Some of the most abusive cases involved police shooting into cars - a practice which is severely discouraged because of the high risk of collateral damage. Holder told the Post: "I do kind of remember more than a few in cars. I don't know if that's typical of what you find in police shootings outside Washington" Actually, "more than 50 officers over five years had shot at unarmed drivers in cars," the Post noted, and Washington police were more than 20 times as likely to shoot at cars than were New York City police. Reports about some of the shootings were tainted by police perjury.
Shortly after Holder became U.S. attorney, a local judge slammed the Washington government for its "deliberate indifference" to police brutality complaints.
Read the full article at the USA Today
Paul Waldman tries to defend the US Postal Services in this Twitter rant, but all he does is show the need for better economics education. He lists a bunch of things the post office does and deems it a "fricking marvel." Well, nobody disputes that the post office does home pickup and delivery, charges prices independent of distance, and provides services in small towns and low-income areas. The economic question is whether the post office should do these things -- or, more precisely, whether the value (to consumers) of the goods and services produced exceeds the opportunity cost of the resources used to produce them. That, as the Austrian economists have emphasized more vigorously than any other thinkers and writers, can only be determined on the market, in a system of private property and free prices.
Waldman has made the common error, which I've written about often in the context of government-funded science and technology, of confusing economic value and technological or engineering value. The former relates to economic well-being, the latter to the technical aspect of doing X, Y, or Z. The fact that something is produced or performed does not tell us whether the production or performance is valuable. When government is paying the bills (not to mention owning the property and, often, outlawing competition), there is no way to know.