The publication of David DeRosa's latest book is all the more timely given the financial crises and stock market crises that littered the 1990s. The problem with DeRosa’s book, however, is that his solution offers no hope for stabilizing the system. Nicolas Bouzou reviews In Defense of Free Capital Markets.
Prior to the Keynesian era, recessions were called panics and had durations of about three months. The shortness in duration reflected the lack of interventionism by extra-market authorities. Today, recessions last much longer, as the bad idea that the state should manage the economy has become legitimized.
Some are claiming that the attacks of September 11 triggered this latest economic slide, but all signs indicate that the U.S. economy already was in recession even before the attacks.
Is there any merit to the popular definition of recession? Why must it be two quarters of negative growth and not one, or perhaps three? Frank Shostak gives another view and assesses the prospects for recovery.
Government is far from the economy's savior. Rather, it is a parasite, a cancer, that eats away at the wealth of its citizens with its fiat currency, its many billions of dollars of expropriated wealth, and its multitudinous directives.
While not quite Keynesian pyramids or payments to farmers to plow up their surplus crops, this is still, sadly, yet another New Deal in the making.
It is conceivable that stocks might have come back after September 11. But the meddlers in DC seemed to be doing everything in their power to drive it down and out.
Whatever direction the stock market may take in the future, its opening day was a time for honest assessment of how the recent terrorist attacks and their aftermath may affect our economic future.
Forbes magazine's Peter Brimelow and Edwin Rubenstein ask, "Does Hayek’s Law condemn the U.S. economy to a Japanese-like L-shaped recession?" John Cochran responds.
The Fed-fueled boom in Web commerce turned to bust, but that says nothing about the merit of the medium, writes Lew Rockwell.
