Global Economy

Oil prices have fallen largely due to economic and political realities in China and the US. The resulting correction is a good thing, and, in spite of what many panicky central bankers think, falling oil prices are a good thing.

There are many risks to the dollar out there, but a more valuable euro isn't one of them. 

The BBC reports the government of Iceland has announced it is no longer seeking EU membership for the North Atlantic state.

For decades, the Italian state has facilitated the Mafia's grip on industry in Italy. The result has been a disastrous lack of foreign investment and other ills. It now seems that only the elimination of the central state could bring about serious reform.

Reserve currencies serve an important economic purpose. If the dollar loses its status as a reserve currency, the resulting adjustments will be painful for many. So, the global economy would benefit from a new US monetary policy devoted to a sound dollar.

This weekend, we feature our own Senior Fellow Mark Thornton in an appearance on Paul Molloy’s "Freedom Works" radio show.

The Europeans have decided to limit funding and credit extended to the Greeks.

The Europeans have decided to limit funding and credit extended to the Greeks. This puts the Greek financial system under pressure, but there are free-market solutions that could set the Greeks on the path to a sound economy.

The Jones Act and similar laws have been behind a precipitous decline in global American shipping. Passed for "national defense" purposes, such laws only serve to raise the cost of shipping to US ports while restricting consumer access to goods.

Once upon a time, the Chinese were the enemies of private property rights and free markets, and the Americans were the enemies of the Chinese and purported to cherish the institutions that the Chinese hated. Today no such clear-cut difference exists. If anything, today’s Chinese in high places seem to be more inclined to say kind words about private property rights and the free market than are comparably placed Americans.