Amtrak was sold to taxpayers back in May 1971 as something that would be superior to privately owned passenger railroads, and with the promise that the government would make money running trains. That's something Amtrak has never done in its sorry history. Indeed, it has never once even come close to breaking even, nor does it have any prospect of doing so in the future.
During the early 1800s, the U.S. paper money in circulation was issued by banks, most of which were privately owned and state-chartered. There were, in fact, hundreds of banks across the country that issued their own--often distinctive--paper money. From these banking practices arose the infamous $3 bill.
There has been a lot of talk recently about foreigners who hate our prosperity and civilization, and seek ways to inflict violence in retaliation. Well, here is another case in point, except these are not swarthy Islamic terrorists; they are diplomats and statesmen on nobody's list of suspicious characters.
After laboring mightily and giving birth to the 2001-2002 federal budget, politicians returned home for the holidays, where they spent much of their time emphasizing their role in bringing home the bacon to those local interests who benefit. But as Congress returns to "the work of the people" in a midterm election year, it is worth remembering that not one cent of the funding came from anyone except taxpayers.
The fact that Carlo Ponzi's investment scheme lasted less than a year--while the government's "Ponzi scheme" has lasted, through good times and bad, for more than half a century--only suggests that Ponzi should have applied his talents as a politician, where he could've fleeced his victims legally.
The poor security of U.S. airlines is a predictable outcome of government regulations and subsidies. Only through complete privatization of the industry will consumers be able to fly cheaply and safely.
In the weeks since September 11, the Federal Reserve has zoomed the money supply at an astounding rate--an amazing fact when you consider that the economy has actually shrunk during this time. The demand for dollars has gone up due to higher savings, but not enough to permanently sop up all that extra cash sloshing around the world today, thanks to an incredibly irresponsible policy.
While the politicians and their media allies prattle on about "winners" and "losers" in the Microsoft antitrust case, they miss the larger story, one that has become a typical American tale: the ongoing assault of the Leviathan State upon the once free and productive business sector.
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.
