Rather than pay his campaign workers more out of his personal wealth, Bernie Sanders is cutting employee hours and scaling back campaign events — thus illustrating how minimum wage hikes are a problem for workers.
People buy things that reflect their value systems — values learned in homes and other non-market institutions. Meanwhile, markets don't force anyone to buy anything.
Even if business people learn to expect easy-money caused bubbles and busts — this would still not prevent the formation of a boom-bust cycle.
For centuries, entrepreneurial talents in China were diverted to military wars, political struggles, and government services. But now things are changing.
“A billion here, a billion there, pretty soon you’re talking about real money.”
Conservatives appear to be increasingly in favor of using the power of the state to force their agenda. But what happens when the state they favor is turned against them?
The fact that politicians, central bankers, and “too big to fail” bankers all oppose a gold standard is a tacit admission that hard money would serve as an effective constraint on their activities.
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After quoting H.L. Mencken’s famous quip, “Nobody ever went broke underestimating the intelligence of the American people,” Andrews wonders, “I don’t know if old H.L. was a bookmaker, but he would have been a great one if he had been.”
