Great chart from Moody’s: Ireland’s banks received bailouts in the billions of euros in 2009 and 2010, including €67.5 billion from the EU, other European countries, and the IMF as part of a larger overall bailout effort. While the lion’s share of these funds have flowed to bondholders outside of Ireland, they have done little to promote real
The Free Market 20, no. 12 (December 2002) There are many characteristics that Alan Greenspan shares with Benjamin Strong, the New York Fed president during the 1920s. Both decided US monetary policies during eras of massive, unsustainable growth in the business cycle. Both played major roles in creating asset bubbles that eventually resulted in
The Free Market 24, no. 3 (March 2004) The Washington Post’s Jonathan Weisman recently scored a front-page story about President Bush that would have galvanized DC conservatives three years earlier if the same words had been written about President Clinton. Writes Weisman: “Confounding President Bush’s pledges to rein in government growth,
The Free Market 24, no. 10 (October 2004) Last year, the governor of Alabama proposed and then overwhelmingly lost a bitter referendum to increase taxes and boost revenue. Voters rightly saw the campaign as a slick attempt to expand the public sector’s power, prestige, and wealth transfers by increasing the degree of legal plunder in Alabama’s
The Free Market 26, no. 3 (March 2005) I didn’t think anyone would dare to apply Bastiat’s Broken Window fallacy to the human tragedy that played itself out along the rim of the Indian Ocean, but sadly, faith in economic fallacies is even more common than deadly tsunamis. Many economists mistakenly believe taxation can be good for economic
The Free Market 26, no. 9 (September 2005) T hose of us who appreciate liberty, voluntary exchange, and workers’ property rights to their own labor have long objected to the American organized labor movement. Since the 1930s , this movement has been defined by the AFL-CIO. This “mother of all unions” is the biggest, with a membership of just
Dana Milbank doesn’t like Paul Ryan’s budget proposal that was released this week. Why? Well, Ryan cuts spending on the poor in order to pay for tax cuts for the rich. Milbank writes : Paul Ryan, outlining his latest budget proposal in the House TV studio Tuesday morning, said the policies of the Republican presidential nominees “perfectly
Poland’s foreign minister told EU officials his country will join the euro zone “when you have resolved your problems and when we can say to our people ‘we can now safely join.’ “ On a related note, London Mayor Boris Johnson urges Croats not to put their heads “in the Brussels noose” in his Telegraph column today . If Croatia follows through
A majority of British doctors polled call for denying medical care to smokers and the obese . In the United States, we don’t have a British health care system. Yet. But the majority of private health care spending here occurs through a health insurance cartel. In a free market, there would be no such thing as health insurance. Since health
I love Walter Block and Bill Bennett. In their paper, “Involuntary Unemployment” ( Dialogue , Vol. 1, 2008, pp. 10-22), they write on the persistence of Keynesian theory despite its failures to explain real-world economic phenomenon: Keynesianism has played a virulent role in the economics profession. Its central idea, that there could be an
What is the Mises Institute?
The Mises Institute is a non-profit organization that exists to promote teaching and research in the Austrian School of economics, individual freedom, honest history, and international peace, in the tradition of Ludwig von Mises and Murray N. Rothbard.
Non-political, non-partisan, and non-PC, we advocate a radical shift in the intellectual climate, away from statism and toward a private property order. We believe that our foundational ideas are of permanent value, and oppose all efforts at compromise, sellout, and amalgamation of these ideas with fashionable political, cultural, and social doctrines inimical to their spirit.
