You might enjoy seeing how the New York Times spins an 8.9% unemployment rate as good news. “The Labor Department’s monthly snapshot of the job market presented the clearest evidence to date that the nation’s economic free fall appears to have been arrested. The acute shock that began last fall as the investment bank Lehman Brothers collapsed,
I have some vague sense that many people are opposed to capital punishment, and for good reason, and especially when there is no trial and conviction, and yet we are expected uncritically to celebrate the death of Bin Laden at the hands of the U.S. state. The government needs glory and we are supposed to provide it, regardless of the cost (which,
House rejects the bill . This is a magnificent repudiation of the Fed, the Treasury, Bush, Wall Street welfarists, inflationists, and stabilizers of all sorts. The costs of what the Fed has already done are going to be massive and felt for many years. But at least Congress has so far, and this time only, not participated in the evil. It’s a great
Here is a beautiful illustration, with a visual that originated in the Washington Post – the newspaper of the city that generated the false boom that ended in devastation:
In Los Angeles , a window repairman secretly went around breaking windows by shooting them with a slingshot. Times are hard and he needed the business. The police caught him and, because he was a private individual instead of a state, now he is in trouble for his attempt to stimulate the economy. Thanks Broken Window Watch and Vanguardist
In the foreground is the Keynesian fiction, in which consumption plus investment (plus government spending) equals output. In the background is the Austrian reality, in which a heterogeneous capital stock responds to changes in the interest rate by shifts in the time structure of production. Intervention in credit markets thus creates distortions
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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.
