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Joy, joy, the Fed has cut rates again. Picture the Joker from the movie Batman throwing money from his float on the parade and you can see where this is going. Or imagine the alchemist of medieval lore, attempting to conjure up wealth from chemical mixtures. The sea of inflationary credit is the core problem behind the falling dollar, the subprime

Strange how campaign season leads to the usual political drama over taxes. Republicans have learned the hard way that they should never raise them, at least not in ways that are noticeable. They accuse Democrats of plotting secret increases. The Democrats deny it but draw attention to mounting debt and hint that solving the problem will require

A relentless theme in the commentary on Ron Paul is that he is not really a Republican, mainly because he dissents from the party on foreign policy. People now associate the Republican Party with crazed war-mongering, massive military spending, and relentless conflict-seeking, to the point even of a messianic global crusade on behalf of American

Many people are finally saying the R word: Recession. The fundamentals don’t look good. The externals are even scarier: dollar and stocks skidding, gold and other prices (particularly producer prices) rising. But what has tipped the psychological scales is the statistic no one has cared much about in many years: unemployment. The actual rate is

With recession looming or already here, the time has arrived for finding scapegoats. Expect a long list of these. Here is the target of the day: tightfisted consumers. A decline in personal consumption, writes the New York Times , “would be the first since 1991, and it would almost certainly push the entire economy into a recession in the middle

The claim of the Austrian School that has scandalized members of other schools for 150 years is the following. The propositions of economics are universal. The principles apply in all times and all places, because they derive from the structure of reality and human action. What brought about economic growth, inflation, or the business cycle in

Among businesspeople, bankers, and investors, there is a growing fear that the economy is headed towards recession or already in one. But that alone is not the source of worry. After all, an economy if left alone to function in freedom can recover. The real problem has to do with the political response. There is every indication that no matter who

Every Republican I’ve spoken to is mystified that John McCain has sewn up the Republican nomination. For his entire career, he has been more statist on both domestic and foreign policy than even the typical Republican. He has been considered a “liberal,” and not in a good sense. He doesn’t share any of the values that are said to make up the

If the political prediction markets are right, we are going to end up with a presidential contest between two people who agree on the pressing need to expand the entire welfare-warfare state. They can argue about priorities, but they agree on the overall goal. With the campaign lacking serious issues, something tells me that the great American

Nothing could be better for the country than cancelling the 2008 election. Leave the office of the presidency empty. I can see only one possible justification for having a president of the United States: to preside over the dismantling of the federal government. If you think this is a radical idea, think again. This is, in part, what people have