Altruism: The Moral Root of the Financial Crisis

Altruism: The Moral Root of the Financial Crisis

The financial crisis is, fundamentally, a moral crisis. To end the crisis, we must acknowledge that government intervention caused it, and we must demand that the government begin removing its coercive hands from the economy. With an eye to the short term, we must demand that it scale back the powers of the GSEs, the Federal Reserve, and the FDIC; and with an eye to the long term, we must demand that the government abolish these agencies entirely and restore a gold standard run by private, currency-issuing banks subject solely to the objective commercial and bankruptcy codes.

Persecution of Microsoft is Immoral

Persecution of Microsoft is Immoral

The government’s persecution of Microsoft continues unabated. The U.S. appeals court is now considering whether the Bush administration and 19 states negotiated an adequate settlement in their antitrust case against Microsoft. It’s time for the American...

Turning Iraq Into Another Iran

Many commentators have remarked recently that the U.S. stock market has not rebounded by as much as they expected, especially given the recent, rapid U.S. military success in Iraq. But these observers fail to recognize that the market is forward-looking — and...

Deflation Myth

U.S. Federal Reserve officials, including Fed chairman Alan Greenspan, and commentators in the financial media have been worrying about deflation (a rise in the purchasing power of a currency) in recent years and months. It’s hard to figure why. Not only is...