A Monetary Policy Primer, Part 1: Money

What, exactly, is “monetary policy” about? Why is there such a thing at all? What should we want to accomplish by it — and what should we not try to accomplish?

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The Psychology of Anger and Revenge

Q:I have a friend, Mary, who was nearly sexually molested by a 30-year-old adult when she was about 15 years old (she convinced him to stop). She never told anyone about it until she shared her secret with me about 6 months ago. Mary is now 35 years old. The accused...

What or Who is the Market?

Every day, we hear something about markets. Your 6 o’clock news anchor might say, “The market had a bad day.” Last year, Federal Reserve Bank Chairman Alan Greenspan talked about the market’s irrational exuberance. I guess now he’d say...

Red Tiger Rising

Washington cocktail-party conversations about China typically go something like this: A person from the China-as-a-peer-competitor school of thought says “I think China, with its growing economy, growing military, and young, nationalistic population, will only...

Bad Medicine

The one monumental fact that is being ignored in all the political schemes to bring down the cost of pharmaceutical drugs is that it costs hundreds of millions of dollars to develop one successful new medicine. No matter how cleverly the politicians try to shift those...

PBS: The Impracticality of Theft

According to Fox News: “Critics say that PBS has compromised its mission over the last 30 years, squandering taxpayer dollars with little thought to viewer accountability and becoming slaves to corporate underwriters and political correctness. And while some...

An “Unselfish Love”

Q: If a man tells a woman that he loves her but then is always concerned about other people’s feelings and not about hers, does he really love her? For example: He lives far away from his girlfriend. He has only two days to spend with her, when visiting, but he...

Patriotism and Tax Havens

What defines a patriot these days? Is it one’s dedication to the principles of freedom, or is is it one’s willingness to place their life second to the needs of the state. These days, it looks a lot like the latter is the common view. Take for example, the...

The Anti-Capitalist Offensive

At the same time that John Walker Lindh is allowed to cop a plea, getting who knows how few years in prison, the media and a segment of the public are demanding to get the heads on a platter (the phrase actually used) of a number of CEOs of business firms who have yet...

Put Dow Doubts to Rest

When our book, “Dow 36,000,” was published in September 1999, the Dow Jones Industrial Average stood at 10318. The Dow closed in the middle of last week at 8736. What went wrong? Actually, nothing. Despite its flamboyant title, “Dow 36,000” was...

The Friends of James Ujaama

Just when you think you know somebody, he goes and gets himself detained by the FBI for questioning in connection with alleged ties to the terrorist network of Osama bin Laden. So, whom do you stand by: your country or an individual who you’ve known all your...

The Fast Food Three vs. The Whopper

Stop me before I eat again! This explains a recently filed lawsuit against four fast-food restaurant chains: McDonald’s, Burger King, Wendy’s and KFC Corporation. A lawyer, seeking to eventually file a class-action lawsuit, found three plaintiffs who claim...