The Fed’s Fatal Conceit

In my experience, the Federal Reserve is guilty of what F. A. Hayek (1989) called “‘the fatal conceit”–that is, the belief that smart people can do the impossible. I don’t care how smart you are or how great your mathematical models are, you cannot coordinate the economic activity of seven billion people on this planet.

The Invisible Hand at Sea

The Azorean case shows that sustainability arises more from local responsibility than from distant centralized control.

Andrew Bernstein’s The Capitalist Manifesto

Andrew Bernstein’s book is “among the best single presentations of the case for capitalism. (It is) amazingly good.” – Harry Binswanger

Culture >

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Law >

Duke University Rape Case

Duke University Rape Case

Nothing should be surprising any more about the Duke University rape case. Still, it is a little staggering that, after all these months, District Attorney Mike Nifong has still not interviewed either the accuser or the accused. Rape is a felony with serious…

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Politics >

Rosa Parks: Pursuit of Profit vs. Racism

The death of Rosa Parks has reminded us of her place in history, as the black woman whose refusal to give up her seat on a bus to a white man, in accordance with the Jim Crow laws of Alabama, became the spark that ignited the civil rights movement of the 1950s and…

Stocks Will Shine Again

Two weeks ago I suggested that investors sell Exxon Mobil and use the proceeds to buy Wal-Mart Stores. If you’d made the trade that day, then you’d be ahead 11% overall — Wal-Mart is up 3.6%, and Exxon Mobil is down 7.4%. I imagine most people…

Random Thoughts: October 2005

Random thoughts on the passing scene: Neither the depth of despondency nor the height of euphoria tells you how long either will last. We are so easily deceived that many people think that the Senate Judiciary Committee is acting nicely if the Senators wear a genial…

World >

An Open Letter On Revolution in Iran

The Internet is a powerful tool for international understanding. This writer, through a chain of various links, found the web log of an anonymous Iranian girl. She had quoted the parts of President Bush’s State of the Union speech on Iran. “Different…

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Markets: Business & Economics >

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Science & Technology >

Enviro-Lobbying 101: Using PC

Enviro-Lobbying 101: Using PC

There are a lot of behind-the-scenes scheming going on in Washington, D.C., as Administration appointees and EPA career bureaucrats plot to circumvent Senate ratification of the Kyoto Accord by classifying carbon dioxide as a pollutant rather than what it is, a…

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