Portrait of the Greenspan Era

With today’s meeting of the FOMC not likely to generate a lot of surprises, let’s take a moment to look at a chart that offers a remarkable perspective on monetary history. One wants to be careful about taking this kind of analysis too literally, but it is...

Economic Stupidity

Imagine that you and I are in a rowboat. I commit the stupid act of shooting a hole in my end of the boat. Would it be intelligent for you to respond by shooting a hole in your end of the boat? Or, imagine I were a politician and told you that the Russian, Chinese,...

Let’s Be Honest About Cuba

Around this time in 2001, Secretary of State Colin Powell took it on the chin for opining, “Castro has done some good things for his people.” Last month Powell spoke about the Castro regime much more honestly, stating that the recent crackdown, sham trials...

In Defense of Enemies

There are plenty of otherwise rational individuals in the world who avoid confrontation at all costs, as if getting labeled a “Capitalist” was somehow worse than actually being one. This article is dedicated to them. Sometimes, even I receive hate mail....

The Great Deficit Mystery and Cutting Taxes

Can we afford a big tax cut right now? That’s what the arguments against the president’s $726 billion proposal boil down to, really. The fact that we’ve been at war, that the economy remains sluggish, that we’ve returned to deficit spending...

The Right Kind of Tax Cut

Listening to Washington policy-makers haggle over the size of President Bush’s proposed tax cut — $350 billion over the next decade? $550 billion? $726 billion? — you would think nothing matters much beyond the price tag.Just as important, though, is...