What really drives Amazin’s critics is a hatred of success: success of anyone who is achieving more than others.
MARKETS
A Monetary Policy Primer, Part 11: Last-Resort Lending
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
The EU and Japan Move Closer
Any news that emerged from last week’s G-20 Summit in Hamburg, Germany was bound to be overshadowed by the high theater of the first-ever meeting between U.S. President Trump and Russian President Vladimir Putin. As a result, the biggest actual development from...
A Monetary Policy Primer, Part 10: Discretion, or a Rule?
Forget about monetary policy for a moment or two, and imagine, instead, that you’re back in 6th grade. You and your classmates are about to go on a camping trip, involving some strenuous hiking, and lasting several days.
Damn the Deficits, Huge Tax Cuts Ahead!
Donald Trump has made good on one of his most audacious campaign promises by submitting what he describes as the biggest tax cut in U.S. History. For once, at least, this does not appear to be Trumpian braggadocio. It really may be the mother of all tax cuts. But if...
Italy’s Bank Rescue Foreshadows Nationalization of More EU Banks
On December 7, 2016, Italy’s Prime Minister Matteo Renzi resigned following defeat in a national referendum, that he had supported, that would have changed the country’s parliamentary system. The development, which represents just the latest sign of anti-EU sentiment...
Republicans Craft the Next Great Healthcare Failure
Those who claim that the Senate Republican proposal to replace Obamacare will kick millions of people out from health insurance coverage are dead wrong. Yes, it will cause the number of insured people to decline, but that will happen because millions of healthy...
Government Monopoly Money vs. Personal Choice in Currency
Greater monetary freedom would not only give every citizen a legal right to protect and secure his income, wealth and market transactions from abusive mismanagement of the government’s monopoly monetary printing press. It could also serve as a check on the degree of such government abuse.
British Election Sends Shockwaves Felt Here and Abroad
Last week’s General Election in the United Kingdom was a disaster for the new conservative government of Prime Minster Theresa May. Having called the unnecessary “snap” elections in order to strengthen her political hand, the result actually reduced the number of...
Karl Marx’s Ideas and Errors About Capitalism and Communism, Part Two
The task is not to be on some mythical “right side of history,” but to make history reflect the triumph and success of the idea and ideals of human liberty.
Karl Marx’s Ideas and Errors About Capitalism and Markets, Part One
Marx saw himself as the sociological and economic analyst of the capitalist epoch through which he was living.
In Defense of Trumpian Diplomacy
Given the media’s obsession with some of the President Trump’s communication challenges, it was utterly predictable that the President’s declaration that his trip to Europe and the Middle East should be considered a “home run” was met almost universally with ridicule....
Economic Ideas: Frédéric Bastiat on the Law of Liberty and Free Markets
Almost 170 years have passed since Frédéric Bastiat’s death, but there are few writers on economic topics that remain as readable or relevant to the issues of our own day.
Tariff Walls and Trade Wars Equal Government Planning
Both President Trump and Chinese President Xi are proponents of central planning, with the interests of the State taking precedence over the liberty and peaceful choices of their citizens.
Political Planning Requires Coercion; Market Planning Requires Cooperation
The essential element in government planning is the threat or use of force to make all the others in society conform to political planner’s purposes and intentions.
The Virtue of Profit Maximization
There is no virtue in restraining the pursuit of profit: profit maximization is moral.
Trade Deficits Are Only Dangerous When Caused By Government
Governments have sold their bonds to fund vote-buying welfare state spending, or expanding bureaucracies with loyal supporters of power-hungry politicians, or on delusional dreams of military power, or colossal public works projects hailing the greatness of the dictatorial or democratically elected leader.
Wrong Lessons from Canada’s Private Currency, Part 3
The real lessons to be learned from Canada’s 19th-century currency system.
Wrong Lessons from Canada’s Private Currency, Part 2
The real lessons to be learned from Canada’s 19th-century currency system.
Wrong Lessons from Canada’s Private Currency, Part 1
The real lessons to be learned from Canada’s 19th-century currency system.
What Is a Government Worker Worth Without a Free Market?
Where are you more likely to earn a better salaried income, in the private sector or working for the government?
Making a Financial Choice: More Capital or More Government Control
The Federal Reserve’s monetary and regulatory policies were major contributors to the 2007-2009 Great Recession.
Defending The Innovative Uber Against The Predatory Government
No matter what the management troubles at Uber, it must be defended against any government tax grab or regulation potentially suffocating the company.
The Socialist Fallacy That Capitalism Creates Harmful Monopolies
The narrative of ‘the monopolist jacking up prices to exploit its customers’ only applies to government-granted monopolies, such as the postal service or many utilities.
Trump’s Anti-Capitalist Economic Trade Policies
Economic warfare threatens a downward spiral with reduced trade among nations, and declining standards of living from following this wealth-destroying path.
The Consumer Price Index: A False Indicator of Our Individual Costs-of-Living
A false guide for central bank monetary policy.
Government Regulations Protect Bad Banks From Competition
The best way to spur ethical conduct by banks—trading value for value with their customers—is to deregulate banking.
How the Fed’s Monetary Policies Caused the Great Recession
John Allison’s testimony before the Subcommittee on Monetary Policy and Trade, Committee on Financial Services, United States House of Representatives on March 16, 2017. Chairman Barr, ranking Member Moore, and members of the committee, thank you for inviting me...
Trumpcare: Different Plan, Same Problems
With his widely followed, and positively reviewed, address to Congress last week, President Trump showed how easy it could be to unite Washington around a big-budget centrist agenda on health care, immigration, taxes, infrastructure and the military. But the continued...
Laissez-Faire Capitalism Is The Political-Economic Foundation of Innovation
The only thing governments can do to facilitate innovation is to stay away from markets and allow companies compete and trade freely.
Economic Ideas: Karl Marx’s Misconceptions about Man and Markets
Though it may seem strange, Karl Marx was not always a communist. As late as 1842, when Marx was in his mid-20s, he actually said he opposed any attempt to establish a communist system. In October 1842, he became editor of the Rheinische Zeitung [the Rhineland Times],...
A Monetary Policy Primer, Part 9: Monetary Control, Today
Instead of endeavoring to influence a market-determined federal funds rate by reducing or increasing the supply of bank reserves, the Fed now adjusts a pair of rates determined solely by its own administrative decrees, while conducting open-market operations without any particular reference to these rate adjustments.
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