The gold standard wasn’t suspended because it caused the Great Depression or bank failures, nor did it disappear in 1971 because it “didn’t work.” It’s been gone because fiscal alchemists couldn’t expand the gold supply as they expanded government.
Richard M Salsman
For religious reasons, mainly, conservatives like Dennis Prager are unable to defend capitalism. They share more premises with socialists-fascists than they admit, yet rightly recognize them as fellow religionists.
If history (especially more recent history) is a guide, U.S. equity gains over the next two years of full Democratic control will be inferior, a result that is more probable given that the party is currently more anti-business, anti-profit, and anti-capitalist than at any other time since 1970.
What explains today’s bi-partisan violence? When reason is out, persuasion and peaceful assembly-protest also are out. What remains is emotionalism – and violence.
If science had been followed in 2020 – in all fields – we’d be much healthier and wealthier than we now are. But control freaks have used Covid-19 to justify still more government controls, still more statism.
The ten varieties of anti-capitalism are anarchism, medievalism, nationalism, socialism, communism, fascism, populism, racism, environmentalism, and subjectivism.
Does capitalism exist in “varieties,” as scholars began to insist two decades ago, or is it a unique social system fundamentally unlike all others? If there is a “pure” form of capitalism, what alterations or transformations render it impure? How impure must it become before we should cease calling it capitalism and call it something else instead?
Anti-price gouging laws are not only unjust, but to the extent they cause shortages in emergencies they also deprive people of things they need badly and would be willing to pay more for.
The “we fallacy” is ubiquitous, especially among professors, politicians, policy wonks, and pundits. The fallacy of “we” is a form of the fallacy argumentum ad populum or “appeal to the people,” to “popular opinion.”
Capitalism (and economic analysis) requires reason, not faith, facts, not what feels good. The supply side is the right side, but the Pollyannas must cease their bias and at least try becoming more objective. They must defend the right policies, not merely those imposed by politicians they deem to be in the right because they are on the right.
The point of the principle of indivisibility is to remind us that the various freedoms rise or fall together, even if with various lags, even if some freedom, for a time, seems to be rising as others fall; in whatever direction the freedoms move, eventually they tend to dovetail.
There are three main types of governance: public governance, private governance, and personal governance. Think of these as “the 3 Ps of governance.”
Today it’s no mystery why non-sober Keynesians like Paul Krugman might love the demand-side, anti-capitalist, Trump-Kudlow policy mix, or why Trump foes might eagerly insist that the economy remain closed, not to preserve the nation’s health but to dissipate its wealth (and the probability of Trump’s re-election). But why would Trump do this? It seems politically suicidal.
To the extent capitalism fosters the creation of wealth – a truth denied today only by the hopelessly biased – it also fosters the creation of health.
Libertarians are right that the size, scope and power of government expand amid crises, but there’s no necessity to this, as they assume, and they have no remedy – even during crises – because they hate the state more than statism; but a new book takes a better approach.
The false principle that fueled Trump’s trade war relates closely to his authoritarian response to the Wuhan (Covid-19) virus.
Evidence is mounting that the Wuhan China virus (“COVID-19”) won’t prove as deadly as first projected; yet there’s still a high level of hysteria and an ominous spread of deleterious economic and public health policies, amounting to incarceration (indiscriminate quarantines), monetization (redistribution of wealth), and nationalization (socialism/fascism). What’s needed instead – if health and wealth are desired – is deregulation, tax relief, and capitalism.
Judy Shelton is a high-class, high-quality economist, who should join the Fed not so much to burnish its image but to keep it at least a little bit honest and real. The Fed today doesn’t really deserve Shelton, but Shelton deserves a top place at the Fed.
Voice of Capitalism
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