One of the saddest quotes from the Vietnam War came from journalist Peter Arnett, who wrote in a dispatch in 1968 about an American attack on a Vietcong-held village: “It became necessary to destroy the town to save it.” As often happens with such quotes, they take on a second and even third life. Today, the Biden administration seeks to destroy the American economy ostensibly to save America from the dreaded climate change. No one advocating the so-called Green New Deal (GND) has put it quite like that. In fact, its advocates claim that not only will the GND give us better weather, but it...
The Media Is Lying To You About Inflation
With the recent rise in inflation—with subsequent increases in both consumer and producer price levels—one suspects that sooner or later people on the left either would downplay it or find a way to spin the bad news into something positive like an alchemist would want to spin straw into gold. Both accounts have arrived, thanks to the New York Times and the hard-left publication, The Intercept. The various accounts in the Times hardly are surprising, given the link the paper has to the nation’s political, economic, and academic elites, and given that these are the people that have created the...
Calling Out Paul Krugman’s Booms & Busts
That Austrians and Keynesians do not share many views on economics (or probably anything else) is obvious, so a difference of opinion between the two hardly should surprise anyone. However, it still is important to point out the differences between the two camps, especially at the current time when Keynesians are all the rage in Washington (When did they ever leave?) and especially in the Joe Biden administration and, of course, the editorial pages of the New York Times. Perhaps there is no greater difference between Keynesians and Austrians than their beliefs on economic booms. In short,...
Our Tower of Economic Lies
In a recent issue, Time Magazine boldly declared, “The Free Market Is Dead,” and then added: “What Will Replace It?” Of course, one always can expect Time to be disingenuous at best and dishonest at worst, and as an academic economist, I have come to realize that after reading Time off and on for more than five decades, this is a publication that rarely gets it right when it comes to economic analysis. Yet, we also are dealing with a publication that effectively reflects whatever the current spirit might be. In the mid-1980s, Time gave its readers the infamous cover condemning the...
The Prosecutors Are Coming
The violent protest at the U.S. Capitol on January 6 has long been over, but the upcoming Biden administration’s response to it is likely to do greater violence to the U.S. Constitution and the rule of law than anything the worst of the protesters could have accomplished. Thanks to the response of the George W. Bush administration and Congress to the 9/11 attacks almost two decades ago, Joe Biden’s prosecutors will have plenty of legal ammunition to go after their political enemies. It won’t stop with prosecuting people who broke into the Capitol. J.D. Tuccille writes: After the 9/11...
Woodrow Wilson: A President Worth ‘Canceling’
Princeton University has made it official: Woodrow Wilson’s name no longer will have any place on campus. The former president, or at least his memory, now is part of cancel culture, which is sweeping the nation. The Woodrow Wilson School of Public and International Affairs will replace the former president’s name with “Princeton,” and Wilson College now will be called First College. This hardly is surprising but in many ways discouraging, but not for reasons that many people might assume. Wilson did, after all, leave a sorry legacy of Jim Crow racial segregation and actively sought to...
Airline Bailouts Destabilize the Economy and Inflate Asset Prices
In the end, after all of the political posturing and all of the speeches and exhortations for Congress to “do something,” a $2 trillion “coronavirus stimulus” bill landed on the president’s desk for The Donald to sign. And sign he did, uttering all of the platitudes and everything else that comes with “historic” spending legislation that never should have seen the light of day. Although COVID-19 has helped expose vast weaknesses in public health systems in the USA, it also has shown that with much of corporate America, the emperor has no clothes. Although tracking where the money goes is not...
Socialism Always Fails
The Nation, which enthusiastically has supported every totalitarian communist regime that has existed in the past century (and that includes Pol Pot’s Cambodia and North Korea) is now firmly riding the Bernie Sanders bandwagon. This article, entitled “Why American Socialism Failed—and How It Could Prevail Today,” unwittingly gives away the mentality of American socialists which claims all economic issues as being “solved” by the implantation of socialism—regardless of the actual economic outcomes. Three years ago, I wrote “The End of Socialists is Socialism, Not Prosperity,” and this article...