“GDP is the X-ray of the economy; GO is the CAT-scan.” — Steve Forbes Yesterday, the Wall Street Journal published my op ed, “Recession Fears May Not Pass GO.” The Journal editors have published four of my articles on gross output (GO). They recognize it’s a vital new statistic that everyone should know about. If you […]
“He has erected a multitude of new offices, and sent hither swarms of officers to harass our people, and eat out of their substance.” — Declaration of Independence (1776) Last week, Senator Joe Manchin, the long-time dissenter from the radical Biden agenda, caved and decided to support the Biden-Schumer $370 billion boondoggle which carries the […]
Meeting with Ambassador Ron Spogli and President Emeritus Jim Doti in front of the Adam Smith statue at Chapman University. […]
You Blew It! The Use and Abuse of Foul Language “The subject skims the joy off the pan of conversation.” — John Steinbeck Every year, we invite a celebrity to speak at FreedomFest. Past celebrities have included William Shatner, George Foreman and Kevin O’Leary. This year, our celebrity was the English actor, comedian and producer John […]
“More recently, the emphasis has been on government expenditures as a balance wheel. Unfortunately, the balance wheel is unbalanced.” — Milton Friedman One of the big debates at this week’s FreedomFest is on supply-side economics and the Laffer curve. It pits Ben Stein against Art Laffer. In fact, the debate will take place today at […]
“Yet the award [the 1974 Nobel Prize in Economics] documented the beginning of a great shift toward a renewal in the belief in the superiority of markets…the eventual victory of this viewpoint was really a tale of two cities — Vienna and Chicago.” — Daniel Yergin and Joseph Stanislaw, The Commanding Heights (1998) “Hayek, Friedman, […]
Update on Recession Fears: Surprise on the Upside! “GDP is the X-ray of the economy, GO is the CAT-Scan.” — Steve Forbes In the face of a bear market on Wall Street and rising interest rates, I have some good news. Yesterday, the federal government (specifically the Bureau of Economic Research) released first-quarter 2022 Gross […]
“Inflation is never neutral.” — Ludwig von Mises “Inflation is like trying to catch a tiger by its tail.” — Friedrich Hayek Adam Smith, the founder of free-market economics, always taught that laissez faire capitalism would actually reduce inequality by dramatically improving the lives of the common man. He promised that his system of natural […]
“The Federal Reserve has been the greatest source of instability.” — Milton Friedman “Every recession in the United States has been caused by the Federal Reserve.” — Paul Krugman In 1974, the last time that we battled double-digit-percentage inflation, Harry Browne wrote a book entitled, “You Can Profit from a Monetary Crisis.” It became a […]
“There is a Scotsman inside every man.” — Adam Smith There’s more to a Scotsman than being a thrifty penny-pincher. They are also famous for shrewdly pursing their own self-interest. As economist Wesley Mitchell, the founder of the prestigious National Bureau of Economic Research (NBER), stated, a Scotsman is “a person who was intent primarily […]
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