The media reported last week that real income for Americans fell sharply, largely due to the tax increase passed by Congress on Jan. 1. But then reporters gave their spin. One from Marketwatch reported, “Worst income in years doesn’t stop spending.” He added that consumer spending is all that matters because it represents “70% of […]
I quoted Adam Smith last night at a big debate on the “Fiscal Crisis” facing the West. Rollins College, in Winter Park, Fla., sponsored the debate between Charlie Rock and Eric Shulz, of the school’s economics department, and me. […]
Three federal crises are heading our way — the “sequester” battle on March 1, the end of the “continuing resolution” of the budget on April 1, and the next “debt-ceiling” debate around May 1. It could be a rocky spring on Wall Street. […]
“The triumph of persuasion over force is the sign of a civilized society.” In my pamphlet, “Persuasion vs. Force,” I made the point that when the U.S. president signs a bill forcing people to do things they don’t do voluntarily, it’s a sign of failure, not success, and Washington should be in mourning, not celebrating… […]
“Little else is required to carry a state to the highest degree of opulence but peace, easy taxes, and a tolerable administration of justice.” — Adam Smith
“If everyone enjoyed the unrestricted use of his faculties and the free disposition of the fruits of his labor, social progress would be ceaseless, uninterrupted, and unfailing.” — Frederic Bastiat, “The Law” (1850) […]
“You must trust and believe in people or life becomes impossible.”
— Anton Chekhov […]
Guns and ammo aren’t the only things Americans are buying in record amounts. Last week, the U.S. Mint announced that it has suspended sales of its 2013 American Eagle silver bullion coins after running out of stock due to soaring investor demand for the newly minted coins in the first two weeks of the year. […]
Today is Ben Franklin’s 307th birthday. What would this founding father extraordinaire, the first scientific American and financial guru say about America in 2013? As a sixth-generation grandson of the famous man, I imagined contacting the grandfather of our nation through modern technology and asking him directly. Here is the conversation: […]
I finished a productive trip to San Diego for the American Economic Association (AEA) meetings, where I met with several top economists, including Nobel Prize winners. One of the most popular sessions was a panel on the 100th anniversary of the Federal Reserve. […]
As we start a new year, I imagine, as John Lennon did in his famous song, a world of peace between nations, no major crimes or suicides, little inflation, low taxes and tolerable regulations. […]
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