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“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, […]
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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 […]
“Pride proceedeth the fall.” — Proverbs 16:18 In the beginning of the new millennium, the 21st century, he was the toast of the town. He took a sleepy corporation and made it the most valuable company in the world, with a stock valuation exceeding $600 billion. The stock increased at annual rate of 21% during […]
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