The President wants to put another “F” in NAFTA. If its present form, NAFTA is anything but free trade. But Trump's proposed change would only make it worse. His fair trade addition is not trade benefiting consumers and producers alike. It is protectionism.
As Rothbard wrote, “For Greenspan, laissez-faire is not a lodestar, a standard, and a guide by which to set one's course; instead, it is simply a curiosity kept in the closet, totally divorced from his concrete policy conclusions.”
Opposing trade agreements is one thing. The real question is what replaces them. On this point, Trump has been very clear. He wants huge new taxes on trade. If he gets his way, the results could be catastrophic for prosperity, progress, and peace.
Why do performers and songwriters stay at it long after they have hits and plenty of royalties? Competition is the driving force. They want to test their talents against others seeking fame and fortune. So it has always been and always will be.
The European Central Bank intends to stop producing €500 banknotes. Getting rid of the bill, referred to by the sinister name ‘Bin Laden’, “will make life harder for criminals, raising their costs and increasing their detection risks." However, central bankers know getting rid of cash “would make it easier for central banks to invoke negative interest rates.”
A review of Chaos Monkeys: Obscene Fortune and Random Failure in Silicon Valley.
The true believers soaked up Trump’s magnetism and left with a glow that the election will be his (and theirs). The failures of past candidates and the unwieldy intransigence of government bureaucracy are completely forgotten.
The federal government has two million employees, most of whom a president can’t fire. And that’s not the half of it. “Post-1960 Federal America has become a grotesque Leviathan by proxy, in which an expanding mass of state and local government workers, for-profit contractors, and nonprofit grant recipients administers a vast portion of federal money and responsibilities,” writes John J.DiIulio Jr. for the Washington Post.
If Republican voters think a Trump presidency will be four to eight years of “The Apprentice” on steroids, with Trump telling those who disobey or slack off “You’re fired,” they are as delusional as their hero.
Jim Grant chronicles how the market works marvels if left alone.
The dominant narrative about the 2008 crash focuses anger on Wall Street, said to be the heart of capitalism, as the culprit. It's neither; government intrusion has shaped the housing market and our cities for decades.
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