For much of the last century the United States was the world’s beacon for capitalism, but these days we’re far from such a lofty perch. Since the end of the Cold War, countries on both sides of the Iron Curtain have moved to reduce the role of government in the economy by changing the tax code as well as by privatizing government activities.Read more
A funny thing happened to our dysfunctional government. It functioned, unwittingly perhaps, but function it did. President Obama forced Republicans, unwilling to risk the political consequences of taking America over the fiscal cliff, to accept a $180 billion tax increase.Read more
Debtors of the world, unite—you have nothing to lose but your IOUs!
That seems to be what the Greeks are discovering—that they have less to lose by default, with all of its consequences, than by trying to be Germans.Read more
We’re all in this together. The globalized economy, that is. We Americans worry that the eurozone crisis has returned, and will abort our fragile recovery, while Europeans worry that America’s none-too-robust economy and its weak dollar will make it difficult for EU export industries.Read more
Financial Times: "Greece approves austerity bill on first reading"Read more
John Merline: "The Austerity Myth: Federal Spending Up 5% This Year"
Kevin Williamson: "Almost every organization present at OWS is explicitly communist or socialist."Read more
Last week there were four nights of rioting in London and other English towns and cities. I was shocked, but not surprised. The sense of incipient violence and a breakdown of society were high on my list of reasons why I left London and immigrated to the United States three years ago.Read more
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