GosFed Looming at the Fed?
“It’s easy to see why the comrades of Gosbank showed so little dissent. Say, or think, the wrong thing in the Soviet Union, and you risked a one-way ticket to Siberia. What in the world is GosFed’s excuse?” ~The New York Sun
Services Sector Expands Again in April
“The services sector expanded again in April, but logistical and labor issues as well as shortages of materials are boosting pressure on prices.” – Robert Hughes
“After the Revolution, You Will Like Going Camping!” G.A. Cohen’s Camping Trip Reconsidered
“This doesn’t require a thought experiment: people vote for capitalism and against socialism in droves by trying to move to freer and more prosperous countries. Socialists might have laudable goals like feeding, clothing, and sheltering everyone–and I agree with these–but I would no more suggest socialism to treat poverty and inequality than I would prescribe leeches, mercury, and bloodletting to treat cancer.” ~ Art Carden
Is This Our 1914 Moment?
“Last year’s government power-grabbing disasters could be the modern equivalent of 1914 – the war to end all wars, where ‘We’ll be back by Christmas’ is to be replaced by the ‘Two weeks to flatten curve,’ that unfathomably stretched into years or decades. It took Europe some 50 years to recover from that initial governmental blunder and in many ways it never did. Let’s hope that Trump and Biden are harmless Kennedys and not Herbert Henry Asquith, the British Prime Minister of 1914. I have my doubts.” ~ Joakim Book
Policy Uncertainty Causes Sundry Shortages
“Policymakers seem determined to force through as many policy changes as rapidly as possible, possibly in an attempt to create confusion over causes, much the way Covid and lockdowns became conflated in the public mind. They need to tread carefully, though, because our technological and military might will not save us if the core cause of our prosperity withers.” ~ Robert E. Wright
Imperial College Predicted Catastrophe in Every Country on Earth. Then the Models Failed.
“Why is Ferguson, who has a long history of absurdly exaggerated modeling predictions, still viewed as a leading authority on pandemic forecasting? And why is the ICL team still advising governments around the world on how to deal with Covid-19 through its flawed modeling approach? In March 2020 ICL sold its credibility for future delivery. That future has arrived, and the results are not pretty.” ~ Phillip W. Magness
Biden’s Infrastructure Boondoggle
“The immediate lesson from all of this is that Biden’s plan is a boondoggle waiting to happen (just as would have been the case with Trump). The longer-term lesson is that we should get the federal government out of the business of infrastructure.” ~ Daniel J. Mitchell
Auto Sales Hit highest Level Since 2005
“Light-vehicle sales rose again in April, moving above the recent range to the highest pace since 2005. The gain was broad-based across most segments and signals strength for consumer spending.” – Robert Hughes
From AI to UBI?
“AI cannot credibly justify a radical policy like UBI at this point. Misunderstanding AI adds to a natural fear of the unknown though we know that technological change always proves beneficial to the economy and that society will have ample resources to aid anyone who might be displaced by AI in the future. People should concentrate on how AI can automate mundane tasks and stop technological fear mongering. Your job, like the world, will still be here tomorrow.” ~ Robert E. Wright & Aleksandra Przegalinska
The Covid-19 Emergency Did Not Justify Lockdowns
“Whatever the novelty and dangers of Covid-19, the novelty and dangers of Covid-19 lockdowns are at least arguably of the same magnitude. The dismissal of the unknown possible horrors of lockdowns in order to focus attention exclusively on the unknown possible horrors of SARS-CoV-2 is as unjustified by science as it is unpardonable as policy.” ~ Donald J. Boudreaux
Manufacturing Survey Suggests Strong Demand, Materials Shortages, and Rising Prices
“The Institute for Supply Management survey of manufacturers suggests ongoing expansion for the sector in April, but also continued production and logistical issues as well as rising materials costs.” – Robert Hughes
Biden’s Agenda of “Democratic” Paternalism and Planning
“Joe Biden and Xi Jinping both believe that the national interest comes before the individual’s peaceful interest; that the collective take priority over the person; that the state must have the authority and power to assign and direct most or all aspects of people’s lives and actions; and that constitutional rules and procedures written on pieces of paper are less important than the implementing, imposing, and achieving of the purposes in ‘the plan.'” ~ Richard M. Ebeling
China Unleashes Financial Tech Crackdown
“This fintech crackdown could be emblematic of China’s authoritarian growing pains and it remains to be seen if they will even be able to balance economic progress with political control. This move will certainly have consequences for short-term investment and economic growth in China. Perhaps this is how the free world breaks China’s authoritarian model, by forcing them to increasingly compete on the open market or risk sliding into irrelevance.” ~ Ethan Yang
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