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The Deterrence Illusion | Stanley Kober | Cato Institute: Commentary: "Much is made, for example, of the North Atlantic Treaty Organisation (NATO) invoking Article V — the famous 'three musketeers' pledge that an attack on one member is to be considered as an attack on all — following the terrorist attacks of September 11.
But the United States is the most powerful member of NATO by far. Indeed, in 2001, it was widely considered to be a hegemon, a hyperpower. Other countries wanted to be in NATO because they felt an American guarantee would provide security.
And yet it was the US that was attacked.
This failure of deterrence has not received the attention it deserves. It is, after all, not unique. The North Vietnamese were not deterred by the American guarantee to South Vietnam. Similarly, Hezbollah was not deterred in Lebanon in the 1980s, and American forces were assaulted in Somalia. What has been going wrong?"
Monday, June 28, 2010
Russ Feingold: In the News - Press Releases
Russ Feingold: In the News - Press Releases: "the right to bear arms is a fundamental right enjoyed by all Americans that cannot be infringed by the federal or state governments"
More info about his position is at http://en.wikipedia.org/wiki/Russ_Feingold#Gun_issues
More info about his position is at http://en.wikipedia.org/wiki/Russ_Feingold#Gun_issues
The Gulf Spill, the Financial Crisis and Government Failure | Gerald P. O'Driscoll Jr. | Cato Institute: Commentary
The Gulf Spill, the Financial Crisis and Government Failure | Gerald P. O'Driscoll Jr. | Cato Institute: Commentary: "Obviously, regulation failed. By all accounts, [the Minerals Management Service (MMS) of the Department of the Interior] operated as a rubber stamp for BP. It is a striking example of regulatory capture: Agencies tasked with protecting the public interest come to identify with the regulated industry and protect its interests against that of the public. The result: Government fails to protect the public. That conclusion is precisely the same for the financial services industry.
Financial services have long been subject to detailed regulation by multiple agencies. In his book on the financial crisis, Jimmy Stewart is Dead, Boston University Professor Laurence Kotlikoff counts over 115 regulatory agencies for financial services. If more hands in the pot helped, financial services would be in fine shape. Few believe such is the case."
"Government response to crises once they occur is slow and inept. All this is not because either Republicans or Democrats are in power, but because big government doesn't work. It can't deliver on its promises. Big government overpromises and underdelivers. In reaching to do more, big government accomplishes less. That is not an ideological statement, but an empirical observation."
"The complexity of rules is self-defeating, because that complexity requires more knowledge than can be acquired. Brazil has a simple rule for directors of failed banks: They are personally liable. That concentrates the mind of directors on reining in risk-taking by management more effectively than would creating a systemic-risk regulator."
Financial services have long been subject to detailed regulation by multiple agencies. In his book on the financial crisis, Jimmy Stewart is Dead, Boston University Professor Laurence Kotlikoff counts over 115 regulatory agencies for financial services. If more hands in the pot helped, financial services would be in fine shape. Few believe such is the case."
"Government response to crises once they occur is slow and inept. All this is not because either Republicans or Democrats are in power, but because big government doesn't work. It can't deliver on its promises. Big government overpromises and underdelivers. In reaching to do more, big government accomplishes less. That is not an ideological statement, but an empirical observation."
"The complexity of rules is self-defeating, because that complexity requires more knowledge than can be acquired. Brazil has a simple rule for directors of failed banks: They are personally liable. That concentrates the mind of directors on reining in risk-taking by management more effectively than would creating a systemic-risk regulator."
Supremes Say “Yes” To Guns � John Stossel
Supremes Say “Yes” To Guns � John Stossel: "But Chicago's Mayor Daley�said that if his gun ban is struck down:
'Access to guns will destroy America faster than any other war. Take Europe. Take Japan and other countries that don't have access to guns. They don't have the amount of killings.'
They don’t. But they also have different cultures. Just look at Switzerland, where�all men are expected to keep a machine gun at home --�they have a�far lower murder rate than the United States.
Comparisons across countries aren't very helpful, because there are many reasons why crime rates differ. It's more important to look at what happens before and after bans."
'Access to guns will destroy America faster than any other war. Take Europe. Take Japan and other countries that don't have access to guns. They don't have the amount of killings.'
They don’t. But they also have different cultures. Just look at Switzerland, where�all men are expected to keep a machine gun at home --�they have a�far lower murder rate than the United States.
Comparisons across countries aren't very helpful, because there are many reasons why crime rates differ. It's more important to look at what happens before and after bans."
Refusing to Be Counted - Vijay Boyapati - Mises Daily
Refusing to Be Counted - Vijay Boyapati - Mises Daily: "In 1943 the Census Bureau divulged data that was used to identify Japanese Americans, who were then confined in concentration camps for the remaining duration of World War II — a fact that was suppressed by the bureau for over 50 years.[8] More recently, the Census Bureau provided specially tabulated statistics to the Department of Homeland Security to help identify Arab Americans."
High Court’s Big Ruling For Gun Rights � Liveshots
High Court’s Big Ruling For Gun Rights � Liveshots: "In its second major ruling on gun rights in three years, the Supreme Court Monday extended the federally protected right to keep and bear arms to all 50 states. The decision will be hailed by gun rights advocates and comes over the opposition of gun control groups, the city of Chicago and four justices.
Justice Samuel Alito wrote for the five justice majority saying 'the right to keep and bear arms must be regarded as a substantive guarantee, not a prohibition that could be ignored so long as the States legislated in an evenhanded manner.'"
Justice Samuel Alito wrote for the five justice majority saying 'the right to keep and bear arms must be regarded as a substantive guarantee, not a prohibition that could be ignored so long as the States legislated in an evenhanded manner.'"
Supreme Court Super-majorities
With so many supreme court decisions being decided on a 5-4 basis, maybe such important changes shouldn't be so easy. Maybe the supreme court would have less contraversial decisions if a super-majority was required (i.e. at least 6-3). That would also reduce the impact that one president can have over the supreme court.
Senator Russ Feingold: The Control Spending Now Act
Senator Russ Feingold: The Control Spending Now Act: "For years, oil and gas companies have gotten huge taxpayer-funded giveaways in the form of subsidies to pay for their administrative costs, such as processing permits. There is no reason the taxpayers should be footing the bill for these companie"
Financial Lessons from 1946 | Jason E. Taylor | Cato Institute: Commentary
Financial Lessons from 1946 | Jason E. Taylor | Cato Institute: Commentary: "Keynesian economists of the day ([1946]) argued forcefully that if the government disbanded the army and stopped producing armaments, unemployment would rise back to Depression-era levels. Despite these protests, the government sent most soldiers home, canceled war contracts and removed wartime economic controls. Forecasts of economic Armageddon followed. In September 1945 forecasters predicted that the U.S. unemployment rate would rise to anywhere between 12% and 35%.
Despite these warnings government spending fell from $84 billion in 1945 to under $30 billion by 1946, and by 1947 the U.S. was running a budget surplus of close to 6% of GDP to pay off the debt it had accrued during the war. It was the 'Great De-stimulus' — the largest and fastest turnaround from deficit to surplus in history. And here's the kicker: Despite widespread predictions to the contrary, unemployment remained under 4.5% between 1945 and 1948.
How did this happen? Labor markets adjusted quickly and efficiently once they were finally unfettered. Most economists today acknowledge that constant intervention during the 1930s, particularly on wages, extended the length and depth of the Great Depression."
"the data show that despite the huge withdrawal of government stimulus from the economy, civilian employment grew by over 4 million between 1945 and 1947 at a time when Keynesian models forecast that it would drop like a stone.
The irony is that just three short years ago, Keynesian fiscal policy was considered an intellectual dead end. History (via a substantial body of empirical research) has shown that fiscal stimuli are a largely ineffective tonic for an ailing economy."
Despite these warnings government spending fell from $84 billion in 1945 to under $30 billion by 1946, and by 1947 the U.S. was running a budget surplus of close to 6% of GDP to pay off the debt it had accrued during the war. It was the 'Great De-stimulus' — the largest and fastest turnaround from deficit to surplus in history. And here's the kicker: Despite widespread predictions to the contrary, unemployment remained under 4.5% between 1945 and 1948.
How did this happen? Labor markets adjusted quickly and efficiently once they were finally unfettered. Most economists today acknowledge that constant intervention during the 1930s, particularly on wages, extended the length and depth of the Great Depression."
"the data show that despite the huge withdrawal of government stimulus from the economy, civilian employment grew by over 4 million between 1945 and 1947 at a time when Keynesian models forecast that it would drop like a stone.
The irony is that just three short years ago, Keynesian fiscal policy was considered an intellectual dead end. History (via a substantial body of empirical research) has shown that fiscal stimuli are a largely ineffective tonic for an ailing economy."
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