Mish's Global Economic Trend Analysis: Ho Hum - Fiscal Cliff Deal Stalls - Republicans Offer More and More Concessions; Poison Pill Nonsense

Mish's Global Economic Trend Analysis: Ho Hum - Fiscal Cliff Deal Stalls - Republicans Offer More and More Concessions; Poison Pill Nonsense: "Every compromise to date leaves the US worse off than if the fiscal cliff happens. Thus, the best hope still remains that all compromises fail."

Arizona sheriff plans to put armed posse at schools | Fox News

Arizona sheriff plans to put armed posse at schools | Fox News: "The posse has the same training regarding guns as our regular deputy sheriffs, over 100 hours of training, plus refresher courses,"

"Arpaio has used similar volunteer groups to patrol malls over the holidays. Posse members arrested 31 people this year, and the sheriff thinks their presence may deter criminal activity."

Did Prohibition End Alcohol Abuse? | Kirk Cameron

Did Prohibition End Alcohol Abuse? | Kirk Cameron: "Prohibition became a notorious example of what happens when we attempt to legislate the actions of the human heart. Alcohol abuse was not ended and organized crime was given the stimulus it needed to thrive. The answer for alcohol abuse is the same answer for gun abuse — the gospel of Christ."

"Even though it is against the law, murder continues."

Why is it effective to legislate against murder but not alcohol abuse? Would it be effective to legislate against abortion?

Criminals and the "gun show loophole"

USConcealedCarry.com: "a 5-year nationwide study by the FBI of over 800 incidents involving the most dangerous armed street criminals, and concluded: “Contrary to media-generated myth, not a single weapon in the study was purchased at a gun show.”"

Guns Are Not the Problem, People Are | Campaign for Liberty

Guns Are Not the Problem, People Are | Campaign for Liberty: "There is already an assault weapons ban enacted there, and obviously it did not stop Adam Lanza from obtaining weapons. To illustrate the point, consider that cocaine is 74% cheaper today than it was 30 years ago, despite the $20-25 billion dollars per year the Government has spent trying to stop its entry into the country. Making something illegal does not stop it from getting into the hands of those who desire it."

"Every day, we make choices that expose us to extreme danger.  Acts like merging onto the highway, standing next to a forklift operator, even turning on a light switch or stepping onto an elevator require a high level of trust in the benevolence of an unknown stranger; our lives literally depend on them doing the right thing."

"we should instead look within.  Are we being compassionate towards those around us?  Are we treating each other with respect and dignity?"

A New Republican Agenda for the Future | Doug Bandow | Cato Institute

A New Republican Agenda for the Future | Doug Bandow | Cato Institute: "Washington’s wild spending, huge deficits, and massive unfunded liabilities are the most important challenge today. However, the Republican Party gave away that issue under George W. Bush and the Republican Congress."

"their argument against tax hikes is not hatred of government, but recognition that Washington wastes money prodigiously"

"Republicans should promise there will be no more interminable wars for democracy promotion and nation-building in the future"

"The GOP should support an increase in legal immigration, long a plus to American society"

"The desire was not to ensure access to contraception, which is inexpensive and widely available, but to force those who oppose the practice to pay for it. That is, the mandate is an aggressive, offensive use of the state against a fundamental freedom."

"The principle is simple: If you choose to have sex, you share responsibility for any life that results. The debate should be over what that responsibility entails. The purpose of an abortion ban is not to impose values but to protect life and choice by ensuring responsibility."

"Every few years someone writes the political obituary of one of the major parties. Doing so always ends up being premature."

All about Taxes | Michael D. Tanner | Cato Institute

All about Taxes | Michael D. Tanner | Cato Institute: "But there is a profound lack of curiosity when it comes to the other half of this supposed bargain. Remember that hypothetical deal of $1 in tax increases to $10 in spending cuts? Republicans are still being asked about it and criticized for rejecting it. But balancing the budget under that formula would require $9 trillion in spending cuts over the next ten years. When was the last time the president or a Democratic congressman was asked whether or not they would agree to such a deal?"

"it’s worth noting that more than half of Democratic congressmen and eleven senators have signed a pledge to oppose any changes to Social Security or Medicare. If pledges are the root of all evil, couldn’t we pause for just a moment in our attempts to run Grover Norquist out of town to work up the tiniest bit of outrage about this one?"

"The president’s most recent budget calls for $2.6 in increased spending between now and 2022. That’s $1 trillion more than the $1.6 trillion that the president has called for in new taxes. Therefore, the tax hikes would not be used to reduce the deficit, but to finance new spending."

The No-Tax-Hike Pledge Is an IQ Test for Republicans | Daniel J. Mitchell | Cato Institute

The No-Tax-Hike Pledge Is an IQ Test for Republicans | Daniel J. Mitchell | Cato Institute: "taxation — one of the fundamental responsibilities of government"

Taxation is a responsibility?!?!?!? Silly me -- I always thought it was considered a "necessary evil" to accomplish the real responsibilities of government (like protecting people).

Thinking Big on Trade Policy | Cato Institute

Thinking Big on Trade Policy | Cato Institute: "Negotiating trade agreements with certain countries, but not others, is not really “free” trade. Rather, it is “preferential” or “discriminatory” trade."

"one of the biggest complaints our trading partners have relates to subsidies to U.S. agricultural producers"

An Age of Illusionists | Steve H. Hanke | Cato Institute

An Age of Illusionists | Steve H. Hanke | Cato Institute: "For purposes of evaluating federal projects, the OMB requires that an excess burden of 20% be employed. A wide range of scholarly research indicates that the average excess burden of the federal tax system is actually closer to 35%. Accordingly, the real economic cost of a dollar’s worth of federal spending is $1.35, not $1.00."

Plea from Chinese labor camp found in Halloween decorations | Fox News

Plea from Chinese labor camp found in Halloween decorations | Fox News: "found the letter tucked in between two Stryofoam headstones when she opened it in October, The Oregonian reports.

“If you occasionally buy this product, please kindly resend this letter to the World Human Right Organization,” the unsigned letter read. “Thousands people here who are under the persicution [sic] of the Chinese Communist Party Government will thank and remember you forever.""

Iowa high court says bosses can fire workers who they consider an 'irresistible attraction' | Fox News

Iowa high court says bosses can fire workers who they consider an 'irresistible attraction' | Fox News: "The Iowa Supreme Court says a dentist did not commit gender discrimination when he fired an attractive female assistant he viewed as a threat to his marriage."

Massad Ayoob » Blog Archive » UNDERSTANDING BOTH SIDES

Massad Ayoob » Blog Archive » UNDERSTANDING BOTH SIDES: "he appointed to lead a supposedly impartial fact-finding commission none other than long-time gun ban advocate Joe Biden, which is rather like appointing the leader of the Westboro Baptist Church as chair of a committee to study gay rights."

"The general consensus of cops and criminologists is that a decade of the Clinton Assault Weapons Ban proved absolutely meaningless as a “crime-stopper.” That law was in full sway when the Columbine High School massacre was perpetrated."

"in 2010 more murders were documentably committed by bare hands and stompings (745) than with rifles (358) of all types"

A Call to Duty | USConcealedCarry.com - USConcealedCarry.com

A Call to Duty | USConcealedCarry.com - USConcealedCarry.com: "We are clearly in an improved state of readiness since Columbine, but every mass murder committed since then has proven that just responding to the shootings has not been enough.  In the vast majority of these cases, it is all over by the time we get there."

"This is the first mass murderer to overcome a target-hardened school, and we knew that it wouldn’t be hard in a teacher-controlled setting."

"instead of volunteering to coach school teams, we should be volunteering to guard school teams"

Libertarians and Right to Work Laws | Cato @ Liberty

Libertarians and Right to Work Laws | Cato @ Liberty: "Rather than prohibiting voluntary union-shop agreements between employers and unions, a state legislature could pass a bill simply declaring that the NLRB had no jurisdiction in that state."

"federal labor law gives unions the power to negotiate for the whole labor force in a plant or a firm. That’s monopoly."

Man with board labeled 'high-powered rifle' arrested at Sandy Hook Elementary in Virginia | Fox News

Man with board labeled 'high-powered rifle' arrested at Sandy Hook Elementary in Virginia | Fox News: "Christopher Gerrit Johnson, 33, walked into Sandy Hook Elementary School in Strasburg with the board Wednesday afternoon in an apparent attempt to make a statement about school safety."

Marine vet of Iraq war takes up self-imposed duty at Calif. school in wake of Conn. shooting | Fox News

Marine vet of Iraq war takes up self-imposed duty at Calif. school in wake of Conn. shooting | Fox News: "A Marine veteran of Iraq and Afghanistan took up self-imposed duty in front of a central California elementary school in the wake of the Connecticut shooting.

Hughson Elementary School Principal Laura Fong said Sgt. Craig Pusley stood all day Wednesday in fatigues in front of the flag pole at the school just southeast of Modesto. He was not armed."

9 Must-See Gun Control Statistics Independent Journal Review

9 Must-See Gun Control Statistics Independent Journal Review: "With just one single exception, the attack on congresswoman Gabrielle Giffords in Tucson in 2011, every public shooting since at least 1950 in the U.S. in which more than three people have been killed has taken place where citizens are not allowed to carry guns."

Mass killings occur in USA once every two weeks

Mass killings occur in USA once every two weeks: "A third of mass killings didn't involve guns at all."

"When guns were involved, killers were far more likely to use handguns than any other type of weapon."

"mass killings still accounted for only a tiny fraction — about 1% — of all the Americans who were murdered"

"more died from migraines and falling out of chairs than were murdered by mass killers"

"Three times as many people perished from sunstroke."

Federal Assault Weapons Ban - Wikipedia, the free encyclopedia

Federal Assault Weapons Ban - Wikipedia, the free encyclopedia: "Semi-automatic rifles able to accept detachable magazines and two or more of the following:

• Folding or telescoping stock
• Pistol grip
• Bayonet mount
• Flash suppressor, or threaded barrel designed to accommodate one
• Grenade launcher (more precisely, a muzzle device that enables launching or firing rifle grenades, though this applies only to muzzle mounted grenade launchers and not those mounted externally).

Semi-automatic pistols with detachable magazines and two or more of the following:

• Magazine that attaches outside the pistol grip
• Threaded barrel to attach barrel extender, flash suppressor, handgrip, or suppressor
• Barrel shroud that can be used as a hand-hold
• Unloaded weight of 50 oz (1.4 kg) or more
• A semi-automatic version of a fully automatic firearm.

Semi-automatic shotguns with two or more of the following:

• Folding or telescoping stock
• Pistol grip
• Fixed capacity of more than 5 rounds
• Detachable magazine."

Why are all of those "assault" features? Why do they make it more dangerous?
In what mass murder was a bayonet, flash suppressor, or barrel shroud a factor? Why does it matter if it is a semi-automatic version of a fully automatic firearm?

Obama backs new assault weapons ban

Obama backs new assault weapons ban: "Obama would back proposals to close the "gun show loophole," which allows people to buy weapons without background checks."

What does the research say about how much of a problem this is? What percent of crimes with guns had the gun obtained from a gun show (or any private transaction)?

"We ban about 100 weapons by names"
So if they just change the name then the weapon is ok? It seems illogical to ban by name. The only benefit that I can see is political.

Disarming the Myths Promoted By the Gun Control Lobby - Forbes

Disarming the Myths Promoted By the Gun Control Lobby - Forbes: "Newsweek has reported that law-abiding American citizens using guns in self-defense during 2003 shot and killed two and one-half times as many criminals as police did, and with fewer than one-fifth as many incidents as police where an innocent person mistakenly identified as a criminal (2% versus 11%)."

"many states fail to provide mental health records to the federal computerized background check system"

"somewhere between 830,000 and 2.45 million U.S. defensive gun uses annually"

Active shooters in schools: Should teachers be trained by police firearms instructors?

Active shooters in schools: Should teachers be trained by police firearms instructors?: "Every school in the nation conducts two or three fire drills per year, despite the fact that not one single child has died from a school fire anywhere in North America in well over a half a century.

Yet, we almost universally ignore the threat which really is claiming the lives of our kids — active shooters"

Scissors save premature baby's life | Fox News

Scissors save premature baby's life | Fox News: "she was so tiny doctors did not know if they should try to save her.

But when they put her on the scales she weighed 1 pound, the minimum weight for a baby to be considered viable — so they fought for her.

Only when she was safely on a ventilator did doctors discover the scissors had been accidentally left on the scales, and that 8-inch Maddalena in fact weighed only .84 pounds, or about 13 ounces.

The lucky baby has now been discharged from the Royal Sussex Hospital and is expected to grow into a healthy child."

The Real Problem with a Secretary of State Susan Rice | Benjamin H. Friedman | Cato Institute

The Real Problem with a Secretary of State Susan Rice | Benjamin H. Friedman | Cato Institute: "Those suggesting that there’s a cover-up have not explained how hiding terrorism would have benefited the White House, given that terrorism typically helps incumbent presidents, especially ones that benefit from talking about dead terrorists rather than unemployed Americans."

Israel's Hamas Policy Threatens Permanent War | Doug Bandow | Cato Institute

Israel's Hamas Policy Threatens Permanent War | Doug Bandow | Cato Institute: "Justified as denying Hamas construction materials and the like, the blockade enriches the movement, which taxes goods smuggled in. Wrecking the civilian economy weakens the private business community, which has the greatest interest in peaceful accommodation with Israel."

"Israel’s attacks are disproportionate. Israel has a long history of attacking civilians as a matter of policy."
I thought rockets from P.A. were aimed at civilian areas? :-/

"What popular support Hamas has lost from misgovernment it has regained by seeming to defend Palestinians. Hamas forced Israel to negotiate: the cease-fire requires talks on increasing the freedom of movement for people and goods and ending targeted assassinations."

In Defense of 'Vulture Funds' | Richard W. Rahn | Cato Institute

In Defense of 'Vulture Funds' | Richard W. Rahn | Cato Institute: "Argentina issued U.S. dollar-denominated bonds subject to U.S. law because most international bond buyers would not have been willing to buy Argentine currency bonds subject to the Argentine courts."

"Here is where the “vulture funds” come in. They are run by entrepreneurs who are willing to take very high risks by buying the defaulted debt of the corrupt or mismanaged country at deep discounts (usually after the original bondholders have fled) and, at times, use the court systems around the world to seize assets of the deadbeat countries as a way of pressuring them to pay their debts. Last month, one of the Argentine creditors managed to legally hold an Argentine naval training vessel (a large, beautiful, classic, four-masted sailing ship) that had docked in Ghana.

Those who buy the discounted bonds of countries in default in the secondary market do so to make a profit, but they often need to hold the debt for many years and engage in long and expensive court battles with an uncertain outcome."

"Several of the often disparaged vulture funds have track records of helping to bring corrupt government leaders to heel by insisting that governments pay what they promised. By creating precedents, they have reduced risk and borrowing costs for all."

The Financial Crisis and the Bank Deregulation Myth | John A. Allison | Cato Institute

The Financial Crisis and the Bank Deregulation Myth | John A. Allison | Cato Institute: "We do not live in a free market. We live in a mixed economy. The technology industry is largely unregulated and as a result has performed well through various economic cycles. Financial services is the most regulated industry in the world, and since it is, it’s not surprising that the industry has been so troubled."

Concealed Carry Hero at Portland Mall - The Full Story

Concealed Carry Hero at Portland Mall - The Full Story: "Knowing he had an armed person in the mall and that this was no longer his gun-free zone, the gunman avoided the Macy's Home Store and ended his rampage by fleeing to a service corridor and into the stairwell to the lower level."

Neighbor describes taking 6 young Sandy Hook survivors into his home | Fox News

Neighbor describes taking 6 young Sandy Hook survivors into his home | Fox News: "He took the children in, gave them juice and stuffed animals, called their parents and listened to them describe the ordeal.

They said the shooter had a big gun and a little gun. Another boy provided a moment of levity when he said: "Just saying, your house is very small.""

Obama's Economic War on Women - Gregory Cummings - Mises Daily

Obama's Economic War on Women - Gregory Cummings - Mises Daily: "if women receive equal direct wages and increased indirect benefits (such as maternity-leave supplements, for example) it will also be more cost effective to hire men instead of women. The net effect is increased female unemployment."

"In the presence of equal-pay-for-equal-work legislation, the employer in our example would be wise to hire another male employee."

"while equal-pay-for-equal-work legislation is proposed in the United States in order to protect women workers, it has been used in South Africa as a means of protecting white unionists from the competition of lower-paid black workers. It cannot simultaneously achieve both goals."

"The mythical "sexist pig" employer would soon go the way of the dodo, courtesy of market forces. If he were stupid enough to hire a male when he could have employed an equally productive female for less money (because of the pay "gap"), his gender-blind competitors would hire her, and price him out of the business."

(1997) MS School Principal Captures Mass Murderer With His .45 | Guns Save Lives

(1997) MS School Principal Captures Mass Murderer With His .45 | Guns Save Lives: "There is simply no telling how many lives were saved by this educator who took steps to make sure that he was prepared for any situation and to use a weapon when it was necessary to save the lives of others."

Big 10 Expansion Has Unseemly Side | Neal McCluskey | Cato Institute

Big 10 Expansion Has Unseemly Side | Neal McCluskey | Cato Institute: "Funding has dipped on a per-pupil basis, but largely because we have seen huge enrollment increases. And for roughly every dollar cut, schools have raised prices about two dollars."

Massad Ayoob » Blog Archive » AGAINST MONSTERS

Massad Ayoob » Blog Archive » AGAINST MONSTERS: "if we simply prepared teachers to handle this type of crisis the way we teach them to handle fires and medical emergencies, the death toll would drop dramatically.  We don’t hear of mass deaths of children in school fires these days: fire drills have long since been commonplace, led by trained school staff, not to mention sprinkler systems and smoke alarms and strategically placed fire extinguishers that can nip a blaze in the bud while firefighters are en route.  In the past, if someone “dropped dead,” people would cry and wring their hands and wail, “When will the ambulance get here?” Today, almost every responsible adult knows CPR; most schools have easily-operated Automatic Electronic Defibrillators readily accessible; and a heart attack victim’s chance of surviving until the paramedics arrive to take over is now far greater.

The same principle works for defending against mass murders"

"After the Ma’alot massacre in 1974, Israel instituted a policy in which volunteer school personnel, parents, and grandparents received special training from the civil guard, and were seeded throughout the schools armed with discreetly concealed 9mm semiautomatic pistols.  Since that time, there has been no successful mass murder at an Israeli school, and every attempt at such has been quickly shortstopped by the good guys’ gunfire, with minimal casualties among the innocent.  Similar programs are in place in Peru and the Phillippines, with similarly successful results."

Texas School District Will Let Teachers Carry Guns | Fox News

Texas School District Will Let Teachers Carry Guns | Fox News: "We have had employees assaulted before by people in the last several years,"

"The Texas superintendent linked gun-free zones with the uprising of school shootings in recent years.
"When you make schools gun-free zones, it's like inviting people to come in and take advantage,""

"the small community is a 30-minute drive from the sheriff's office, leaving students and teachers without protection. He said the district's lone campus sits 500 feet from heavily trafficked U.S. 287, which could make it a target."

"In Utah, the law allows anyone with a permit to carry a gun in public schools and state institutions of higher education."

Misreading the Fiscal Cliff | Michael D. Tanner | Cato Institute: Commentary

Misreading the Fiscal Cliff | Michael D. Tanner | Cato Institute: Commentary: "In fact, the president's proposed tax hike doesn't even cover the $2.6 trillion in spending increases that he has called for over the next ten years."

"Great Britain hiked its top tax rate from 40 to 50 percent in 2010 as part of a deficit-reduction package. The tax hike was supposed to raise an additional £2.4 billion in 2010–11, but actually brought in £5 billion less than was expected without the rate rise (Britain cut tax rates again in the 2012 budget)."

"President Obama claims that his plan includes spending cuts — in fact, $3 in spending cuts for every $1 in tax hikes. But he hasn't actually offered any details beyond smoke and mirrors. The president's plan, for example, includes $1 trillion in spending cuts that were already agreed to as part of the 2011 debt-ceiling deal, a neat exercise in double-counting. He also includes savings from not fighting a war in Iraq or Afghanistan after 2014, money that was never going to be spent in the first place. And, finally, he includes $634 billion in savings from not having to pay interest on the phantom spending he's cut. More realistic estimates suggest that the president is actually proposing almost $3 in tax hikes for every $1 in spending cuts.

Even those spending cuts are not real cuts, in the sense of less money being spent, but simply reductions in the baseline rate of increase. And while the president's proposed tax hikes would go into effect immediately, the spending cuts are pushed off into the dim and distant future. In fact, according to recent reports, the president actually wants new stimulus spending in the short term, to be followed by spending cuts once the economy has bounced back."

"But once again, not only did the spending cuts fail to materialize, spending actually increased"

"the 2011 deal to increase the debt limit promised $1 trillion in spending cuts, even before the upcoming sequester. Instead, spending since then has increased by $132 billion"

Opinion: Deterring the nuclear option - Sen. Rand Paul - POLITICO.com

Opinion: Deterring the nuclear option - Sen. Rand Paul - POLITICO.com: "I want the Senate to consider a new rule stripping the majority leader of the power to prevent amendments to bills. This is a “filibuster reform” that all should support, because on the vast majority of bills, Sen. Reid forbids amendments. By forbidding amendments, he is essentially filibustering himself."

Speed camera gives ticket to stationary car | Technically Incorrect - CNET News

Speed camera gives ticket to stationary car | Technically Incorrect - CNET News: "one of those reviews involves an actual police officer who must swear that this car was going at least 12 mph over the limit.
Oh, and he or she must swear it "based on inspection of the recorded images.""

Numbers and wording can make so-so news sound so outrageous - Chicago Tribune

Numbers and wording can make so-so news sound so outrageous - Chicago Tribune: "With regard to income inequality, virtually all headlines and stories focus on gross income rather than income after taxes (on average, paid by the rich) and government transfers (on average, received by the poor). And they are not adjusted for the number of members of a household (there are more people in upper-income households), age and other variables. Raw comparisons — in every sense of the word."

Why Some Conservatives Oppose Vouchers | Andrew J. Coulson | Cato Institute: Commentary

Why Some Conservatives Oppose Vouchers | Andrew J. Coulson | Cato Institute: Commentary: "Medical researchers go to a lot of trouble to test a new drug. They record exactly what they're administering, how often, and in what quantity. They solicit volunteers and randomly give the drug to some but not others. Thanks to decades of these randomized experiments, "House," "Doc Martin," and even your local GP have at least a clue as to what works and what doesn't.

As I've just argued elsewhere, most education policy advocacy is quackery by comparison."

"When we review natural experiments in education policy fromthe 5th century BC to the present, and in dozens of countries in the modern world, clear patterns emerge. It turns out that education is generally most effective, efficient, harmonious, and responsive to families when educators are freed from government regulations, families choose from among a variety of schools, schools vie with one another to attract and serve children, and parents pick up at least some of the cost directly themselves—in essence, a free education marketplace.

But the historical and international evidence also indicates that government funding of private schools tends to bring with it a pall of regulation that grows over time; and schools hamstrung with this red tape underperform those that give educators and families more freedom."

No Internet deal reached at United Nations summit | Politics and Law - CNET News

No Internet deal reached at United Nations summit | Politics and Law - CNET News: "an alliance of western democracies including the United States, the United Kingdom, and Canada today rejected a proposed treaty over concerns it hands repressive governments too much authority over the Internet.
"This conference was never meant to focus on Internet issues," said ambassador Terry Kramer, head of the U.S. delegation to the Dubai summit. "The Internet has given the world unimaginable economic and social benefit during these past 24 years -- all without U.N. regulation." "

"the House of Representatives unanimously approved a resolution last week aimed at sending a strong message to the ITU. It said, in part, that "the consistent and unequivocal policy of the United States [is] to promote a global Internet free from government control." "

Let's Hear It for Scandal! | Gene Healy | Cato Institute: Commentary

Let's Hear It for Scandal! | Gene Healy | Cato Institute: Commentary: "The scandal-packed Watergate period ... helped spur reforms like the War Powers Resolution, the Privacy Act and the Foreign Intelligence Surveillance Act, which, while imperfect, at least began to address the problem of unchecked executive power."

Liberal Leaders Flunk Math | Richard W. Rahn | Cato Institute: Commentary

Liberal Leaders Flunk Math | Richard W. Rahn | Cato Institute: Commentary: "Most economists refer to themselves as Keynesian, monetarist, classical or Austrian — at least in part. None of these theories advocates increasing tax rates, particularly on labor and capital, during periods of economic stagnation, such as the United States is now experiencing."

"If you tax something you will get less of it, and if you subsidize something you will get more of it. If you increase the tax on labor and capital, you will get less — and economic growth requires more labor and capital, not less."

The Bottom Line on Sequestration | Christopher Preble | Cato Institute: Commentary

The Bottom Line on Sequestration | Christopher Preble | Cato Institute: Commentary: "But the cuts are modest: over the next decade, the federal government will spend about $44 trillion with sequestration, $45 trillion without."

"The Pentagon cuts currently under consideration are small relative to its gargantuan budget, and consistent with those of past post-war draw downs."

Right to Work in Michigan?! | Campaign for Liberty

Right to Work in Michigan?! | Campaign for Liberty: "Michigan Campaign for Liberty has led the charge for this bill"

Why is a liberty group trying to interfere with agreements between private individuals? If a company owner wants to require union membership for employees then why should the government prevent that?

Competing Currencies: Freedom from the Dollar Monopoly | Campaign for Liberty

Competing Currencies: Freedom from the Dollar Monopoly | Campaign for Liberty: "it is morally wrong to use inflation to fund the Government, because it disproportionately affects the poor and middle class, while the rich and powerful are largely exempt"

Throwing Promises Off The Cliff | Campaign for Liberty

Throwing Promises Off The Cliff | Campaign for Liberty: "Contrary to what many may believe, the pledge is not an oath to Norquist or to Americans For Tax Reform – it is a promise to the constituents of the lawmaker’s district. "

Ownership of the Product by Capitalists - Murray N. Rothbard - Mises Daily

Ownership of the Product by Capitalists - Murray N. Rothbard - Mises Daily: "The capitalists, therefore, made an essential contribution to production. They relieved the owners of the original factors from the necessity of sacrificing present goods and waiting for future goods. Instead, the capitalists have supplied present goods from their own savings (i.e., money with which to buy present goods) to the owners of the original factors. In return for this supply of present goods, the latter contribute their productive services to the capitalists, who become the owners of the product. More precisely, the capitalists become the owners of the capital structure, of the whole structure of capital goods as they are produced. "

Can We Become Americans Again? | Nat Hentoff | Cato Institute: Commentary

Can We Become Americans Again? | Nat Hentoff | Cato Institute: Commentary: "On Sept. 12, 2001, President George W. Bush assured us: "We will not allow this enemy to win the war by changing our way of life or restricting our freedoms."

The enemy has certainly tried, but it was President Bush, following the advice of Dick Cheney and Donald Rumsfeld, who began the extensive attack on our individual liberties through the Patriot Act, which passed on Oct. 26, 2001.

Then, President Barack Obama went far beyond his predecessor's administration to become the most destructive uprooter of our Constitution in our nation's history."

"But never did I even imagine that an American president, without insuring due process in a court of law, would — as Obama does — use a kill list to target suspected terrorists for assassination. So far this list has also included three American citizens."

"throughout the long, fiercely divisive presidential and Congressional campaigns, there were hardly any references to Obama's persistent contempt for the Constitution. This was the case among loyal Obama Democrats, of course, but also among Republicans and independents."

Texas burglary suspect calls 911 on homeowner with gun | Fox News

Texas burglary suspect calls 911 on homeowner with gun | Fox News: "the suspect, later identified as 41-year-old Christopher Lance Moore, also called for help while sitting in his pickup truck.

"I'm out in the country somewhere and some guy's got a gun on me," he said on the call.

When deputies arrived they arrested Moore for burglary of habitation, a second-degree felony."

Four Easy Ways for Republicans to Attract Immigrant Voters | Jim Powell | Cato Institute: Commentary

Four Easy Ways for Republicans to Attract Immigrant Voters | Jim Powell | Cato Institute: Commentary: "Consider that in the decade between 1900 and 1909, a near record 8.2 million immigrants arrived at our shores. About the only immigrants denied entry into the United States were those believed to have a disease or a criminal record."

What happened "Give me your tired, your poor,
Your huddled masses yearning to breathe free,
The wretched refuse of your teeming shore.
Send these, the homeless, tempest-tost to me,
I lift my lamp beside the golden door!"?

Why don't we freely open our doors to those looking for freedom?

Federal food law has some Oregon school cooks steaming | Fox News

Federal food law has some Oregon school cooks steaming | Fox News: "Cooks are spending more time on the paperwork that reports the nutritional content of their meals and less time at the stove.

The Eugene Register-Guard reports that at the McKenzie Elementary School in rural Lane County, the cook is offering fewer options in entrees and is probably going to use more heat-and-serve meals rather than those cooked from scratch."

Can you say "unintended consequences"?

Misdiagnosing the Stagnation | Richard W. Rahn | Cato Institute: Commentary

Misdiagnosing the Stagnation | Richard W. Rahn | Cato Institute: Commentary: "he is ignoring the fact that much, if not most, of government spending does not meet the test of the highest and best use for the money. It does not even meet a much lower standard of spending benefits exceeding their costs."

"There is an enormous body of empirical evidence from around the globe showing that a country or a state cannot tax itself to prosperity, but many continue to be deaf to these lessons."

"mortgage rates have been driven down to the point where a 15-year mortgage can be acquired for an interest rate almost identical to the rate of inflation. In other words, the money is, in effect, free to the borrower, who also gets to deduct the interest cost from his taxes.

On the other side of the equation, those who are responsible and save are receiving virtually nothing on their savings accounts, money market funds, etc. The 10-year government bond is now providing a return of only 1.6 percent, well under the rate of inflation. Artificially low interest rates for savers engineered by the Fed have the same destructive effect as a high tax rate on savings. Homebuyers are being subsidized at the expense of those whose savings ought to be more productively invested in new technologies and new jobs."

Obama's Soak-the-'Rich' Tax Hikes are Worse than the Fiscal Cliff | Daniel J. Mitchell | Cato Institute: Commentary

Obama's Soak-the-'Rich' Tax Hikes are Worse than the Fiscal Cliff | Daniel J. Mitchell | Cato Institute: Commentary: "The good fiscal cliff is the so-called sequester, which is the inside-the-beltway term for automatic spending cuts. These aren't really spending cuts, just reductions in the growth of spending. If the sequester takes place, total federal spending will climb by $2 trillion over the next 10 years instead of $2.1 trillion."

Cops to Congress: We need logs of Americans' text messages | Politics and Law - CNET News

Cops to Congress: We need logs of Americans' text messages | Politics and Law - CNET News: "State and local law enforcement want wireless providers to store detailed information about your SMS messages for at least two years -- in case they're needed for future criminal investigations."

"In one 2009 case in Michigan, wireless provider SkyTel turned over the contents of 626,638 SMS messages, a figure described by a federal judge as "staggering." "

"Some providers, like Verizon, retain the contents of SMS messages for a brief period of time, while others like T-Mobile do not store them at all."

"as of 2010, AT&T, T-Mobile, and Sprint did not store the contents of text messages. Verizon did for up to five days, a change from its earlier no-logs-at-all position, and Virgin Mobile kept them for 90 days. The carriers generally kept metadata such as the phone numbers associated with the text for 90 days to 18 months; AT&T was an outlier, keeping it for as long as seven years, according to the chart."

The Privatization of Space - Timothy D. Terrell - Mises Daily

The Privatization of Space - Timothy D. Terrell - Mises Daily: "jobs are not the goal of the economy. We want the output from jobs, not the jobs themselves. This distinction is important, because any policy that subsidizes an industry in the effort to make sure that the industry hires workers is inevitably promoting a misallocation of those workers' skills. Superseding market prices for labor means that the other industries that had a more productive use for those workers (maybe in space flight, maybe not) must forego those workers. This reduces economic growth."

Senate votes to bar indefinite detention of US citizens suspected of terrorism | Fox News

Senate votes to bar indefinite detention of US citizens suspected of terrorism | Fox News: "A coalition of liberal Democrats and libertarian Republicans backed an amendment to a sweeping defense bill that said the government cannot detain a U.S. citizen or legal resident indefinitely without charge or trial even with the authorization to use military force or a declaration of war."

29 people voted against that?!?

"Current law denies suspected terrorists, including U.S. citizens seized within the nation's borders, the right to trial and subjects them to the possibility they would be held indefinitely."

Adapting to Climate Change Is Less Costly than Spending Trillions on Emission Targets | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

Adapting to Climate Change Is Less Costly than Spending Trillions on Emission Targets | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "Since global warming will raise sea levels and increase hurricane damage, the future of beachfront property and coastal cities should be bleak. People should be withdrawing to safety inland. But, people are rushing into coastal areas."

"their belief in global warming is quite shallow, more political correctness than deep conviction. Yes, they see some danger. But they do not see it as dangerous enough to change their lifestyle and investment style.

In effect, they expect some adaptation to solve the problem, avoiding any drastic sacrifices. The world has always faced a hundred problems, and has often mitigated these through new technology and other forms of adaptation without necessarily solving them. Eco-fundamentalists are opposed to adaptation to global warming: they want prevention. But prevention is costly, and lacks political will in key emitting countries. People are rushing into coastal cities: their wallets suggest they think adaptation will be enough even without drastic carbon cuts."

"Much of Holland is below sea level but it has adapted to cope. Pat Michaels of the Cato Institute shows that the sea level at Atlantic City has risen 16 inches in the last 100 years, more than the predicted rise in the next century by IPCC. Yet, Atlantic City has adapted so well that residents are scarcely aware of it."

No Good Excuses | Michael D. Tanner | Cato Institute: Commentary

No Good Excuses | Michael D. Tanner | Cato Institute: Commentary: "No president had won reelection with unemployment above 7 percent since Franklin Roosevelt; it is now 7.9 percent. Three-quarters of voters thought the economy's performance is poor or just fair. Throw in a health-care law that voters opposed 49 percent to 43, turmoil overseas, and assorted scandals, and an observer from Mars would have said that there was no way Romney could lose."

"Tea-party voters would do well to realize that simply being anti-establishment is not enough for a candidate. Supporting a candidate with the charisma and talents of a Ted Cruz or a Jeff Flake makes sense. Supporting a Richard Mourdock simply because he shares similar political views doesn't work as well."

"nearly all Republicans who voted for the Ryan budget were reelected"

"It's not just that Republicans oppose abortion or gay marriage, but that they often sound intolerant and self-righteous in doing so."

Continuing Devastating U.S. War Crimes | Nat Hentoff | Cato Institute: Commentary

Continuing Devastating U.S. War Crimes | Nat Hentoff | Cato Institute: Commentary: "Parents are afraid to send their children to school. Women are afraid to meet in markets. Families are afraid to gather at funerals for people wrongly killed in earlier strikes ...

What makes this situation even worse is that no one can tell people in these communities what they can do to make themselves safe. No one knows who is on the American kill list, no one knows how they got there and no one knows what they can do to get themselves off."

"The Bush Administration paid enormous bounties ... in areas rife with tribal and familial rivalries ... hundreds of innocent people were wrongly fingered (by Afghan informants) as Taliban or al-Qaida, many of whom (then) spent years at Guantanamo or other American prisons overseas."

Romney, as Reagan Did, Has It Right on Cutting Taxes | Alan Reynolds | Cato Institute: Commentary

Romney, as Reagan Did, Has It Right on Cutting Taxes | Alan Reynolds | Cato Institute: Commentary: "Presidential candidate Mitt Romney wants to cut all marginal tax rates by 20%. Vice President Joe Biden, in the debate with Paul Ryan, emphatically repeated that, "it has never been done before."

Yet President Kennedy cut all tax rates by 22% in 1964, and President Reagan cut them by another 19% to 22% by mid-1983. The 1986 Tax Reform Act then cut the top rate to 28% in 1988-90."

"Aside from booms and busts, the individual income tax always brought in about 8% of GDP regardless whether the top tax rate was 91% or 28%."

"The reason individual tax revenues remained above 8% of GDP as top tax rates fell from 91% to 28% is that high-income taxpayers earn and report more income when marginal tax rates come down. Economists call this the "elasticity of taxable income," and the response is powerful in high tax brackets."

Election 2012: Let's Hear It for Cynicism | Gene Healy | Cato Institute: Commentary

Election 2012: Let's Hear It for Cynicism | Gene Healy | Cato Institute: Commentary: "As political scientist Colleen Shogan explains, all two-term presidents in the modem era have been plagued by some form of the "Sixth-Year Curse," characterized by "scandals, weakened political coalitions, and midterm electoral defeat.""

Of Kids and�Christmas - Desiring God

Of Kids and�Christmas - Desiring God: "It wasn’t like that first Christmas was a time of quiet reflection. Mary and Joseph were on a huge last-minute trip. And she’s big pregnant on a donkey? Think of it. It sounds like the worst travel experience of all time. No room. No bed. No privacy. Baby coming. Not just any baby either — one Mary knew was the Messiah. Angels? Shepherds dropping in? You think she felt dressed for that? I doubt Mary had time to throw together a cheese platter. She was in a barn, forced to place the King of kings — her Lord — in a trough. And I doubt her livestock roommates were quite as cute as they look in the storybooks."

Obamanomics Explained | Alan Reynolds | Cato Institute: Commentary

Obamanomics Explained | Alan Reynolds | Cato Institute: Commentary: "Obama suggests that raising the top two tax rates will turn deficits into surpluses, which would now be good for our economy. Isn’t he the one who used to say huge deficits were a “stimulus”?"

"The Obama Treasury estimates that taxing long-term capital gains at 20 percent “for upper-income taxpayers” (not counting the Obamacare surtax) would raise $5.8 billion in 2013, but lose $5.9 billion in the following two years. That adds up to less than zero."

Lies, Damned Lies, And Defense-Job Statistics | Christopher Preble | Cato Institute: Commentary

Lies, Damned Lies, And Defense-Job Statistics | Christopher Preble | Cato Institute: Commentary: "The Pentagon might be a jobs program, but it isn't a very efficient one. It creates the kinds of jobs that politicians like to claim credit for, but military spending doesn't produce more growth in the economy or generate more innovation than a comparable level of spending by private individuals, businesses, and entrepreneurs."

"no more than 3.53 million jobs — direct, indirect, and induced — are sustained by the defense industry, so it is barely credible that a 10 percent reduction in Pentagon spending would result in the loss of one-third of all defense-related jobs."

"it is appropriate for resources to shift out of the military sector and into private sector as wars end and threats diminish."

Congressional Control as Important as White House | Richard W. Rahn | Cato Institute: Commentary

Congressional Control as Important as White House | Richard W. Rahn | Cato Institute: Commentary: "Again, it is obvious that big increases in government spending do not lead to higher growth rates and lower unemployment. To be considered valid, an economic model needs to be reasonably accurate in its predictions. The Keynesian models have failed this test time and time again over the past 100 years and, most recently, during the past four years. Unemployment was supposed to be less than 6 percent, but it is higher, at 7.9 percent, than it was when the president took office. (Note: The real unemployment rate is 14.6 percent because many have stopped looking for work.)

The Austrian and classical economists who have argued for lower spending and tax rates have proved again to be correct."

Survey shows more drugged drivers than drunken drivers in California on weekends | Fox News

Survey shows more drugged drivers than drunken drivers in California on weekends | Fox News: "The California Office of Traffic Safety said Monday that 14 percent of drivers surveyed tested positive for driving under the influence of illegal or prescription drugs.

A little more than 7 percent of drivers were driving with alcohol in their system."

"Marijuana was most prevalent with 7.4 percent of drivers having it in their system."

The Twinkie Manifesto - NYTimes.com

The Twinkie Manifesto - NYTimes.com: "nothing before or since has matched the doubling of median family income between 1947 and 1973."

When you start from the great depression and the largest war, I sure hope things improve a lot!

What the world doesn't know about health care in America | Fox News

What the world doesn't know about health care in America | Fox News: "A growing list of European countries, including Denmark, England, Finland, Ireland, Italy, the Netherlands, Norway, Spain, and Sweden, have been forced by public outcry and laws to address unacceptable waits for care.

Meanwhile, it is understood that “waiting lists are not a feature in the United States,” as stated in a 2007 study and separately underscored by the OECD (“[the US is] a country where waiting time is not a policy concern”)."

"England’s 2010 “NHS Constitution” declared that no patient should wait beyond 18 weeks for treatment (after GP referral). Even given this long leash, the number of patients not being treated within that time soared by 43% to almost 30,000 in January."

"Royal College of Surgeons President Norman Williams, calling this “outrageous,” charged that hospitals are cutting their waiting lists by simply raising thresholds."

"Confirming OECD studies, Howard in 2009 reported the US had superior screening rates to all 10 European countries (Austria, Denmark, France, Germany, Greece, Italy, the Netherlands, Spain, Sweden, and Switzerland) for all cancers. And Americans are more likely to be screened younger, when the expected benefit is greatest. Not surprising, for almost all cancers, US patients have less advanced disease at diagnosis than in Europe."

"treatment of diagnosed high blood pressure, the focus of preventing heart failure and stroke, was highest in the US"

"in 2007, 88.1% of US patients received medication to control it, compared to only 62.4% in the ten European nations."

"Swedes waited a median of 55 days, even though 75% were “imperative” or “urgent.” Canada’s heart surgery patients wait more than 10 weeks after seeing the doctor, and two months for CABG even after cardiologist appointments.
“Most United States patients face little or no wait for elective cardiac care,” "

"Americans enjoy unrivalled access to health care— whether defined by access to screening; wait-times for diagnosis, treatment, or specialists; timeliness of surgery; or availability of technology and drugs. And, gradually, Europeans are circumventing their systems. Half a million Swedes now use private insurance, up from 100,000 a decade ago. Almost two-thirds of Brits earning more than $78,700 have done the same."

FEMA's Top-Down Approach to Disaster Relief Is Fundamentally Flawed | Tad DeHaven | Cato Institute: Commentary

FEMA's Top-Down Approach to Disaster Relief Is Fundamentally Flawed | Tad DeHaven | Cato Institute: Commentary: "Federal efforts suffer from excessive bureaucratic red tape and an inherent inability to effectively coordinate the dispersion of relief supplies. State and local officials, on the other hand, are naturally closest to those affected and thus better appreciate the needs of their communities.

Another problem is that, like all federal aid, it is manipulated by policymakers for political gain. Studies have shown that presidents issue the most "major disaster" declarations in years they are up for re-election. Indeed, policymakers have apparently decided that handing out disaster relief funds is a good way to curry favor with voters as the average annual number of total disaster declarations has more than tripled since the mid-1990s."

Staten Islanders offer to school FEMA after Sandy's wrath | Fox News

Staten Islanders offer to school FEMA after Sandy's wrath | Fox News: "She said small businesses, neighbors and local leaders teamed up to ensure people had clothes, food, water, blankets and hot meals, as well as other survival basics."

The U.S. Should Be Wary of Arming Syrian Rebels | Ted Galen Carpenter | Cato Institute: Commentary

The U.S. Should Be Wary of Arming Syrian Rebels | Ted Galen Carpenter | Cato Institute: Commentary: "Washington has a dreadful track record of being manipulated by thugs and charlatans in other countries masquerading as committed democrats. The decision to aid the Afghan mujahideen during the 1980s ended up strengthening radical Islamic forces."

Sanctuary: Florida church invites fugitives to surrender | Fox News

Sanctuary: Florida church invites fugitives to surrender | Fox News: "A Florida church wants to help flocks of fugitives get right with the law, and will even host their court appearances via a closed-circuit TV system that links the house of worship to the local judge."

"This is the third time the church has partnered with law enforcement and the courts to hold the event. Durham said the event netted about 38 fugitives when it was held last year."

Beyond Allies and Adversaries | Ted Galen Carpenter | Cato Institute: Commentary

Beyond Allies and Adversaries | Ted Galen Carpenter | Cato Institute: Commentary: "The binary approach to global affairs had unfortunate policy consequences in other respects. The inability of U.S. policy makers to accept the reality that a nation might wish to be neither friend nor foe led to CIA-orchestrated coups against the left-leaning but independent nationalist governments in Iran and Guatemala. Instead of tolerating such ideological ambiguity, the Eisenhower administration viewed those regimes as nothing more than Soviet puppets and reacted accordingly.

Unfortunately, the binary attitude persisted long after the 1950s. It was a major factor that prevented the United States from recognizing that North Vietnam's communist regime was primarily nationalist and was not going to be a surrogate of either the Soviet Union or China. A similar blind spot impelled Washington to embrace such corrupt and thuggish "friends" as South Korea's Park Chung-hee, Philippine dictator Ferdinand Marcos, Nicaragua's Anastasio Somoza and Zaire's Mobutu Sese Seko."

U.S. Targeted Kill Lists for Next Generations? | Nat Hentoff | Cato Institute: Commentary

U.S. Targeted Kill Lists for Next Generations? | Nat Hentoff | Cato Institute: Commentary: Romney: "Well, I believe we should use any and all means necessary to take out people who are a threat to us and our friends around the world. And it's widely reported that drones are being used in drone strikes, and I support that and entirely, and feel the president was right to up the usage of that technology and believe that we should continue to use it, to continue to go after the people that represent a threat to this nation and to our friends."

Four Months Later, I'm Still Not over the Obamacare Ruling | Ilya Shapiro | Cato Institute: Commentary

Four Months Later, I'm Still Not over the Obamacare Ruling | Ilya Shapiro | Cato Institute: Commentary: "by letting Obamacare survive in such a dubious manner — I call it a "unicorn tax," a creature of no known constitutional provenance that will never be seen again — Roberts undermined the trust people have that courts are impartial arbiters rather than political actors."

"What had I (and everyone else) missed? The possibility that the ruling would be based on something other than competing legal theories. That is, eight justices decided the health care caseson the law — four finding that the Constitution limits federal power, four that constitutional structure must yield to "Congress' capacity to meet the new problems arising constantly in our ever-developing modern economy" — and one had other concerns on his mind."

"the whole reason we care about the Court's independence and integrity is so it can make the tough calls while letting the political chips fall where they may. Had the Court struck down Obamacare, it would have "merely" been a high-profile legal ruling, just the sort of thing for which the Court needs all that accrued respect and gravitas. Instead, we have a strategic decision dressed up in legal robes, judicially enacting a new law."

Romney's Other 47% Problem | Harvey Sapolsky and Benjamin H. Friedman | Cato Institute: Commentary

Romney's Other 47% Problem | Harvey Sapolsky and Benjamin H. Friedman | Cato Institute: Commentary: "But if he still wants to attack those who freeload off of U.S. taxpayers, there is a better target: Our wealthy overseas allies.

Forty-seven percent is also roughly the U.S. share of global military spending. Our annual $700 billion-plus military budget exceeds the next 10 biggest military budgets combined. Much of that money buys forces needed to defend allies against threats they could afford to meet themselves. Alliances that once served the U.S. national interest have become a subsidy to rich allies."

"while Americans spend about $2,700 per capita annually on the military, NATO allies average around $500.

More than 20 years after the end of the Cold War, Europeans sit in cafes while over 80,000 American service personnel still help guard Europe against Russia, which now has a GDP around the size of Spain and Portugal combined."

Big Bird's Fuzzy Defenders March on Washington | Trevor Burrus | Cato Institute: Commentary

Big Bird's Fuzzy Defenders March on Washington | Trevor Burrus | Cato Institute: Commentary: "Big Bird, All Things Considered, or NOVA. Those things will almost assuredly continue to exist if federal funding, which is only 15% of public broadcasting's budget, is taken away."

"Nevertheless, if we cannot cut funding from something that doesn't even need federal funds to exist, then we are truly unprepared to meet the serious budget challenges that lie ahead."

"Each side has its sacred cows and, between the two, it seems that nearly all the federal government's budget is off-limits from serious cutting."

"Before the Public Broadcasting Act of 1967, non-commercial broadcasting thrived. Because it took no federal money, National Educational Television was able to run hard-hitting documentaries that challenged the status quo with titles such as Who Invited US?, The Poor Pay More, Black Like Me and Inside North Vietnam."

"What would remain is a fully independent, non-commercial entity that depends on the generosity of people to keep going, which, save 15%, is essentially what we have now."

Drone-War Double-Think | Gene Healy | Cato Institute: Commentary

Drone-War Double-Think | Gene Healy | Cato Institute: Commentary: "as the death toll from drone warfare over Pakistan approaches 3,000, "the number of 'high-level' targets killed as a percentage of total casualties is extremely low — estimated at just 2 percent." "

"What's happening is that we're using the technology to target people we never would have bothered to capture."

The Coming Regulatory Tsunami | Richard W. Rahn | Cato Institute: Commentary

The Coming Regulatory Tsunami | Richard W. Rahn | Cato Institute: Commentary: "During the 13 quarters after the bottom of the recession Reagan inherited, the economy grew at an average annual rate of 5.7 percent. In the 13 quarters since the bottom of the recession Mr. Obama inherited, the economy has grown at just an average rate of 2.2 percent, or just a little more than a third of the Reagan recovery. Could it be that their different attitudes and actions toward regulatory burdens had anything to do with this difference in performance?"

Price Gouging Saves Lives in a Hurricane - David M. Brown - Mises Daily

Price Gouging Saves Lives in a Hurricane - David M. Brown - Mises Daily: "If we expect customers to be able to get what they need in an emergency, when demand zooms vendors must be allowed and encouraged to increase their prices. Supplies are then more likely to be sustained, and the people who most urgently need a particular good will more likely be able to get it. That is especially important during an emergency. Price gouging saves lives."

"If the price is kept at $4.39 a bag because the drugstore owner fears the wrath of State Attorney General Charlie Crist and the finger wagging of local news anchors, the first five people who want to buy ice might obtain the entire stock."

"Indeed, under this second scenario—the market scenario—vendors are scrambling to make ice available and to advertise that availability by whatever means available to them given the lack of power. Vendors who would have stayed home until power was generally restored might now go to heroic lengths to keep their stores open and make their surviving stocks available to consumers."

"Rationing of price-controlled ice would still maintain an artificially low price for ice, so the day after the storm hits there would still be no economic incentive for ice vendors to scramble to keep ice available given limited supplies that cannot be immediately replenished. And while it is true that rationing might prevent the person casually purchasing four bags of ice from obtaining all four of those bags (at least from one store with a particularly diligent clerk), the rationing would also prevent the person who desperately needs four bags of ice from getting it."

Mitt Romney vs. Barack Obama: Hawk vs. Hawk | Benjamin H. Friedman | Cato Institute: Commentary

Mitt Romney vs. Barack Obama: Hawk vs. Hawk | Benjamin H. Friedman | Cato Institute: Commentary: "Obama, as Dick Cheney gleefully notes, has mostly continued the Bush administration's counterterrorism policies. That goes for National Security Agency surveillance (legalized with Senator Obama's vote); the Guantanamo Bay prison (congressional opposition killed his efforts to close it and end the military tribunals); the PATRIOT Act; the state secrets doctrine; unwillingness to prosecute anyone for killing prisoners in Iraq and Afghanistan seemingly with unsanctioned interrogation methods; and more."

"drone strikes, which this administration has massively increased."

"On the Iraq War, Obama reminded us in the debate that he opposed the war and he withdrew U.S. troops from Iraq (on a schedule negotiated by the Bush administration)."

Why Do We Fear the Harmless While Irrationally Putting Ourselves in Harm's Way? | Patrick J. Michaels | Cato Institute: Commentary

Why Do We Fear the Harmless While Irrationally Putting Ourselves in Harm's Way? | Patrick J. Michaels | Cato Institute: Commentary: "It doesn't help that our science journals appear to be increasingly lax about peer review. Andrew Wakefield's completely fraudulent study—since withdrawn by The Lancet—claimed (with a remarkably small sample size) that thiomersal-containing vaccines for measles cause autism. In retrospect, it should never have seen the light of day, and the potential harm it has caused is yet unknown."

"Yet BPA is now blamed—via the most primitive associational analysis—for obesity, impotence, early puberty, and you-name-it. In fact, fat people do have more BPA in their blood, perhaps because they eat more, which is why they weigh more.

Here the story gets better. Many plants produce estrogen-like substances that do the same thing as BPA, only the amount ingested is orders of magnitude greater than BPA."

"R-22, a chlorofluorocarbon that will probably leak out, taking to the sky, with the very slight chance that it will be wafted upward by a thunderstorm so powerful that it penetrates the stratosphere, depositing it where catalyzes the destruction of springtime ozone, especially over Antarctica." "Which creates a greater risk—a few percent of increasing ultraviolet radiation (that is equivalent to moving from Washington DC to Richmond, Virginia) or removing (at least) 90% of your clothes and lying in the sun on purpose?"

Disappointing Debates | Michael D. Tanner | Cato Institute: Commentary

Disappointing Debates | Michael D. Tanner | Cato Institute: Commentary: "His decision to impose tariff penalties on Chinese tires may or may not have saved 1,000 jobs in the tire-manufacturing industry, as the president claims, but it also cost American consumers more than $1.1 billion in higher tire prices — Americans ended up paying more than $1 million for each tire-factory worker's job saved. Further, because Americans had to pay more for tires, they had less to spend on other goods and services, meaning fewer jobs in other industries. Studies suggest that on net, the president's tire protectionism actually resulted in a loss of more than 2,500 jobs. And if that wasn't bad enough, the Chinese retaliated by imposing penalties on U.S. chicken products, costing that industry at least $1 billion in sales. "

Unsafe at Any Blood Pressure - Christopher Westley - Mises Daily

Unsafe at Any Blood Pressure - Christopher Westley - Mises Daily: "new round of unintended consequences. Just three that come to mind are

an upward pressure on prices for all other hospital services to compensate hospitals for readmittance fines,
the outright rejection of patients that hospitals consider likely readmittance threats, and
increased tendencies to simply let patients die when healing them is likely to result in readmittance fines."

Details of Dianne Feinstein's Upcoming Assault Weapons Ban Proposal Begin Leaking | The Truth About Guns

Details of Dianne Feinstein's Upcoming Assault Weapons Ban Proposal Begin Leaking | The Truth About Guns: "In short, while its scary, Senator Feinstein’s assault weapons ban proposal is probably going to be a wet squib in terms of gun control. However (and this is what I LOVE about this situation) the mere specter of an assault weapons ban will do more for “assault weapons” sales in the United States and ammunition sales than any other force known to man. Her efforts to ban guns will put them in the hands of more Americans than ever.
Dianne Feinstein: Firearms saleswoman extraordinaire."

CSR: A Cloak for Crooks | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary

CSR: A Cloak for Crooks | Swaminathan S. Anklesaria Aiyar | Cato Institute: Commentary: "If a company cheats its stakeholders, fiddles its accounts and ignores hazards, then it is grossly irresponsible whether or not it spends 2% of profits on some list of government-approved social activities."

"Raju was India's biggest self-confessed crook. Yet he was much celebrated for CSR and won several awards."

Mom guilty of disorderly conduct; berated TSA officers for daughter's Tenn. airport pat-down | Fox News

Mom guilty of disorderly conduct; berated TSA officers for daughter's Tenn. airport pat-down | Fox News: "A woman was found guilty Tuesday of disorderly conduct for berating security officers trying to pat down her teenage daughter and then refusing to submit to the procedure herself at a Tennessee airport."

"The prosecution said Abbott's behavior "prevented others from carrying out their lawful activities," which is part of the definition of disorderly conduct under state law. Abbott testified during the first day of the trial on Monday that she was not unruly but did yell at officers. She said she was "irritated, but not arguing." "

Ohio woman accused of breaking into home, cleaning it and leaving $75 bill pleads guilty | Fox News

Ohio woman accused of breaking into home, cleaning it and leaving $75 bill pleads guilty | Fox News: "The 53-year-old Warren told authorities that she was driving by the house and "wanted something to do." She broke in, washed some coffee cups, took out the trash, vacuumed and dusted inside the house. Then she left a bill written on a napkin that included her phone number.

Warren says that she owns a cleaning business and sometimes enters homes, cleans them and leaves a bill."

Scoring Romney & Obama's Disappointing Energy Debate | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary

Scoring Romney & Obama's Disappointing Energy Debate | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary: "While it's true that oil production on federal lands was down last year, that's largely due to the fallout from the Deepwater Horizon spill in the Gulf. Even so, oil production on federal lands is 11 percent greater this year than it was during the last year of the Bush administration. Permitting is down under Obama, but it's not because the administration has been rejecting permit applications. Over the entire course of the Obama administration, 93 percent of all permit applications have been approved. During the entire course of the Bush administration, 75 percent were approved. The drop in applications to drill on federal land is mainly driven by the fact that shale oil and gas is primarily found on private and state lands, not federal lands, and that's where all the action is at present."

"While his campaign documents claim that finishing the Keystone Pipeline would create 100,000 jobs, the only independent analysis of job creation persuasively finds that the actual totals are 4,650 temporary jobs and 50 permanent ones."

Strategic Insolvency on Defense | Ted Galen Carpenter | Cato Institute: Commentary

Strategic Insolvency on Defense | Ted Galen Carpenter | Cato Institute: Commentary: "Is the program important enough, Romney asked, to borrow money from China to fund it?"

"No American should want the U.S. government to be in a position where it must defer to Beijing on an important issue merely because it is imprudent to annoy one's banker."

"Unfortunately, Romney does not apply his own standard to a crucial part of the federal budget: military spending. That is not a trivial matter, since military spending makes up some 20 percent of federal spending."

Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary

Romney's Economic Plan Has the Edge | Jeffrey A. Miron | Cato Institute: Commentary: "Obama errs in believing that federal expenditure is mainly "investment." In reality, huge chunks — such as drug prohibition, the National Endowments for the Arts and Humanities, the Corporation for Public Broadcasting, NASA, earmarks, the Postal Service, Amtrak, foreign aid, agricultural subsidies, the Small Business Administration, along with bridges to nowhere, the Big Dig, and high-speed rail — are wasteful.

Romney makes a similar mistake for military spending. Many defense and national security activities, such as the ongoing war in Afghanistan, provision of national security for nations in Western Europe and other parts of the globe, not to mention unnecessary weapons systems, redundant military bases, and more, are difficult to justify."

"Both approaches, therefore, aim to "save Medicare," but in fundamentally different ways: The IPAB relies on government to decide what health care is valuable, while the voucher approach lets individuals make those choices."

Does Puerto Rico really want to become the 51st US state? - CSMonitor.com

Does Puerto Rico really want to become the 51st US state? - CSMonitor.com: "However, one third of the voters who answered the first question didn't bother answering the second question, meaning none of the options reached a majority."

Soak the Rich? - Henry Hazlitt - Mises Daily

Soak the Rich? - Henry Hazlitt - Mises Daily: "The legal requirement of time-and-a-half wage rates for overtime is based on the assumption that progressive incentives are necessary to get people to work longer and that progressive rewards are justified as the workload increases. But the present income tax is based on precisely the opposite principle of decreasing rewards for increasing work."

"The progressive income tax skims off precisely the funds most likely to go into new investment — into building the new tools and equipment that increase the productivity of the country and lift the living standards of the workers. It slows down the rate of economic progress."

After Obama win, say goodbye to neocons - CSMonitor.com

After Obama win, say goodbye to neocons - CSMonitor.com: "But while there will be fewer boots on the ground, that doesn't mean Obama doesn't have an aggressive foreign policy of his own. It's just of a different style. The president seems as fond of using drones to kill America's alleged enemies abroad as ever, for instance. Obama has ordered alleged Al Qaeda-style militants killed by the hundreds on his watch in Pakistan and Yemen.

This undeclared drone war probably won't abate, with reports from Washington that Obama officials have been working on ways to justify the killings as legal, even when they involve the assassination of American citizens. "

The Myth of "Surgical Strikes" on Iran | David Isenberg | Cato Institute: Commentary

The Myth of "Surgical Strikes" on Iran | David Isenberg | Cato Institute: Commentary: "between 3,500 and 5,500 people would be present at the time of the strikes, most of whom would be killed or injured"

"Iran has built its nuclear facilities in major urban centers making it impossible to carry out surgical strikes without killing large number of civilians."

"attacks at Isfahan and Natanz would release existing stocks of fluorine and fluorine compounds which would turn into hydrofluoric acid"
"these toxic plumes could kill virtually all life forms in their path."

"If we assume a conservative casualty rate of 5 to 20% among these populations, we can expect casualties in the range of 12,000-70,000 people."

Class Warfare: The Mortal Enemy of Economic Growth and Jobs | Jim Powell | Cato Institute: Commentary

Class Warfare: The Mortal Enemy of Economic Growth and Jobs | Jim Powell | Cato Institute: Commentary: "regardless how smart politicians and bureaucrats might be, they have only a miniscule fraction of the total knowledge in a society. Politicians and bureaucrats tend to have book learning that's related to academic credentials, whereas specific, practical knowledge needed to make an economy work is dispersed among multitudes of ordinary people. "

"Private individuals not only have such knowledge, they have stronger incentives than politicians or bureaucrats to use the knowledge effectively."

"progressive taxation has contributed to hideous complexity in the tax code. This is because the higher tax rates go, the stronger the incentives various interest groups have to lobby for special treatment, and since politicians always need more campaign contributions, they're eager to oblige lobbyists. The more complex the tax code, the more arbitrary and capricious enforcement is sure to be. With high top rates, progressive taxation promotes an illusion of "fairness," while causing considerable unfairness."

Tensions boil over at gas stations as pumps run dry in wake of Sandy | Fox News

Tensions boil over at gas stations as pumps run dry in wake of Sandy | Fox News: "more than half of all gasoline service stations in the New York City area and New Jersey have been shut down because they are either out of fuel or don’t have power to operate pumps."

Why don't they get generators? Surely many people with generators would be willing to trade some generator time for gasoline!

"New Jersey Gov. Chris Christie moved to increase supplies of gasoline and diesel by waiving requirements that make it harder for stations to buy from out-of-state suppliers."

Why should there be requirements like that even in normal times?

"Rivaling the demand for gas was the scarcity of D batteries, the kind most flashlights use."

Are LED flashlights illegal there? Where they left behind when many switched?

It's All or Nothing. I Prefer Nothing | Arnold Kling | Cato Institute: Commentary

It's All or Nothing. I Prefer Nothing | Arnold Kling | Cato Institute: Commentary: "Apart from consumer protection against predatory practices, the condition of the mortgage market need not merit government concern. If mortgage interest rates are higher than rock-bottom, then so be it. Above all, if businesses involved in mortgage lending become insolvent and have to go through bankruptcy, then so be it."

"Over time, through nimble financial innovation and effective lobbying, the private firms will manipulate any such system so that the profits become privatized and the risks become socialized. No matter how hard they try, policy wonks and regulatory staff cannot prevent this inevitable outcome."

Have Faith in the American Voter | Trevor Burrus | Cato Institute: Commentary

Have Faith in the American Voter | Trevor Burrus | Cato Institute: Commentary: "Of course, the ads are expectedly political — heavy on rhetoric, and relatively light on substance — but Americans know this. Political speech is like any other form of advertising, and Americans, flooded as they are with advertisements of all kinds, thus already know to take political advertisement with a grain of salt.

Political ads have little to no effect on the ideologically committed. A life-long Democrat will assume a Romney-Ryan ad is making misleading and inaccurate claims, and a committed Republican will think the same about ads supporting President Obama.

Both partisans will roll their eyes and ask, "Who would be convinced by this stuff?" They will then imagine that hypothetical person, someone hypnotized by campaign rhetoric and beguiled by mellifluous narrators."

"Studies show that political ads increase both voter engagement and knowledge.

Strong ads are often criticized for "negative" messages that sully politics. But forceful, critical political speech works — it informs, it excites and causes people to perk up and listen — and that is what makes it valuable campaign rhetoric."

"Allowing the government to regulate misleading, inaccurate or negative speech not only puts too much trust in government officials who have a vested interested in curtailing speech directed against them, it puts too little trust in the American people."

Why Is There So Much Government Waste? | Tad DeHaven | Cato Institute: Commentary

Why Is There So Much Government Waste? | Tad DeHaven | Cato Institute: Commentary: "The one thing that these ridiculous expenditures all have in common is that they are a direct result of people being able to spend other people’s money. In Congress’s case, we have 535 people with trillions of other people’s dollars to spend. That they’re content to fritter billions away on toys for special interests shouldn’t be shocking."

"There’s also a good chance that while they’re upset with a particular expenditure, they’re okay with the general mission of the program responsible for the waste."

"First, so long as the federal government can spend money on anything it wants, politicians are going to spend money on anything they want. Second, contrary to what we’re taught in school, policymakers generally allocate money on the basis of political and parochial concerns — not on the basis of sound economics or even the so-called “public interest.”"

Beware the ‘lesser-of-two-evils’ trap

Beware the ‘lesser-of-two-evils’ trap: "The founders chose the lesser of two evils – because it led to the greater good. For them, the greater evil, worse than allowing slavery – which they realized would come to an end before too many decades – would have been to allow the disintegration of the United States of America to continue, to permit history’s greatest birth of liberty to be smothered in the cradle."

Good point. But there were also other options (i.e. North USA and South USA). Also, I don't think anyone can complain about the poor choices if they didn't first work to improve those choices (i.e. vote in primary, support their candidate, support good lower candidates that may one day be presidential candidates, etc).

Court OKs warrantless use of hidden surveillance cameras | Politics and Law - CNET News

Court OKs warrantless use of hidden surveillance cameras | Politics and Law - CNET News: "Police are allowed to install hidden surveillance cameras on private property without obtaining a search warrant, a federal judge said yesterday."

"Callahan based his reasoning on a 1984 Supreme Court case called Oliver v. United States, in which a majority of the justices said that "open fields" could be searched without warrants because they're not covered by the Fourth Amendment. What lawyers call "curtilage," on the other hand, meaning the land immediately surrounding a residence, still has greater privacy protections."

The Current Wisdom: Public Misperception of Climate Change | Patrick J. Michaels and Paul C. "Chip" Knappenberger | Cato Institute: Commentary

The Current Wisdom: Public Misperception of Climate Change | Patrick J. Michaels and Paul C. "Chip" Knappenberger | Cato Institute: Commentary: "We constantly hear the meme that this "96 per cent of climate scientists surveyed say global warming is real". That's based on Doran's survey, and is an artifact of the way the question was asked, which was, "when compared with pre-1800 levels do you think that mean global temperatures have generally risen, fallen, or remained relatively constant?" Actually, 100% should have answered "risen". It's irrefutable that the 17th century was colder than the 20th. The subsequent question, on human attribution, was also worded in such a way that also guaranteed a lot of agreement. If properly designed, the survey would have asked how much was related to human activity, not just whether humans were involved in the temperature change."

"In reality, the amount of weather related to natural variability dramatically exceeds what is "added on" by global warming."

"The largest number of statewide temperature records were set in the 1920s and 30s, and, warming or not, they have yet to be exceeded. In fact, what is peculiar about these state records is the lack of them during the relatively warm recent 15 years."

Legal and Moral Dilemmas of Drone Strikes in a Free Society | Campaign for Liberty

Legal and Moral Dilemmas of Drone Strikes in a Free Society | Campaign for Liberty: "When asked about how it was possible that 16 –year-old Al-Awlaki could have been targeted, Press Secretary Robert Gibbs said, “I would suggest that you should have a far more responsible father if they are truly concerned about the wellbeing of their children.”  This sort of talk from high level Obama officials is disgraceful and shows a lack of respect for innocent human life."

Drones in Djibouti | Campaign for Liberty

Drones in Djibouti | Campaign for Liberty: "In March 2011, a Predator parked at the camp started its engine without any human direction, even though the ignition had been turned off and the fuel lines closed. Technicians concluded that a software bug had infected the “brains” of the drone, but never pinpointed the problem.

“After that whole starting-itself incident, we were fairly wary of the aircraft and watched it pretty closely,” an unnamed Air Force squadron commander testified to an investigative board, according to a transcript. “Right now, I still think the software is not good.”

The article goes on to note that in 2011, the Djibouti base experienced a number of crashes with the drones, having at one point lost four drones in four months. That should be particularly disturbing to readers when one considers the Federal Aviation Administration estimates that by 2020, there could be 30,000 drones flying over America."

Ohio student punished for growing his hair for charity, school says it violates dress code | Fox News

Ohio student punished for growing his hair for charity, school says it violates dress code | Fox News: "He's been growing out his hair for Locks of Love, which uses donated hair to make hairpieces for kids who have lost their own due to disease.

Aufderheide had told the school of his intentions, but on Monday was told he would be suspended. His hair is only an inch away from the 10 inches needed to donate to the charity.

Canton Local School Board President John Martin tells WJW-TV (http://bit.ly/P2g1Ch) that while he respects the student's efforts, rules are rules."

They can't see the forest for the trees!

U.N. calls for 'anti-terror' Internet surveillance | Politics and Law - CNET News

U.N. calls for 'anti-terror' Internet surveillance | Politics and Law - CNET News: "one of the major problems confronting all law enforcement agencies is the lack of an internationally agreed framework for retention of data held by ISPs."

Privacy rights do make it harder for law enforcement. But some people do value privacy too. :-/

Police: Fiance of pregnant NYC woman who was stabbed to death has a wife in NJ | Fox News

Police: Fiance of pregnant NYC woman who was stabbed to death has a wife in NJ | Fox News: "The fetus did not survive."

That sure is a contorted sentence!

Tax-Raisers Lack Compassion | Richard W. Rahn | Cato Institute: Commentary

Tax-Raisers Lack Compassion | Richard W. Rahn | Cato Institute: Commentary: "even though nearly all agree that involuntary unemployment is harmful to the individual and society, many policymakers are willing to accept it rather than focus on what can be done to prevent it."

"President Obama and his Democratic allies like to say they want to return to the Clinton-era tax rates (actually, they are proposing higher rates, given the additional taxes from Obamacare), but they leave out the fact that federal spending during the second Clinton administration was just 18 percent of GDP, not the current 23 percent. The empirical evidence (contrary to left-wing dogma) shows that economic growth and job creation slow as government gets bigger.

Those who support politicians whose policies are almost certain to produce low growth at best and then claim they care about the physical and mental well-being of the unemployed are either ignoring the historical evidence or are hypocrites. They are not compassionate."

Why Partisans Can’t Explain Their Views - NYTimes.com

Why Partisans Can’t Explain Their Views - NYTimes.com: "The real surprise is what happens after these same individuals are asked to explain how these policy ideas work: they become more moderate in their political views — either in support of such policies or against them. In fact, not only do their attitudes change, but so does their behavior. In one of our experiments, for example, after attempting to explain how various policy ideas would actually work, people became less likely to donate to organizations that supported the positions they had initially favored.

Interestingly, asking people to justify their position — rather than asking them to explain the mechanisms by which a policy would work — doesn’t tend to soften their political views. When we asked participants to state the reasons they were for or against a policy position, their initial attitudes held firm."

Facebook photos of undercover cop get woman arrested | Technically Incorrect - CNET News

Facebook photos of undercover cop get woman arrested | Technically Incorrect - CNET News: "You might pause to consider that -- were you an undercover cop -- you might be careful about your Facebook profile. You might wonder whether you should have one at all. You might certainly be intimately au fait with Facebook's vast array of privacy controls."

The Malala moment: Tens of thousands rally in Pakistan for girl shot by Taliban - CSMonitor.com

The Malala moment: Tens of thousands rally in Pakistan for girl shot by Taliban - CSMonitor.com: "Tens of thousands rallied in Pakistan's largest city Sunday in the biggest show of support yet for a 14-year-old girl who was shot and seriously wounded by the Taliban for promoting girls' education and criticizing the militant group."

The Real Problem with Helicopter Parents: There Aren't Enough of Them | Brink Lindsey | Cato Institute: Commentary

The Real Problem with Helicopter Parents: There Aren't Enough of Them | Brink Lindsey | Cato Institute: Commentary: "Prior to 1995, college-educated moms averaged about 12 hours a week with their kids, compared to about 11 hours for less-educated moms. By 2007, though, the figure for less-educated moms had risen to nearly 16 hours while that for college-educated moms had soared all the way to 21 hours. Similar trends were observed for fathers: The time that college-educated dads spent with their kids rose from 5 to 10 hours, while for less-educated dads the increase was from around 4 hours to around 8 hours.

So while the time parents spend with children living at home has increased across the board, the trend has been especially pronounced among highly-educated households. The parental attention gap is growing."

"since the '70s, divorce rates among the highly educated have fallen significantly; among non-college grads, by contrast, they have stayed high."

"by the time they reach age three, children of professional parents have heard some 45 million words addressed to them — as opposed to only 26 million words for working-class kids, and a mere 13 million words in the case of kids on welfare. By the time kids start school, kids of well-educated parents are much better prepared than their classmates. Consequently, they're much more likely to receive praise and encouragement from their teachers, which means their attitudes about being in school are much more likely to be positive. Even relatively small advantages conferred early in life can thus snowball over time.

The deliberate practice that is going on constantly in well-educated homes extends beyond purely intellectual pursuits. As they march their kids through the weekly gauntlet of organized activities, the practitioners of concerted cultivation are drilling their kids in a host of skills critical to academic and economic success. Skills like managing one's time by making and keeping schedules, getting along with other people from different backgrounds on the basis of common interests, and deferring gratification in order to maximize rewards down the road."

If You Love Public Broadcasting, Set It Free | Trevor Burrus | Cato Institute: Commentary

If You Love Public Broadcasting, Set It Free | Trevor Burrus | Cato Institute: Commentary: "The case for defunding public broadcasting is very simple. First, public broadcasting does not need federal money. "

"Second, our media-rich environment has obviated the need for public broadcasting."

"public broadcasters dangle at the end of a politicized tether, and they are constantly wary that they will offend the wrong people."

A World without Income Taxes | Richard W. Rahn | Cato Institute: Commentary

A World without Income Taxes | Richard W. Rahn | Cato Institute: Commentary: "Why should the federal government bother to impose taxes when it can use the Federal Reserve to "print" all the money it needs to pay its bills? Last year, the Fed bought 77 percent of all of the government's new debt, which is the equivalent of printing money. The government borrowed almost 40 cents for each dollar it spent, with the Fed printing 30 cents of each dollar spent through its bond purchases (creating new money)"

"if the Fed increased the money supply by roughly 3.5 percent per year, the economy could have close to perpetual price stability, with the productivity gains being used to fund government spending.

Currently, the federal government is spending about 23 percent of GDP, and so you are probably thinking it is impossible to have a world where the federal government only spends 3.5 percent of GDP. However, up until World War I (before the income tax), the federal government only spent about 2.5 percent of GDP. In the 1920s, it was spending less than 4.5 percent of GDP."