The power to regulate the value of money does not involve a power to dilute the value of money by inflation, an absurd and self-serving rendering.
Communism brought out the worst in human nature and crippled people’s ability or ambition to participate in a market economy.
One of the market’s virtues, and the reason it enables so much peaceful interaction and cooperation among such a great variety of peoples, is that it demands of its participants only that they observe a relatively few basic principles, among them honesty, the sanctity of contracts, and respect for private property.
Nullification is the Jeffersonian idea that the states of the American Union must judge the constitutionality of the acts of their agent, the federal government, since no impartial arbiter between them exists.
Public protests against globalization – protests that occur by and large in the prosperous West – denounce free trade and the mobility of capital as instruments of exploitation and oppression.
That human beings seek their own well-being and that of those close to them is not an especially provocative discovery. What is important is that this universal aspect of human nature persists no matter what economic system is in place; it merely expresses itself in different forms.
Government has a habit of blaming the private sector for its own failings while taking credit for advances we in fact owe to the private sector.
Understanding the true causes of the Depression, as well as the real economic record of the United States in the 1930s, is an essential ingredient in anyone’s economic and historical education.
The Emergency Banking Act reached back in time to amend the Trading with the Enemy Act of 1917, which had originally been intended to criminalize economic intercourse between American citizens and declared enemies of the United States.
Discussions of the economy, especially during times of crisis, are often framed in terms of lessons we supposedly learned during the Depression of the 1930s. If we are not to endure terrible times like those again, we are told, we must support whatever form of state intervention is currently being peddled.