Monetary Policy

What’s So Bad about the Budget Deficit?

Recently I was discussing taxes with a friend who was praising President Bush for pushing his massive tax cut through Congress. “Sure,” I replied. “But a lot of good it does us when he has simultaneously pushed federal spending through the roof.” I was referring to the projected $540 ... [click for more]

Federal Spending Threatens Our Security

As is widely known, the federal spigots in foreign affairs, as in domestic affairs, are now wide open: hundreds of billions of dollars will be spent in Iraq, not to mention the billions of dollars in foreign aid that will be sent to dozens of foreign governments, all under the ... [click for more]

Postmodern Government Budgets

If President Bush’s bureaucracy were as capable as the bureaucracy in George Orwell’s great novel, Nineteen Eighty-Four, Lawrence Lindsey, the president’s former economic advisor, would have been airbrushed out of every photograph he appeared in while holding that post, and every reference to his estimate of the cost of the ... [click for more]

A Rare Moment of Candor

President Bush says he’s got the economy under control. That’s supposed to comfort us. I’d feel better if he said he had the federal government under control. It’s spending wildly — and it can’t blame the “war on terrorism” for it all. That’s just the latest spending. ... [click for more]

Book Review: Should We Have Faith in Central Banks?

Should We Have Faith in Central Banks? by Otmar Issing (London: Institute of Economic Affairs, 2002); 53 pages; $12. One of the momentous events of the new century has been the establishment of a single, common currency for many of the member nations of the European Union. The German mark, the French franc, the Austrian schilling, the Italian lira, the Irish ... [click for more]

Legal Tender and the Civil War

FACED WITH A LACK of Northern enthusiasm for his war against the South, President Lincoln resorted to drastic means to finance his war effort. If Lincoln had resorted to a traditional method of government finance — taxation — he knew that he might be faced with tax riots among the people of the North. And he knew that if ... [click for more]
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