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no third solution » Democracy is Great!

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Lawrence White recently wrote a paper (.pdf) debunking many of the myths alleging that a gold-standard economy is simply not feasible. I highly recommend the paper. At Marginal Revolution, (h/t: FSK), a blog I used to read but which became inundated with posts about Ethiopian cuisine and vacation pictures, Tyler Cowen responds: My main worry with the gold standard is simply the pro-cyclicality of the money supply and for all its talk of money demand the paper doesn’t much address this concern. For instance would you really want a contracting money supply in today’s environment? Perhaps I’m reading this a bit out of context, but to my knowledge, spanning about seven centuries for which we have reliable data, there has never been a global contraction in the supply … Read entire article »

Filed under: Blog Reactions, Democracy is Great!, Government is Slavery, metablogging, ponderings

Idiots

Politicians will say anything if it helps their chances of getting elected, and people will believe all sorts of stupid shit, in fact, they tend to believe stupid shit in proportion to how badly they want it to be true. That said, Americans are idiots. The president doesn’t control the price of gas. If people are deciding who to vote for based on idiotic misconceptions like “the next president will lower the price of gas,” what does that say about the so-called superiority of democracy as a ruling system? What makes tyranny by a majority of abject morons preferable to any other sort of tyranny. … Read entire article »

Filed under: American Politics, Democracy is Great!

A Good Way to Get Rid of Private Schools

President Bush’s latest, we’ve been given the recipe for destroying private schools: White House counselor Ed Gillespie, describing Bush’s plans for a new school initiative, said it would be called “Pell Grants for Kids.” If approved by Congress, it would provide money for poor kids in struggling schools so they could shift to private schools or a better public school outside their district. Federal assistance for private schooling will do (for private schools) exactly what federal assistance did to higher education. As more students strive for a limited number of seats, costs will increase. And as long as the federal government continues to subsidize the expense, the costs will increase without bounds. Rising costs will crowd out some of the non-poor who were previously able to afford private … Read entire article »

Filed under: American Politics, Democracy is Great!, Seen and Unseen, Subsidize This!