John Tamny is editor of RealClearMarkets, Vice President at FreedomWorks, and a senior economic adviser to Toreador Research and Trading (
). His next book, set for release in March of 2021, is titled
When Politicians Panicked: The New Coronavirus, Expert Opinion, and a Tragic Lapse of Reason
Other books by Tamny include
They're Both Wrong: A Policy Guide for America's Frustrated Independent Thinkers,
The End of Work
, about the exciting growth of jobs more and more of us love,
Who Needs the Fed?
. He can be reached at firstname.lastname@example.org.
Dec 3, 2020
Does the 'Fantasy' Economy Have Legs Beyond Sports?
“In reality all economic activity outside the stationary state is speculation” – Ludwig von Mises, Socialism, p. 181-182 The upside-down world shaped by...
Dec 1, 2020
David Brooks Introduces His Readers to 'Self-Tackleization'
Multi-billionaire Michael Bloomberg spent $100 million in Florida to swing the state to Joe Biden in the recently-concluded 2020 presidential election. He failed. Please consider...
Nov 30, 2020
As DJIA Hits 30K, 'The Fed Did It' Narrative Grows Even Sillier
Not only is 'the Fed did it' an insult to American ingenuity on par with Barack Obama's 'you didn?t build that,' such a stance ignores the basic truth that if U.S. stock markets were...
Nov 24, 2020
Corona-Absurdity Collides with California, New York, and Thanksgiving
“The coronavirus takes a lunch break.” That’s the running joke among the students and parents at a rather elite grade school on Manhattan’s Upper East Side....
Nov 23, 2020
Don't Erase College Debt, Don't Say It's Flint Bailing Out 90210
Let?s not add to what?s bad policy with nonsensical allusions to Scranton paying for bailouts of Beverly Hills, Manhattan and Pacific Heights
Nov 18, 2020
It's Truly Scandalous That Some View Judy Shelton As Controversial
The rial is no longer Iran’s currency. It was recently replaced by the toman. Why was it replaced? The answer is really simple. Since 1971 the rial has been devalued over 3,500...
Nov 16, 2020
There's No Difference Between Federal Reserve and Congress
Congress can spend in size fashion because it?s backed by the American worker. The Fed has a huge balance sheet because it?s backed by the same American worker.
Nov 14, 2020
Covid-19, Economy & Election Implications
Seth Berenzweig and John Tamny discuss the meaning of Election 2020, Covid-19 developments, and the U.S. economy.
Nov 11, 2020
Joe Biden, the New York Times, 'Dark' Winters, and 'Terrifying Surges'
“We have found that students are responding well to our voluntary, convenient, and free walk-up testing sites.” The latter is from a press release produced at Penn State...
Nov 9, 2020
A Low Fed Funds Rate Signals Tight Credit That Fed Can't Fix
Economic growth boosts lending as opposed to lending boosting economic growth.
Nov 6, 2020
The GOP Should Embrace Its Reputation As the Party of Financial Success
Much has been made during Election 2020 about the make-up of the typical Donald Trump voter. It’s said he’s remade the Republican Party. The base is no longer well-to-do,...
Nov 3, 2020
As Businesses Board Up Nationwide, Why Aren't the Democrats Hanging Their Heads In Shame?
"We need to have a conversation about the fact that DC, arguably the most heavily-Democratic part of the country, is currently boarded up like a hurricane is coming. And we all know...
Nov 2, 2020
They've Been Writing America's Obit Since Before It Was USA
Hard as it may be for some to grasp, raging stupidity can be a contrarian indicator.
Oct 31, 2020
Economic Implications of Election 2020
The economic meaning of Trump v. Biden.
Oct 30, 2020
It's Apparent Steven Rattner Forgot That the Internet Is Forever
“If the unlikely event happens and Trump wins, you will see a market crash of historic proportions.” Who made this prediction? Was it Democratic economic eminence...
Oct 28, 2020
No One Is Required to Join the 'Herd' In Search of Immunity
The Great Brain is an excellent collection of children’s books that was written by John D. Fitzgerald, and was said to be loosely based on his life growing up in Adenville, UT....
Oct 26, 2020
DOJ Discovery of Google 'Power' Confirms a Superfluous Suit
High valuations ensure a future that in no way resembles the present.
Oct 23, 2020
Sorry New York Times, the Only "Closed U.S. Economy" Is the U.S. Economy
Imagine 100 people on a wholly deserted island. Life would be pretty dreadful, right? With only 100 people producing, work would be endless in return for very few of life’s...
Oct 22, 2020
Wouldn't Republicans Be Ill If Masks Were Effective?
Here’s a revelation that it’s probably redundant to refer to as a revelation: nearly every Republican and libertarian-leaning person I know doesn’t wear a mask. No...
Oct 20, 2020
Thomas Friedman Remains Rather Smitten With Authoritarianism
“We argue that the high point for Western government, at least comparatively, was the 1960s when America was racing to put a man on the moon and millions of Chinese were dying...
Oct 19, 2020
Conservative Twitter Critiques Sound Very Left-Wing Liberal
If a business is offending its users, the slights represent a market opportunity.
Oct 16, 2020
The New York Times and Trump's Critics Can't Have It Both Ways
The internet is a long time. More realistically, the internet is forever. This is a worthwhile jumping off point in consideration of the latest whine from the perpetually outraged...
Oct 15, 2020
Ignore the Emotional, College Football Players Are Not Exploited
In a 2015 piece for USA Today, Clemson athletic directly Dan Radakovich wrote about the Tiger Trust, “which allows any student-athlete who leaves campus in good academic...
Oct 13, 2020
Coronavirus Counterfactual: A True Enemy Would Have Alerted Us In 2019
With the coronavirus, the most frustrating counterfactual of all is to think about how much better off we all would have been if politicians had done nothing. Stop and think about it...
Oct 12, 2020
Why Apologists for Joe Biden's Tax Proposals Miss the Point
Republicans should be for tax cuts just because. If so, the growth will take care of itself. Grow is what free people do.
Oct 10, 2020
Antitrust Discovers Big Tech 'Monopoly'
Have the semi-conscious ever noticed how monopoly profits are only discovered by anti-trust ankle biters after the fact? In reality, it's simple logic. For a business to attain...
Oct 9, 2020
You Can Only Stimulate the Depressed by Depressing the Stimulated
Annual U.S. federal government expenditures can be measured somewhere north of four or five trillion. On the other hand, politicians in Yemen spend somewhere in the range of $5...
Oct 8, 2020
With Facebook, Antitrust Officials Advertise Astonishing Ignorance
Entrepreneurs open up shop with dreams of profoundly changing how us consumers do things. Yes, monopoly profits are their goal. Thank goodness they’re the goal. They’re...
Oct 6, 2020
Why Is United States Trying To Put Huawei Out Of Business?
Where did we ever get the idea that we're improved the more that our politicians weaken our competitors?
Oct 5, 2020
A Gold Dollar Would Be Great, But It Wouldn't Shrink Deficits
People don?t work or save for future slips of paper; rather they work and save for what the paper will buy in the future.
Oct 2, 2020
He Thoroughly Changed How We Think: RIP George Melloan
They “ate, slept, made love, raised children, and tried to keep body and soul together by finding ways to make a living.” Those were the words of the late, great George...
Oct 1, 2020
Wise Up Alarmists, Tax Avoidance Is a Tax Cut for Everyone
As is always the case, the economics debate would be quite a bit more reasonable if it were understood that all money transfers reflect the transfer of goods and services. We work in...
Sep 29, 2020
The Fall Was 'Black Friday' for America's College Football Towns
“I have my job because of Coach Swinney.” So said an employee of The Abernathy a few springs ago to yours truly. “Coach Swinney” is Dabo Swinney, head coach...
Sep 28, 2020
Will Michael Bloomberg Cause Fed Focused to Turn the Page?
If you represent remuneration, money will always and everywhere find you.
Sep 24, 2020
Do New York Times Headline Writers Believe Their Headlines?
Café Phillip is a sandwich shop on the NE side of K Street in Washington, D.C. Call this the historically unfashionable K Street versus K Street NW where the major lobbying...
Sep 22, 2020
Shameful WeChat Ban Calls for Conservatives to Look Inward
Let's stop penalizing Chinese businesses for having the temerity to operate under less than ideal political conditions.
Sep 21, 2020
Why the 2020 Housing Boom Is a Dangerous Economic Signal
Consumption doesn't power economic growth; rather it's a consequence of it. Call consumption the harvesting of past economic growth.
Sep 18, 2020
Be Serious, You Don't Solve Lockdowns With More Central Planning
To read the lofty coronavirus relief proposals from Democrats and Republicans is to detect confusion about what powers economic growth. Neither side gets it. Up front, no one seems...
Sep 17, 2020
Just What Is It That Judy Shelton's Critics Are So Afraid Of?
Have you ever wondered why the U.S. dollar is accepted as payment around the world? Better yet, have you ever wondered why the dollar liquefied exchange in Iron Curtain countries...
Sep 15, 2020
Are the Corona-Lockdowns An Election 2020 Ransom Note?
“We don’t realistically anticipate that we would be moving to either tier 2 or reopening K-12 schools at least until after the election, in early November.” Those...
Sep 14, 2020
With Bob Woodward, Trump Critics Can't Have It Both Ways
If he?s as doltish as they claim, what would it matter what Trump felt about the virus? Particularly in February.
Sep 8, 2020
America's Shameful Theft Of TikTok Mocks 'IP Theft' Paranoia
Wealth disintegrates when it's forced by government out of the hands of those who created it.
Sep 5, 2020
Freedom Means People Will Fall In Love With Future Work
As the economy grows, so grows the range of ways that people can express their unique skills and highly unique intelligence in the workplace.
Sep 4, 2020
Books: Ken McNab's Thoroughly Engrossing 'And In The End'
And In the End is a wildly engrossing read. Unseen or unknown is the magic that never saw the light of day thanks to Lennon dying too early, only for old wounds never to heal such...
Sep 3, 2020
A Few of the Many Reasons to Celebrate the United States
There are so many reasons to celebrate the United States of America. Thankfully too many reasons to celebrate what’s spectacular. Countless books, articles and songs speak to...
Sep 1, 2020
Just How Deep Is Your Coronavirus Religion?
“I wanted to stay put in Colombia to build a better future for my daughter, but we have to go back.” Those are the words of Nelson Torrelles to Wall Street Journal...
Aug 31, 2020
XOM's Dow Deletion Exposes Latest Fed Shift As Insignificant
The most valuable company in the world as of 2013 has lost $267 billion in market cap since. This basic truth reminds the mildly sentient that the Fed's ability to power stock-market...
Aug 28, 2020
Books: Christopher Buckley's Exc. 'Make Russia Great Again'
Christopher Buckley Buckley gets Trump. That he does will have some of Trump?s bitterest critics hoping for a Trump victory if only to get at least one more satire of #45 from the...
Aug 27, 2020
Europeans Discover the Myth About 'Safety Nets' the Hard Way
Economic discussions would be much better if it were understood that no one receives dollar, euro, yen, pound or yuan “aid.” They receive the goods that those currencies...
Aug 25, 2020
Work Sharing: A Really Bad Idea That Just Won't Die
The U.S. would be quite a bit more prosperous if policymakers understood a few basic things. Up top would be a grasping of the simple truth that money isn’t wealth; rather...
Aug 24, 2020
Dismiss Fed Alarmists, No Such Thing as 'Dollar Shortages'
What monetarists obsessed with so-clled "money supply" have long missed is that money is the sequel, not the original feature.
Aug 21, 2020
Book Review: Viv Groskop's Excellent 'Au Revoir, Tristesse'
A book about happiness that can be gained from French literature is on its own a major source of laughs, and yes, happiness.
Aug 18, 2020
Why Does Anyone Care What Jerome Powell Thinks About the Economy?
“This is the time to use the great fiscal power of the United States to….get through this with as little damage to the longer-run productive capacity of the economy as...
Aug 17, 2020
Excess Taxes 'Voluntarily' Paid By Liberals Are a Tax On You
A focus on deficits versus surplus is a waste of time. The only number that matters is how much government spends. That's the ultimate tax on present and future productivity.
Aug 14, 2020
Books: Thomas Orlik's 'China: The Bubble That Never Pops'
There's no such thing as a "bubble," simply because markets, by their very name, are defined by buyers and sellers. A book inspired by the question of "bubble" was doomed by the...
Aug 11, 2020
'Automatic Stabilizers' Would Exacerbate the Pain of Recessions
A rich man once told me something that surprised me. He was once not rich. Understand that his formerly deprived circumstances weren’t the surprise. The U.S. is happily dense...
Aug 10, 2020
Fed's New Inflation Target Says Compounding Is for Suckers
Economic growth is the biggest enemy rising prices have ever known. The Fed?s inflation definition is insulting and backwards.
Aug 5, 2020
TikTok's Mugging Should Embarrass Every Sentient American
The whole world is watching, Americans. We deserve neither TikTok nor the very Chinese people who, if we're honest, are trying to be like Americans used to be.
Aug 4, 2020
Dear Keynesians, Last Week's GDP 'Catastrophe' Mocks Your Dopey Religion
At risk of sending some readers into shock in consideration of how much they, their parents, the federal government, or all three spent on their college education, odds are they...
Aug 3, 2020
Don't Mention This Country. You'll Invade Their 'Safe Space'
The world is upside down, and nothing is at it once seemed.
Jul 31, 2020
Book Review: Jonathan Kaufman's "Last Kings Of Shanghai"
An interesting look at the 'before' when it comes to Shanghai that helps us understand the 'after.'
Jul 28, 2020
$1900 Gold Will Depress Growth. So Did $1,200, $500 and $36 Gold
If Tom Brady wanted, he could be the NFL’s fastest player. His personal trainers or someone on the Tampa Bay staff would simply need to redefine two seconds as one second, at...
Jul 27, 2020
If He's Decent, Steven Rattner Will Apologize to Judy Shelton
For Rattner to lump this brilliant and kind person in with the ?gold bug? nuts is the equivalent of Shelton watching a Bernie Sanders speech, then presuming the Democrat in Rattner...
Jul 21, 2020
Let's Bring Rationality to the Monetary Discussion: Confirm Judy Shelton
As always with money, it should be stressed up front how much better the monetary discussion would be if those who insert themselves into it actually understood money. Most...
Jul 20, 2020
Bari Weiss Pulls Out Victim Card. She Was Lucky to Be at NYT
Newspapers are in search of profits like any other private sector entity. That they strive to meet the needs of their customers is a statement of the obvious, not a scandal as some...
Jul 13, 2020
Tax Cuts Trigger Dopey Liberals, California Triggers Conservatives
There’s no convincing the dopey left of what is a basic truth: there’s no such thing as government spending. Governments only have resources insofar as they arrogate to...
Jul 6, 2020
Dear David Brooks, There's No 'We.' Nor Is There 'Humiliation'
It’s too easily forgotten in what is the world’s most prosperous country, but dying of old age is a remarkable and very modern concept. It’s one that past...
Jun 30, 2020
The Fed Desperately Needs James Grant to Preserve Its Faux Mystery
Chesapeake Energy is the latest oil company to file for bankruptcy. With oil in the high thirties per barrel, the corporation has lost the ability to service its debt. Notable here...
Jun 29, 2020
Rumors of the Death of Office Buildings Are Greatly Exaggerated
“Our tenuous capital was the hours in the day, less the few we slept, and we spent that capital at a frenzied pace. I’d drop everything to get you the right cardiac...
Jun 22, 2020
A World Without the Fed Would Be the Same As the World With It
Going back many, many centuries to China’s Song dynasty (960-1279), the Confucians supported private money over what government-issued currency because "the market would compel...
Jun 20, 2020
Unsung Genius of Economic Growth Is Jobs We Love
Jun 17, 2020
The Fed Can't Revive the Dead, But It Can Delay Their Recovery
A drive through West Virginia is a revelation when it comes to the power of politicians. Thanks to the late Senator Robert Byrd’s extraordinary influence in Washington, many,...
Jun 15, 2020
It Defies Basic Logic That COVID-19 Wasn't Priced Well Before March
Strategas’s Jason Trennert has pointed out over the years that ADP, a payroll processing company, produces at no cost to the taxpayer an extraordinarily thorough accounting of...
Jun 11, 2020
Cleveland Obliterates the Central Bank Conceit of Monetary Fabulists
A drive down Fairmount or Shaker Boulevard in Cleveland, OH is a revelation. Remarkable house after remarkable house from the early part of the 20th century. Hard as it may be for...
Jun 9, 2020
Only Economists Could Believe the Fed's Yield Caps Will Work
With oil back in the $40/barrel range, U.S. oil producers are slowly re-opening wells. Financing of this activity was pretty scarce back in April since lenders no longer trusted the...
Jun 8, 2020
El Salvador's Decline Mocks Keynesian and Monetarist Magic
It all begins with production. The discussion of the human action that is “economics” would be so much more advanced, and so much more advancing of the human condition,...
Jun 4, 2020
Economists Worship Consumption. Lebanon Mocks Their Religion.
“I’d rather be an owner of something besides money that can disappear at any time in the bank.” That’s what Robert T. recently communicated to Wall Street...
Jun 3, 2020
Don't Be Naive. Currency Devaluations Boost No One.
A British woman by the name of Sally Challen just inherited 1 million pounds. At first glance this is happy news, but there’s a backstory. In 2011 she was found guilty in the...
Jun 2, 2020
The Fed Obsessed Imply 'You Didn't Build That'
“A lot of people don’t know the blood, sweat and tears that go into being a business owner and the type of sacrifice we had to go through to get to where we’re at...
Jun 1, 2020
Let's End the Myth About Social Security's Looming Bankruptcy
Before the heads of any readers explode, it should be made clear that what’s about to be read is not a defense of Social Security. Social Security was always a terrible idea...
May 30, 2020
Covid-19 Infection or Losing Your Job: Which Would You Prefer?
On March 18th FedEx founder & CEO Fred Smith was interviewed by Fox’s Bret Baier about the new coronavirus. Smith’s entrepreneurial brilliance makes him an insightful...
May 29, 2020
Casino Mogul Stanley Ho Leaves Behind Crucial Economic Insights
Back in 1991, and while on a Semester at Sea (SAS) voyage as a student, SAS's S.S. Universe ship docked in Hong Kong’s Victoria Harbor. Notable about Hong Kong is that SAS was...
May 28, 2020
If We Reduce C-19 to Mortality Rates, We Ensure Future Lockdowns
“If you are under 65, in reasonably good health and do not have a Vitamin D deficiency, you only have a tiny chance of dying from COVID-19. And if you are younger than 34, your...
May 27, 2020
Dear Nail-Biting Lockdown Lovers, You Can't Love the Lockdowns and Hate the Rich
For those out there “sheltering in place for humanity,” and who think skepticism about what you’re doing is the stuff of anti-science mouth breathers, stop and...
May 26, 2020
Federal Deficits Don't Matter, Spending Certainly Does
Deficits and borrowing are not inherently bad as some budget hawks believe â?" the real problem is government spending.
May 25, 2020
'Permanent' Job Destruction Terrifies the New York Times, But It Signals Quick Recovery
It’s not even a revelation anymore to say that “travel blogger” is a job. Amazing is that even the bloggers with limited followings are said to rate free travel,...
May 23, 2020
Politicians Have Forced Chefs to Wrap Their Genius In Plastic
“I grew up in St. Clair, Michigan, flipping eggs at my parents’ diner.” Those are the words of world-renowned chef Grant Achatz in his excellent 2011 book...
May 22, 2020
Parkinson's Law Reminds Us Government Growth Has Only Just Begun
"Work expands so as to fill the time available for its completion." - C. Northcote Parkinson, Parkinson's Law Politicians are much smarter than they appear. Think about it....
May 21, 2020
Economists Are Expert at 'Crisply' Extending Economic Misery
Although the forced economic contraction born of panic by politicians over the coronavirus has been harmful to most everyone, there have been winners. During times of trouble, new...
May 20, 2020
Trump Can No Longer Afford to Be So Ridiculous Toward Huawei
The 4G revolution was truly transformative. With 4G, GPS-enabled smartphones increasingly standard, it became possible for companies like Uber, Lyft, Postmates and others to rewrite...
May 19, 2020
There's Something So Effete, So Un-American About Masked Lockdowns
“If I ever see that again from you or anybody on your team I’m going to bury the guy at the plate.” So said Roger Clemens to a Cleveland Indian on second, decades...
May 18, 2020
Family Guy vs. CNN: Which Explains Economics Most Effectively?
“Yeah, and there’s 6 billion things left to name.” Those are the words of Peter Griffin in a Biblical era Family Guy episode, which unspooled recently on the Fox...
May 16, 2020
Where Are the Tears for the Workers Who Make New York, New York City?
“I would trade almost anything to play the oboe.” Those are the words of Blaire Tindall in her book, Mozart In the Jungle. Some readers are familiar with the television...
May 15, 2020
The Numerous Economic Truths In ESPN's Excellent 'The Last Dance'
The great Austrian thinker Ludwig von Mises always rejected the idea that economics was “the dismal science.” What about the study of human action and progress could...
May 14, 2020
A Friendly Response to Mark Thornton, Joe Salerno, and Modern Austrians
Peter Thiel writes that "the value of a business today is the sum of all the money it will make in the future." This basic, pithy truth is too often forgotten when stock...
May 13, 2020
Main Street Is a Very Dreary Place Without Wall Street
No one buys goods or services with money, nor does anyone save or invest “money.” Counterintuitive as the latter sounds, it’s a basic truth. Sadly, it’s one...
May 12, 2020
Iran Replaces the Rial with the 'Toman,' Wrecks Decades of Monetary Theory
Say you’ve got a business for sale, and the buyer offers you $10 million, or 156 million toman. What are you going to do? You would likely first ask what the toman is. The...
May 12, 2020
They Would Stop You at 'Job Creation.' The Impossibility of PPP
They would stop you at job creation. Who would? Venture capitalists and other capital allocators if, when presenting your new business idea, you led with how many jobs the venture...
May 9, 2020
Dear Politicians, True Poverty Is a Perpetuation of the Work of the Past
“After hearing of the deaths in the gutters, I think about what will happen to my family if I die.” Those are the words of Jamshed Eric, as expressed to New York Times...
May 8, 2020
The Only Truly Impenetrable "Wall" To Immigrants Is Poverty
“We’ve never seen this before. I’ve never seen anything slow migration like the coronavirus.” Those are the words of Ramon Marquez, in an interview with Kirk...
May 7, 2020
Oren Cass Is Advising Marco Rubio on How To Not Be President
Regular readers of this column are familiar with this historical anecdote, but what arguably informs rates regular repeat. During World War I, U.S. exports to Scandinavian countries...
May 6, 2020
The Fed As a Fix For "Tight Credit" Is a Total Non Sequitur
CNBC reported last week that banking giant Wells Fargo was “stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus...
May 5, 2020
If High CEO Pay Troubles You, It's a Sign You're a Terrible Investor
Here’s a hypothetical for readers. If you had $10,000 to invest in one company, only for your investment to turn into $300,000, what would your reaction be? The question...
May 4, 2020
Falling Prices Aren't 'Deflation.' They Instead Signal Booming Growth
In 1980 the supergroup Fleetwood Mac was on yet another one of its extravagant world tours. Band patriarch Mick Fleetwood was dating Sara Recor at the time, and this was...
May 2, 2020
Dear Crisis Experts, You Are the Crisis
Assuming there’s a 2020 NFL season and Anthony Fauci attends a Washington Redskins game, it’s not unreasonable to suggest that Fauci will be the smartest individual at...
May 1, 2020
It's Not a Communist Thing. Politicians Are Generally Pretty Awful
“Martin, you can never, ever trust the communists.” Those were the words of Martin Lee's father to son Martin in 1949. Subsequent history vindicated his advice, or...
Apr 30, 2020
Where Are All the Austrian Scholars' Yachts?
At present, more than a few are riddled by the near-term health of the stock market. They are because the economic news gets worse and worse. So why the somewhat ebullient stock...
Apr 29, 2020
Debt Isn't a Worry, Treasury's Claim On Our Production Very Much Is
In a 2015 opinion piece for the Wall Street Journal, since deceased Harvard professor Thomas Stossel relayed to readers that “Of the 78 potential treatments for brain cancer...
Apr 28, 2020
Policymakers Should Stop and Consider the Destination Workers
“It doesn’t make sense.” Those are the words of Las Vegas resident Valicia Anderson. Interviewed by New York Times reporter Sabrina Tavernise, Tavernise reports...
Apr 27, 2020
Dear Conservatives, American Workers Aren't As Lazy As You Think
Americans have a funny approach to vacation. It’s well known they’re not very good at it. Even when not working, they’re rarely not working. While Europeans are...
Apr 25, 2020
If GOP Governors Won't Re-Open, What's the Point of GOP Governors?
“I want to be back in business right this second. But we’ve got to be smart about it. What happens if we open too soon and contribute to an outbreak? Traced to the Plaza...
Apr 24, 2020
With Harvard and Shake Shack, Politicians Trick the Perpetually Outraged Yet Again
It came out earlier in the week that Harvard University would be availing itself of some of the so-called ‘stimulus’ money extracted by politicians from the private...
Apr 23, 2020
Sen. Marco Rubio Keeps Reminding Us Why He's Still a Senator
How many readers of this piece were demanding Zoom before its software was launched in 2013, or Postmates before drivers in its employ began meal delivery in 2011, or transportation...
Apr 22, 2020
Fed and Federal 'Stimulus' Did Not Spark the Market Rebound
In his essential 2018 book Burn the Business Plan, Syracuse professor and serial entrepreneur Carl Schramm laid waste to the popular notion that local governments can play venture...
Apr 21, 2020
Meet Mimi Swartz, Yet Another 'Self-Hating Texan' Living In Texas
In his disappointing 2018 book God Save Texas, Lawrence Wright wrote “[W]hen I tell people outside the state that I live in Texas, they often look at me...
Apr 20, 2020
Try to Be Serious, the Fed Didn't Shrink Bank Deposit Rates
In recent weeks we’ve heard about banks reducing their loan exposure to oil producers. With prices of crude at levels not seen in years, banks are less willing to lend toward...
Apr 18, 2020
Alarmist Politicians Most Cruelly Destroyed the Happiness That Is Work
“I can’t not act. It’s what I was made to do.” Those are the words of Jennifer Lawrence, one of the highest paid actresses in the world....
Apr 17, 2020
In Blaming 'the Chinese', Republicans Sound Like Democrats
A Republican businessman who’s developed somewhat of a following in the post-2017 world recently blamed "the Chinese" for an economic contraction foisted on us by U.S....
Apr 16, 2020
'Plans' for Re-Opening Economy Produce Blindness. Let's Choose Freedom
For fun, let's assume a mass declaration of freedom on local, state and national levels. If so, how many readers will immediately revert to the “old way” of doing things,...
Apr 15, 2020
There's No Such Thing As 'Easy Credit.' There's Only Abundant Production
Reuters reported over the weekend that J.P. Morgan Chase, “the country’s largest lender by assets, is raising borrowing standards this week for most new home loans as the...
Apr 14, 2020
Entrepreneurs Will Endure Politicians, While Innovating Around Them
“Like the great wars of the 20th century, some analysts and historians think the current crisis could fuel a new era of big government in which public officials control more of...
Apr 13, 2020
The U.S. Economy Will Come Roaring Back, Despite Plans of Politicians
Ron Farmer is a Houston-based serial entrepreneur of remarkable energy. Back in 2009, and when the U.S. economy was gasping for air after a 2008 political crack-up that subsequently...
Apr 11, 2020
Dear Federal Reserve Hagiographers, Market Interventions Never Work
No act of saving ever subtracts from demand. Ever. Short of a saver literally stuffing unspent wealth under a mattress, saving is merely the act of shifting consumptive ability to...
Apr 10, 2020
To Help Small Business, Cease the Suffocation of Big Business
In late February, and just a few weeks before a political crack-up over the coronavirus that cruelly forced economic contraction on the American people in whiplash-inducing fashion,...
Apr 9, 2020
The New York Times' Baseless Insinuations About Sanofi, Trump, and Hydroxychloroquine
In 2005, and not too long after taking over as CEO of J.P. Morgan, Jamie Dimon made plain that proprietary trading would be de-emphasized. Some were surprised given how much the prop...
Apr 8, 2020
Searching for Western 'Decadence'? Look No Further Than Covid-19 in 2020
“Every book about the future is unavoidably a Rorschach test of the anxieties and events of the present. That’s why so many predictions fail; they miss the markers of...
Apr 7, 2020
Layoffs Are Always Sad. Peter Navarro's Would Be An Exception
The great Arthur Laffer is unyielding in his support for open borders to foreign goods. Years ago, around 2003, Laffer explained the genius of open markets to an audience mixed with...
Apr 7, 2020
The Illiterate Mugging of Huawei Will Mug the U.S. Economy
It seems like something from another era at this point, but no doubt some readers remember just how sensitive markets were not too long ago to protectionist trade rhetoric from...
Apr 6, 2020
A Movie Critic Reveals the Tragedy and Triumph of the Hideous Lockdowns
“And while I now go to the movies for work, I also go to the movies for pleasure and for the love of art. I go because I’m curious, because I like the director or star. I...
Apr 4, 2020
The Ongoing Keynesian Freakout Will Cost Much More Than Money
Amid all the negativity of late, one bit of good news has come via the internet. In particular, Americans haven’t suffered slower internet speeds despite a reported uptick in...
Apr 3, 2020
The Fed Can't Save the Economy Any More Than Gosbank Could Save the U.S.S.R.
Somewhere along the way economists, pundits and politicians got it in their heads that people exchange, invest and lend with “money.” No, money is merely the agreement...
Apr 2, 2020
Respectfully Disagreeing with Arnold Kling About 'Overdraft Protection'
In 2009 Arnold Kling and Nick Schulz published From Poverty to Prosperity. There were numerous excellent insights in what remains a very important book, but arguably the most...
Apr 1, 2020
Trump Should Champion a Base That Wants - And Needs - To Work
“The Founders didn’t throw off a king only to enable a majority to do what no king would ever dare. No, they instituted a plan whereby in “wide...
Mar 31, 2020
Conservatives and Libertarians Gulled Yet Again By 'Pork' and 'Deficits'
Carmen Reinhart and Kenneth Rogoff released This Time Is Different in 2009. It’s since given conservatives, liberals, and libertarians ammunition of sorts when it comes to...
Mar 30, 2020
Let's Please Not Insult 'Stimulus' By Calling This 'Stimulus'
It’s not unreasonable to assume that if asked, most who’ve heard of supply-side economics would identify it as the Laffer Curve. The previous curve, named for the great...
Mar 28, 2020
Those Shutting U.S. Down Have No Sense of the Cruelty of Being Let Go
On Wednesday of this week a prominent oyster provider for D.C. area restaurants was forced to let 350+ workers go. Readers can likely imagine that more than a few lack any kind of...
Mar 27, 2020
Where Are the Lawsuits Against Los Angeles Mayor Eric Garcetti?
“Much of the security of person and property in modern nations is the effect of manners and opinion rather than law.” – John Stuart Mill, Principles of Political...
Mar 26, 2020
'Studies' Indicate Disappearing Beaches. Markets Think Studies Idiotic
In the late 1990s, and after Michael Ovitz and Ron Meyer had both left CAA (the superagency that they created, and ran together) respectively for Disney and Universal, the two...
Mar 25, 2020
Why a Fed/Treasury 'Lending Facility' Would Worsen the Problem
“What would I do? I’d shut it down and give the money back to shareholders.” – Michael Dell, commenting on a near-bankrupt Apple Computer in 1997 No companies...
Mar 24, 2020
Is Andrew Ross Sorkin's Solution Worse Than the Crisis?
Every so often it’s worth restating the simple truth that just about every business ever founded in Silicon Valley has gone bankrupt. By all accounts from venture capitalists...
Mar 23, 2020
If You're Mad at Sen. Richard Burr, You're Missing the Point
As of this writing, more than 20% of Americans have been told to cease activity outside their place of residence. The individuals decreeing the inability of tens of millions to work,...
Mar 23, 2020
Covid-19 Is a Rich Man's Virus That the Poor Will Suffer the Most
At lunch last week at a diner-style restaurant with an old friend in a fancy part of northern Virginia, the friend talked of how his daughter had been working as a hostess at one of...
Mar 21, 2020
A Coronavirus Counterfactual: What If Government Had Done Nothing?
“The Pothole” is the title of episode 16, season 8 of the classic television series Seinfeld. In this one Jerry accidentally knocks girlfriend Jenna’s toothbrush...
Mar 20, 2020
Politicians Shut Down the Economy, Follow With Non Sequiturs and Keynes
It’s March 20th today, at which point it’s worthwhile to travel back in time to February 20th. Was any economist, politician or pundit calling for stimulus checks,...
Mar 19, 2020
Dear Economists, Please Don't Conflate Political Crack-Up with 'Recession'
Howard Marks has long made the point that the seeds of bad economic times are planted during the good times, and the seeds of good during bad. Marks’s correct vision of...
Mar 18, 2020
Dear Conservatives, If You Bail Out Everyone You Bail Out No One
It’s sad any of this needs to be said or written, but it cannot be stressed enough that government outlays are a consequence of growth that’s already taken place. The...
Mar 17, 2020
Somewhere Up There John V. Lindsay Smiles Admiringly at An Inept Fed
What’s about to be read will surely trigger all manner of self-identified free market types, but here we go: neither Milton Friedman nor Walter Bagehot were truly for free...
Mar 16, 2020
By Thinking Differently About Coronavirus, President Trump Can Be Great
It was sometime in 2004 that Cato Institute senior fellow Tom Palmer returned from a visit to Iraq. He was speaking at a Cato donor retreat, and as readers can likely remember, the...
Mar 13, 2020
Look Inward Politicians, the Only Economic Insecurity Is Government
“The only insecurity which is altogether paralyzing to the active energies of producers, is that arising from the government, or from persons vested with its authority. Against...
Mar 12, 2020
Ignore the Keynesian Corona Pundits, a Spending Slowdown Is the Economic Cure
“Capitals are increased by parsimony, and diminished by prodigality and misconduct.” – Adam Smith, The Wealth of Nations, p. 367 “Raising money is hard. Over...
Mar 9, 2020
Coronavirus Is Priced. Inept Responses from Governments Aren't
Investment powers economic growth. Period. If this statement of the obvious triggers certain readers, it’s probably best for the sensitive to stop reading now. For those not...
Mar 7, 2020
Bill Walton: Financier, Statesman, & Television Host
Mar 5, 2020
Wendy's Washtub Exposes Both Sides As Silly on Minimum Wage
By now most readers are at least vaguely familiar with what the headline to this opinion piece references. While the video has long since been taken down from TikTok, news accounts...
Mar 3, 2020
Joe Burrow Should Say No To the NFL, the Bengals, and Redskins
It's been said that former LSU quarterback Joe Burrow has misgivings about tying his football career to the Cincinnati Bengals. With good reason. He should stand his ground. ...
Mar 2, 2020
Dear Conservatives, Market Interventions Never, Never Work
It’s hard to imagine now, but there was a time when Robert Downey Jr. couldn’t get a movie made. Though now the highest paid actor in the world, past substance abuse...
Feb 27, 2020
Surprise Leads to Market Corrections. Coronavirus Wasn't a Surprise
The great Ken Fisher routinely makes a crucial point in speeches that investors would be wise to heed: your information is already priced. Whatever you think you know, or whatever...
Feb 25, 2020
A Few Questions for the Many Critics of the Gold Standard
“Money does not pay for anything, never has, never will. It is an economic axiom as old as the hills that goods and services can be paid for only with good and...
Feb 24, 2020
Ignore the Neo-Keynesians, 'Easy Money' and 'Sloppy Loans' Didn't Cause 2008
Economic discourse would be a great deal more informative if it were broadly understood that no one borrows money. What they borrow is what money can be exchanged for....
Feb 20, 2020
Book Review: Sam Wasson's Thoroughly Excellent 'The Big Goodbye'
It was sometime in December of 1984, and memory says it was a Friday night. The show was Nightline. Memory also says that on the aformementioned show legendary film producer...
Feb 18, 2020
Business History and Basic Economics Mock U.S. Efforts to Suffocate Huawei
Readers of this column are familiar with this historical truth, but it’s worth repeating in light of the ongoing conservative crack-up over Chinese communications giant Huawei....
Feb 17, 2020
Confirm Judy Shelton: She'll Arrest Obtuse Groupthink at the Fed
In The Great Successor, Washington Post reporter Anna Fifield’s very uneven and very poorly edited book about North Korean dictator Kim Jong-un, she indicated that among other...
Feb 13, 2020
Book Review: John Tierney & Roy Baumeister's 'The Power of Bad'
A good friend who is one of the founders of an enormously successful global investment company once explained to me one of the secrets to the success of the business: “we have...
Feb 11, 2020
Greg Ip Unwittingly Reveals the Fed's Toothless Existence
Several weeks ago Wall Street Journal columnist Greg Ip got it half right. In an article with the subhead of “The Federal Reserve and other central banks for years had the...
Feb 10, 2020
With Huawei, Just What Are Conservatives So Afraid Of?
It’s been said by those who know Fred Smith well that when the visionary FedEx founder is asked about the U.S. Post Office, he’s known to say that in a competitive market...
Feb 6, 2020
Bong Joon-ho's 'Parasite' Is Overrated, Implausible, Class-Struggle Nonsense
In the years after World War II, Korea’s economy was in tragic shape. In 1948, the country’s per capita income of $86 put it on par with Sudan. Disastrous policies led to...
Feb 4, 2020
Dear "Forgotten America" Hand Wringers, Please Meet Mirza Hussain Haidiri
“I was wounded in war. This is the way I manage to drive.” Those are the words of Mirza Hussain Haidiri, resident of the Afghan city Bamian. As New York Times reporters...
Jan 30, 2020
Book Review: Ash Carter & Sam Kashner's Oral History of the Great Mike Nichols
“There’s nobody left to impress.” Those are the words of actor Peter Gallagher. He was describing how he felt when legendary director Mike Nichols died in 2014....
Jan 28, 2020
Goldman Sachs Should Ditch the Virtue Signaling, and Re-Emphasize 'Long-Term Greedy'
A former Goldman Sachs employee, one who was Managing Director level in the investment bank's London office, once explained to me what it's like to be a GS partner. He spoke with...
Jan 27, 2020
The Obnoxious Conceit of Intellectual Property Theft Paranoia
“If you have a good idea, you can bet someone else doesn’t think it’s good.” Those are the words of the late Gary Starkweather, who died on December...
Jan 23, 2020
Book Review: Stephen Schwarzman's Spectacular 'What It Takes'
“If you ever do that to me again, I’m going to kill you.” The late Pete Peterson uttered those somewhat tongue-in-cheek words to Stephen Schwarzman in 1985, not...
Jan 21, 2020
The Federal Reserve, 'Repo' Rates, and Much Ado About Nothing
In August of 2008 Jimmy Lee, J.P. Morgan’s legendary financier, quietly let Blackstone CEO Stephen Schwarzman in on a harrowing truth: for three days the bluest of blue chip...
Jan 20, 2020
The World Is Drowning In Debt Because It's Drowning In Production
Economics is truly a 3rd grade subject, and it would be more broadly viewed as a 3rd grade subject if people broke it down to the individual. Looked at through the prism of the...
Jan 16, 2020
True 'Snobbery' Is An Unwillingness to 'Move to Opportunity'
“Through these initiatives, Taco Bell aims to enhance restaurant performance, employee satisfaction and support recruitment and retention.” Those are the words from a...
Jan 14, 2020
Congratulations to Ed Orgeron, College Football's Champion Failure
On Thanksgiving Day in 2016 ESPN scrolled news of the “Breaking” variety about LSU’s soon-to-be head football coach. The school was said to be completing an...
Jan 13, 2020
What Edward Wedbush Could Have Taught Janet Yellen
“If you are not prepared to live frugally, do not become an owner of a startup business. You will squeeze yourself from too many directions.” Those are the words of the...
Jan 9, 2020
Apparently Economists Still Take Ben Bernanke Seriously
In a piece published toward the end of last year, Wall Street Journal columnist Joseph Sternberg oddly contended that the ‘most important economic story of our day is that...
Jan 7, 2020
China Critics Rewrite Basic Economics to Fit a Declinist Narrative
If sports talk shows are to be believed, Mondays are brutal for professional and college football players. Particularly those who play for teams that lost the Saturday or Sunday...
Jan 6, 2020
Never, Ever Forget Why Regulators Became Regulators
It’s regularly pointed out that a very small, single digit percentage of applicants to schools like Harvard, Yale, Princeton and Stanford is actually admitted to those schools....
Jan 3, 2020
'Best Decades Ever' Are Logically Defined by Soaring Wealth Inequality
In his Wall Street Journal column from Monday, Andy Kessler helpfully reminded readers that we were still hailing cabs when the 2010s began. It should be added that the act of...
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