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The Liquidity Lie

To blame the mere shortage of cash for the evils caused by incompetence and corruption is the favorite lie of socialists and crony capitalists everywhere. Socialists always say there is no problem of inequality or poverty that can’t be solved with cash.  It is...

Open and Closed Institutions

“I have been part of five institutions- the Catholic Church, The university of Redlands, the United States Navy, The University of Chicago, and Harvard University. If I were required to rank them to the extent to which free and uninhibited discussion was possible...

A Fantasy Nation

“What government ever uniformly consulted its true interests in opposition to the momentary exigencies? What nation was ever blessed with a constant succession of upright and wise administrators.” Alexander...

The Cost of Subsidized Failure

“A dynamic economy will always have booms and busts. But the story of the past twenty-five years is that Washington has created a financial system that cannot withstand the destructive part of creative destruction – necessary for free markets- without...

The Torah of Liberalism

“Despite their secularism, Jews may be the most religious ethnic group in the world. The problem is that their religion is rarely Judaism; rather it is every  ”ism” of the left. .. It is therefore usually as hard to shake a liberal Jew’s belief in the Left and in the...