The economics of tail-chasing. From April 1917 to November 1919, when Woodrow Wilson borrowed $30 billion to fight World War I, he was able to do so because of the promise he made to lenders that the commitment to repay them would be backed by the full faith and credit of the United States government. At the time, the ... MORE
These days, being seen as a victim can be useful. You immediately claim the moral high ground. Some people want to help you. Lawyers and politicians brag that they force others to help you. This turns some people into whiners with little sense of responsibility. Joe Biden's niece was arrested recently for throwing a punch at a cop. ... MORE
Turning a blind eye to history. The nomination of Janet Yellen to become head of the Federal Reserve System has set off a flurry of media stories. Since she will be the first woman to occupy that position, we can only hope that this will not mean that any criticism of what she does will be attributed to sex bias or to a "war on women." ... MORE
by Peter Hirschfeld. Backers of a push to legalize marijuana in Vermont are getting help from an unlikely source: retired police officers who spent their careers enforcing cannabis laws. Just months into Vermont’s new policy of decriminalization, several high-profile politicians are already talking about moving to outright legalization. ... MORE
The hangover will likely last two decades. President
Barack Obama is adamant that he will not be held “hostage” by the
Republicans in the House of Representatives, who are threatening
not to raise the U.S. debt ceiling without some concessions on
future spending and Obamacare. If the debt limit is not raised,
allowing the Treasury ... MORE
America has become an ugly place to visit. After a year of travelling, I had planned a last, short trip. I was going to take the train from Montreal to New Orleans. The travels I had been undertaking earlier this year had brought me to places that were meant to form the background of my second novel. This trip, however was for my ... MORE
by Steven Greenhut. While taking my daughter to a punk-rock concert a few years ago, I noticed something even more fascinating than fellow concert-goers’ hairdos and intricate tattoos. It involved some common behavior. Many people stood outside the venue, puffing cigarettes. When the doors opened, everyone — with no ... MORE
Debt accumulation does not equal economic growth. The popular take on the current debt ceiling stand-off is that the Tea Party wing of the Republican Party has a delusional belief that it can hit the brakes on new debt creation without bringing on an economic catastrophe. While Republicans are indeed kidding themselves ... MORE
Widow sues LA County for $50 million. The wife of an 80-year-old man who was shot dead by deputies in a mistaken meth lab bust is suing the county for $50million, it emerged today. Eugene Mallory was shot six times in a June 27 raid by Los Angeles County Sheriff's Department who arrived at the property with a search warrant ... MORE
Vladimir Lenin would have liked Obama. Dr. Ben Carson slammed President Barack Obama’s signature health care during his speech at the Value Voter’s Summit Friday. “Obamacare is really, I think, the worst thing that has happened in this nation since slavery,” Carson declared. “It is slavery in a way because it is making all of us ... MORE