… Continue Reading“The interventionist in advocating additional public expenditure is not aware of the fact that the funds available are limited. He does not realize that increasing expenditure in one department enjoins restricting it in other departments. In his opinion there is plenty of money available. The income and wealth of the rich can be freely tapped…. It never occurs to him [think Obama] that grave arguments could be advanced in favor of restricting public spending and lowering the burden of taxation. The champions of cuts in the budget are in his eyes merely the defenders of the manifestly unfair class interests of the rich.”
– Ludwig von Mises, Human Action: A Treatise on Economics (1949), 1966, pp. 856–57.
“This is where we stand in our current debt ceiling debate. Government is too big, too bloated.
When New York Magazine reported earlier this month that the national editor of the New York Times had sent an internal memo laying out a “surprisingly detailed” defense of reporter Ian Urbina’s latest front-page attack on natural gas, the hope was that the memo would spur an equally detailed response by Arthur Brisbane, the Times’ public editor.
That hope was realized when Mr. Brisbane’s 1,100-word piece was postedon the paper’s website over the weekend, a column in which Brisbane takes square aim at the Times for going “out on a limb” and “lack[ing] an in-depth dissenting view in the text” (see the Appendix below for more of his piece).
The Brisbane piece is remarkable for a number of reasons and on a number of levels, continuing the healthy scrutiny that spontaneously emerged from various respected experts over the past three weeks.…
Continue ReadingEditor Note: Dr. Ebeling’s two-part post (Part I yesterday) provides the necessary background to understand how debt reduction is driving energy policy. Regarding the budget fight, E&E News (see Appendix) reported yesterday: “As the proverbial eleventh hour looms for the nation’s maxed-out debt limit, this week brings energy-policy battles of all sizes — from how to divide offshore-drilling revenue to the lessons gleaned from recent oil spills — that will play out amid the larger fiscal showdown.”
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… Continue Reading“Austria was successful in pushing through policies that are popular all over the world. Austria has the most impressive records in five lines: she increased public expenditures, she increased wages, she increased social benefits, she increased bank credits [monetary expansion], she increased consumption. After all these achievements she was on the verge of ruin.”