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The Political Economy of Fear

[S]ince love and fear can hardly exist together, if we must choose between them, it is far safer to be feared than loved.  — Niccolò Machiavelli, The Prince, 1513 All animals experience fear—human beings, perhaps, most of all. Any animal incapable of fear would have been hard pressed to survive, regardless of its size, speed, or other attributes. Fear alerts us to dangers that threaten our well-being and sometimes our very lives. Sensing fear, we respond by running away, by hiding, or by...

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Can the Concept of Exploitation Be Saved?

I ended my article last week with a rash assertion. Marx says that capitalists exploit workers, and I countered that this claim depends on the false labor theory of value. It is vital to bear in mind that when Marx talks about exploitation, he has a technical sense of the concept in mind, rather than the popular sense, in which “exploitation” means unfair treatment. To claim that capitalists exploit workers in this sense need not rest on the labor theory of value. The technical sense arises...

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Jeff Deist on Court Packing Chaos

Jeff Deist comments on the latest Democrat agenda of increasing the number of judges in SCOTUS. Does the expansion bill stand any chance in the house? How can conservatives be forward-looking instead of being reactionary all the time? Should we expect a scandal involving Ron DeSantis? What can we learn from Ludwig von Mises about the bureaucratic and working classes in our society? Find more from David Gornoski on A Neighbor’s Choice. Powered by WPeMatico

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The Left Understands Taxation Is Theft, That’s Why They Support It

By: Peter St. Onge On March 18, Joe Wiesenthal of Bloomberg Markets had MMT economist Stephanie Kelton on the show. If you’re not familiar with MMT, they think governments should print more money because deficits aren’t a big deal. At one point in the show, Wiesenthal asked, “If we don’t need to worry about deficits, why do we have taxes?” Kelton’s response was illuminating. Now, the traditional excuse for taxes is, paraphrasing Oliver Wendell Holmes, that they are the “price of...

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The Interesting Case of the Zaïre—the Question MMT Cannot Answer

The zaïre lived an interesting life. The zaïre was the basic unit of currency for the Democratic Republic of the Congo and the Republic of Zaire (it’s back to the Democratic Republic of the Congo; I’ll just call it Zaire for ease) from 1967 until 1997. Seventy-three of the 79 series of zaïre banknotes featured Ziarian dictator, CIA stooge, and world champion kleptocrat Joseph-Desire Mobuto. For its first two decades, the zaïre was surprisingly stable as far as Sub-Saharan currencies go....

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The Fed Does 60 Minutes … Again

By: Robert Aro Almost one year ago today, Federal Reserve Chair Jerome Powell appeared on 60 Minutes explaining to the world that as a Central Bank, they have the ability to “create money digitally.” Sadly, it seems the only change since then has been the size of Fed’s balance sheet. Over the weekend, Powell reunited with 60 Minutes where he shared his views and developments of the economy in the face of COVID. Powell said many contentious claims in the interview. Calling the CARES Act...

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Is Tucker Carlson Right About Replacement Theory?

Tucker Carlson seems to believe that if it weren’t for immigrants, America would be dominated by religiously devout, tradition-minded, liberty-loving Americans in every corner of the nation. Perhaps he’s not familiar with the effects of American universities and public schools? Be sure to follow Radio Rothbard at Mises.org/RadioRothbard. Powered by WPeMatico

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The Right to Ignore the State

[This essay is taken from chapter 19 of Spencer’s first major work of political philosophy—Social Statics: or, The Conditions essential to Happiness specified, and the First of them Developed (1851)—in which his first principle is equal liberty: “that every man may claim the fullest liberty to exercise his faculties compatible with the possession of like liberty by every other man.”] Voluntary Outlawry As a corollary to the proposition that all institutions must be subordinated to the law of...

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What’s Taboo? Everything Except Greed

OK, now I get it. Take a couple tabs of Euphorestra and Hopium, and stick to talking about making money in the market. Greed won’t offend anyone. So I started to tell my buddy about my new screenplay idea:“There’s a global pandemic, and when they rush a bunch of vaccines to market, then….” “Stop right there–even talking about vaccines will get you renditioned to a hellhole in one of the ‘stans.” “But it’s just fiction.” “You can argue with your guard in the hellhole, just before they haul...

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Inflation Rise Sends The Dollar To The Woodshed…

A Pfennig For Your Thoughts April 15, 2021 * Currencies & Oil rally on Wednesday… * Margin Debt is soaring once again, we had better beware…  Good day… And a Tub Thumpin’ Thursday to you! Well, the visit to the heart doc went well yesterday. My heart is functioning better, and is much stronger than when he first saw me in 2017… That was right after I had been on huge doses of steroids for over a year, and apparently they did major damage to my heart… But that’s all in the past now, and...

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