Wednesday , December 11 2019
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Ironic Juxtaposition

Summary:
I’m not reading too much into this, just saying I noticed that in back-to-back posts (though one was a re-run) on EconLog this was funny: ==> Bryan Caplan has a post (which was front and center on my phone, but they actually re-ran from June 3) wondering why immigration is even a contentious issue among classical liberals. There is a big cartoon of Milton Friedman with his Nobel Prize and his famous quote, “You cannot simultaneously have free immigration and a welfare state.” Bryan runs through some of the ways otherwise pro-freedom intellectuals try to justify controls on immigration, but finds them wanting and in any event says “The plot thickens when you notice that pro-freedom immigration skeptics routinely use arguments that almost never use in any other

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I’m not reading too much into this, just saying I noticed that in back-to-back posts (though one was a re-run) on EconLog this was funny:

==> Bryan Caplan has a post (which was front and center on my phone, but they actually re-ran from June 3) wondering why immigration is even a contentious issue among classical liberals. There is a big cartoon of Milton Friedman with his Nobel Prize and his famous quote, “You cannot simultaneously have free immigration and a welfare state.” Bryan runs through some of the ways otherwise pro-freedom intellectuals try to justify controls on immigration, but finds them wanting and in any event says “The plot thickens when you notice that pro-freedom immigration skeptics routinely use arguments that almost never use in any other context…”

==> Scott Sumner has a post on how the Trump Administration is rolling back capital requirements on banks and he comments:

After the banking crisis, Congress passed the massive Dodd-Frank bill, which somehow “forgot” to address most of the actual causes of the crisis.  One concrete step in Dodd-Frank that its supporters often point to was the higher capital requirements.  But now that’s also being chipped away.

In a perfect world, there would be no capital requirements at all, but also no FDIC, no t00-big-to-fail, no Fannie Mae and Freddie Mac, no FHA, etc.  Given all the moral hazard in the system, there needs to be some way of discouraging excessive risk-taking.

Deregulation doesn’t always reduce the footprint of the government, in this case it makes the government even more involved in the financial system.

Robert Murphy
Christian, Austrian economist, and libertarian theorist. Research Prof at Texas Tech and author of *Choice*. Paul Krugman's worst nightmare.

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