The Revival of State Banking in Europe

by Alexander Fink[1] and Andreas Hoffmann Since 2009, the role of government in banking has increased substantially in Europe. This is, first, a consequence of capital injections or bailouts of private banks (for instance Dexia in Belgium, Royal Bank of Scotland in the UK, Hypo Real Estate and Commerzbank in Germany, Fortis in the Benelux, … Continue reading The Revival of State Banking in Europe

Income Inequality Matters

by Roger Koppl Income inequality matters. Let me say that again so you know I meant it: Income inequality matters. This statement may be surprising coming from a self-described “Austrian” economist and a “liberal” in the good old-fashioned pro-market sense. It shouldn’t be. It should be one of our issues. The surprise should be that we … Continue reading Income Inequality Matters

Big Players and the Rule of Law

by Roger Koppl Greg Mankiw quotes a recent WSJ article: "Like many others I made the mistake of buying what I believed was 'value,'" Mr. Gwin says, adding that investors who bought at the time believed the loans were worth more than their market price. "We did not contemplate having our first liens invalidated by … Continue reading Big Players and the Rule of Law

The Flawed Logic of Bailouts

by Gene Callahan I am periodically re-astonished at the brilliance of Frédéric Bastiat. His satire "The Candlemaker's Petition" is perhaps the most brilliant send-up of protectionism ever penned. And, listening to the news on the radio today, I again was made aware of how important but, apparently, difficult to grasp, is Bastiat's point about "what … Continue reading The Flawed Logic of Bailouts

The Coming Slavery

by MARIO RIZZO _______________   It is said that when railways were first opened in Spain, peasants standing on the tracks were not [i]nfrequently run over; and that the blame fell on the engine-drivers for not stopping: rural experiences having yielded no conception of the momentum of a large mass moving at a high velocity. … Continue reading The Coming Slavery