It’s usually good to steer clear of apocalyptic predictions of any sort, but as temperatures struggle to break the 10 degrees fahrenheit mark under full sun here in the Great Lakes region, talk of a “demographic winter” feels more compelling than warnings of global warming.
Nathan Hale has long been enshrined as a patriotic American icon for his last words before his hanging by the British, “I only regret that I have but one life to lose for my country.” M. William Phelps, who is the author of the new book The Life and Death of America’s First Spy: Nathan Hale, believes Hale never uttered those exact words. But in Phelps’s view, that wouldn’t in any way take away from the significance and importance of Hale’s legacy. One of the defining projects of any Hale biographer would be to make an attempt at separating the folk-lore from reality, and Phelps does a fine job in this account.
Acton’s Sam Gregg on Public Discourse:
At the level of government policy, a prominent instance of moral hazard was what some call the “Greenspan doctrine” of 2002. This involved the U.S. Federal Reserve stating that, while it was powerless to prevent the emergence of asset bubbles (such as the dot-com and housing booms), the Federal Reserve would do everything that it could to soften the effects of an imploding bubble. This included providing investors with the option of selling their depreciated assets to the Federal Reserve at a time of crisis. Not surprisingly, the result was a surge in excessive risk-taking by investors confident that, if everything did not proceed as planned, they could recoup their losses at someone else’s expense. In his recent book, Fixing Global Finance (2008), the financial journalist Martin Wolf underlines “the distortions introduced by government guarantees to risk-taking.” These, he writes, “create an overwhelming incentive to privatize gains and socialize losses.”
The latest issue of the Journal of Markets & Morality is now available online for current subscribers. This issue features the timely and challenging article, “Subprime Lending and Social Justice: A Biblical Perspective,” by William C. Wood, professor of economics at James Madison University and director of JMU’s Center for Economic Education. Prof. Wood notes that within the context of Christ’s call to love our enemies as well as our neighbors, “Christians cannot be complacent about credit markets even if they appear to be economically efficient as voluntary transactions.”
In this weeks’ Acton Commentary, Acton Adjunct Scholar William R. Luckey adopts Hayek’s use of the Greek terms “cosmos” and “taxis” to explain why economic life is not something that can be controlled with ever more laws, regulations and quick fixes. “Society and the market conform to the cosmos rather than the taxis,” he writes. “Both are self-generating, a function of billions of interactions between thinking human beings all over the globe.”
I’ve been meaning to do an in-depth post examining the various troubles facing the recycling industry. One day I’ll get to it. For now, though, I’ll settle for the rather snarky observation that some newspapers are finally worth the paper they’re printed on.
Unemployment hit 7.2% in December, the highest since January 1993– as the economy was recovering from the pseudo-recession of 1991-1992.
In November 1982, the unemployment rate was 10.8%.
Since the “natural rate of unemployment”– the part of unemployment you can’t get rid of (at least without severe long-term consequences)– is generally thought to be 4.0-4.5%.
After finals, I cranked through some books! Among those, one of G.K. Chesterton’s fictional works, The Flying Inn.
Chesterton was a prolific author. He’s well-known in some circles for his fictional work, particularly his “Father Brown” mystery series. (I haven’t tried those yet.) In this realm, I had read (and enjoyed) the classic The Man Who Was Thursday.