Friday, August 14, 2015

Mises Institute

When Nullification Works, and When it Doesn’t - Although leftists often like to condemn nullification as right-wing kookery, the left is quite good at employing the tactic. Certainly, the most successful nullification trend going on right now is in state refusals to enforce federal drug laws. Four states (Colorado, Washington, Oregon, and Alaska) have all unilaterally declared recreational marijuana to be legal.

Left-Wing Nullification

While the successful passage of these measures did require support from libertarians and conservatives, the Colorado, Washington, and Oregon efforts especially benefited from support from people most would identify as so-called left-wing “liberals.” Many other states have unilaterally legalized marijuana for medical use as well, and it’s in the GOP heartland (i.e., the South and Great-Plains Midwest) where resistance to this form of nullification remains the strongest. Indeed, GOP elected officials from the South and Midwest are currently suing Colorado to force greater federal enforcement of drug laws. Meanwhile, leftists are the driving force behind the so-called “sanctuary city” movement in which local officials refuse to cooperate with federal officials on enforcement of federal immigration laws.…….

The Eurozone Has Failed Both Politically and Economically - The European Monetary Union has failed to bring economic stability, and it has also increased nationalistic tensions among member nations. Some taxpayers, such as German taxpayers, view themselves as working to subsidize foreigners. Meanwhile, central banks continue to distort the economy.

Asset-Price Inflation Enters Its Dangerous Late Phase - Asset-price inflation is being ignored as pundits focus on consumer goods. But if we look at asset prices, the carry trade, and commodities, we have reason to believe that the current boom is entering a stage similar to what we saw in 2007.

What Happened When One Company Set a Minimum Wage of $70,000 - When one CEO set his company's minimum wage at $70,000, some denounced the move as “socialism.” But the real situation is more complex than that, and we should look at how CEOs can use wages to achieve a variety of personal goals...

Four Economic Myths that Perpetuate the Euro Crisis - Europe’s problems will not be solved by a Greek exit, and a breakup of the euro certainly won’t fix things as long as the Europeans remain in the thrall of many economic fallacies that have long driven the debate over the euro...

The Unseen Consequences of Zero-Interest-Rate Policy - The old tricks of conventional monetary stimulus — low interest rates —no longer work, so we’ve entered the untested waters of zero-interest-rate policy. Unfortunately, the now-unseen consequences will be felt more severely the longer we stick with the “unconventional..

Japan Gets Ready for More Military Spending - The Japanese government has been working to increase both military spending and the military’s role beyond Japan’s borders. This has little to do with Japan asserting independence from Washington, and is more about a cash-strapped US wanting more money from Japanese taxpayers...

In Greece, Reliance on Public Funds Is the Central ProblemThe data shows that many Greek workers work for long hours, and some labor data suggests the Greek economy must be fine. But a closer look shows that hard work isn't enough when many others live off the productivity of the working few...

Politicians Seek Short-Term Advantages by Lecturing Capitalists about the Long Term - Capitalists generally think in terms of future earnings, and future value of investments often helps determine the present value. Hillary Clinton, however, has decided to achieve her short-term election goal by hectoring capitalists for thinking too much about the short term.

 

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