Tuesday, November 24, 2020

Block Responds to Selgin on Coase

Ronald Coase

 Dr. Walter Block has responded to this tweet:

From Dr. Block: 

George Selgin is 100% correct when he says “Coase never suggests that historical circumstances, possession, etc, etc., etc. should play no part in legal decisions. It's a grotesque and utterly bad faith misreading of him to suppose otherwise.

 

However, to maintain this, as I do, is a reductio ad absurdum of what he does say: that the proper way to determine property rights is based on future actions, costs, benefits.

 

Here are some critiques of Coase on social costs that might be of interest:

 

Coase, Ronald H. 1960. "The Problem of Social Cost," Journal of Law and Economics, 3:1-44;  http://www.econ.ucsb.edu/~tedb/Courses/UCSBpf/readings/coase.pdf

 

Austro libertarian critics of Coasean law and economics:

 

Barnett and Block, 2005, 2007, 2009; Block 1977, 1995, 1996, 2000, 2003, 2006, 2010A, 2010B, 2010C, 2011; Block, Barnett and Callahan, 2005; Cordato, 1989, 1992a, 1992b, 1997, 1998, 2000; DiLorenzo, 2014; Fox, 2007; Hoppe, 2004; Krause, 1999; Krecke, 1996; Lewin, 1982; North, 1990, 1992, 2002; Rothbard, 1982, 1997; Stringham, 2001; Stringham and White, 2004; Terrell, 1999.

 

Barnett, William II and Walter E. Block. 2005. “Professor Tullock on Austrian Business Cycle Theory,” Advances in Austrian Economics, Vol. 8, pp. 431-443

 

Barnett, William II and Walter E. Block. 2007. “Coase and Van Zandt on Lighthouses,” Public Finance Review, Vol. 35, No. 6, November, pp. 710-733; http://pfr.sagepub.com/content/35/6/710

 

Barnett, William and Walter E. Block. 2009. “Coase and Bertrand on Lighthouses,” Public Choice; 140(1–2):1–13, http://dx.doi.org/10.1007/s11127-008-9375-x

 

Block, Walter E. 1977. "Coase and Demsetz on Private Property Rights," The Journal of Libertarian Studies: An Interdisciplinary Review, Vol. I, No. 2, Spring, pp. 111-115, http://www.mises.org/journals/jls/1_2/1_2_4.pdf; reprint translation: “Coase y Demsetz sobre el derecho de propiedad privada,” Libertas 37, Octubre de 2002, año XIX, pp.5-20.

 

Block, Walter E. 1995. "Ethics, Efficiency, Coasean Property Rights and Psychic Income: A Reply to Demsetz," Review of Austrian Economics, Vol. 8, No. 2, pp. 61-125, http://www.mises.org/journals/rae/pdf/rae8_2_4.pdfhttp://www.mises.org/journals/rae/pdf/r82_4.pdf; reprint translation: “Ética, eficiencia, derechos de propiedad Coasianos e ingreso psíquico: una respuesta a Demsetz,” Libertas 37, octubre de 2002, año XIX, pp. 71-210

 

Block, Walter 1996. "O.J.'s Defense: A Reductio Ad Absurdum of the Economics of Ronald Coase and Richard Posner," European Journal of Law and Economics, Vol. 3, pp. 265-286; http://www.walterblock.com/publications/block_oj's-defense.pdf

 

Block, Walter E. 2000. “Private Property Rights, Erroneous Interpretations, Morality and Economics: Reply to Demsetz,” Quarterly Journal of Austrian Economics, Vol. 3, No. 1, Spring, pp. 63-78; http://www.mises.org/journals/qjae/pdf/qjae3_1_8.pdf; reprint translation: “Derecho de propiedad privada, interpretaciones erróneas, moralidad y economía: en respuesta a Demsetz,” Libertas 37, octubre de 2002, año XIX, pp. 227-264

 

Block, Walter E. 2003. "Private property rights, economic freedom, and Professor Coase: A Critique of Friedman, McCloskey, Medema and Zorn," Harvard Journal of Law and Public Policy, Vol. 26, No. 3, Summer, pp. 923-951; http://findarticles.com/p/articles/mi_go2782/is_3_26/ai_n6640908/?tag=content

 

Block, Walter E. 2006. "Coase and Kelo: Ominous Parallels and Reply to Lott on Rothbard on Coase," Whittier Law Review, Vol. 27, No. 4, pp. 997-1022; https://litigation-essentials.lexisnexis.com/webcd/app?action=DocumentDisplay&crawlid=1&doctype=cite&docid=27+Whittier+L.+Rev.+997&srctype=smi&srcid=3B15&key=7abe221cecca64ce06068c3cbfa36fd1

 

Block, Walter E. 2010A. “A Response to Brooks’ Support of Demsetz on the Coase Theorem.” Dialogue, Vol. 2; http://www.uni-svishtov.bg/dialog/2010/2.10.WB.pdf

 

Block, Walter E. 2010B. “Rejoinder to Brooks on Coase and Demsetz.” Quarterly Journal of Austrian Economics; Vol. 13, No. 4, Winter, pp. 56-73; http://mises.org/journals/qjae/pdf/qjae13_4_3.pdf

 

Block, Walter E. 2010C. “Rejoinder to Boettke on Coasean Economics and Communism.” Romanian Economic and Business Review, Vol. 5, No. 3, Fall, pp. 9-90; http://www.rebe.rau.ro/REBE%205%203.pdf

 

Block, Walter E. 2011. “Rejoinder to Bertrand on lighthouses.” Romanian Economic and Business Review, Vol. 6, No. 3, Fall, pp. 49-67; http://www.rebe.rau.ro/REBE%206%203.pdf

 

Block, Walter E., William Barnett II and Gene Callahan. 2005. “The Paradox of Coase as a Defender of Free Markets,” NYU Journal of Law & Liberty, Vol. 1, No. 3, pp. 1075-1095; http://tinyurl.com/2hbzd4http://www.nyujll.org/articles/Vol.%201%20No.%203/Vol.%201%20No.%203%20-%20Barnett,%20Block%20and%20Callahan.pdfhttp://tinyurl.com/2hbzd4

to be reprinted in Mario Rizzo, ed. forthcoming. Austrian Law and Economics

 

Cordato, Roy E. 1989. "Subjective Value, Time Passage, and the Economics of Harmful Effects," Hamline Law Review, Vol. 12, No. 2, Spring, pp.229-244.

 

Cordato, Roy E. 1992A. "Knowledge Problems and the Problem of Social Cost" Journal of the History of Economic Thought, vol.14, Fall, pp. 209-224.

 

Cordato, Roy E. 1992B. Welfare Economics and Externalities in an Open-Ended Universe: A Modern Austrian Perspective, Boston: Kluwer.

 

Cordato, Roy E. 1997. "Market-Based Environmentalism and the Free Market: They're Not the Same," The Independent Review, Vol. 1, No. 3, Winter, pp. 371-386.

 

Cordato, Roy. 1998. “Time Passage and the Economics of Coming to the Nuisance: Reassessing the Coasean Perspective,” Campbell Law Review, vol. 20, No. 2, Spring, pp. 273-292

 

Cordato, Roy. 2000. "Chasing Phantoms in a Hollow Defense of Coase" The Review of Austrian Economics, Vol. 13, No. 2, September, pp. 193-208.

 

DiLorenzo, Tom. 2014. “When Did Ronald Coase Become the Ayatollah of Economic Theory?” January 2; http://www.lewrockwell.com/2014/01/thomas-dilorenzo/the-beltarian-cult/

 

Fox, Glenn. 2007. “The Real Coase Theorems.” The Cato Journal: An Interdisciplinary Journal of Public Policy Analysis. Volume 27 Number 3, Fall, pp. 373-396; http://www.cato.org/pubs/journal/cj27n3/cj27n3-5.pdf

 

Hoppe, Hans-Hermann. 2004. “The Ethics and Economics of Private Property.” October 11; http://www.lewrockwell.com/hoppe/hoppe11.html

 

Krauss, Michael. 1999. "Tort Law, Moral Accountability, and Efficiency: Reflections on the Current Crisis" Markets and Morality, Vol. 2, No. 1, Spring; http://www.acton.org/publicat/m_and_m/1999_spr/krauss.html

 

Krecke, Elisabeth. 1996. "Law and the Market Order: An Austrian Critique of the Economic Analysis of Law," Journal des Economistes et des Etudes Humaines 7(1), March, pp.19-37; Commentaries on Law&Economics, 1997 Yearbook, ed., Robert W. McGee, pp.86-109.

 

Lewin, Peter.  1982. “Pollution Externalities: Social Cost and Strict Liability.”  Cato Journal, vol. 2, no. 1, Spring, pp. 205-229.

 

North, Gary. 1990. Tools of Dominion: The Case Laws of Exodus, Tyler, TX: Institute for Christian Economics.

 

North, Gary. 1992. The Coase Theorem, Tyler, TX: The Institute for Christian Economics

 

North, Gary. 2002. “Undermining Property Rights: Coase and Becker,” The Journal of Libertarian Studies: An Interdisciplinary Review, Vol. 16, No. 4, Fall, pp. 75-100; http://www.mises.org/journals/jls/16_4/16_4_5.pdf

 

Rothbard, Murray N. 1982. "Law, Property Rights, and Air Pollution," Cato Journal, Vol. 2, No. 1, Spring; reprinted in Economics and the Environment: A Reconciliation, Walter E. Block , ed., Vancouver: The Fraser Institute, 1990, pp. 233-279. http://www.mises.org/rothbard/lawproperty.pdfhttp://mises.org/story/2120

 

Rothbard, Murray N. 1997.  "Value Implications of Economic Theory," Logic of Action I (Cheltenham, UK: Edward Elgar), pp. 255-265.

 

Stringham, Edward Peter, and Mark White. 2004. “Economic Analysis of Tort Law: Austrian and Kantian Perspectives.” In Law and Economics: Alternative Economic Approaches to Legal and Regulatory Issues, ed. Margaret Oppenheimer and Nicholas Mercuro, 374-392. New York: M.E. Sharpe. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1676271 

 

Stringham, Edward. 2001. "Kaldor-Hicks Efficiency and the Problem of Central Planning," Quarterly Journal of Austrian Economics, Vol. 4, No. 2, Summer, 41-50; http://www.mises.org/journals/qjae/pdf/qjae4_2_3.pdf

 

Terrell, Timothy D. 1999. “Property Rights and Externality: The Ethics of the Austrian School.” Journal of Markets and Morality. Vol. 2, No. 2, Fall; http://www.acton.org/publications/mandm/mandm_article_114.php

-RW

Biden Pledges to Help Democratic Mayors Whose Cities Are In Desperate Financial Condition



 The lockdowns have made the financial situation of many United States cities desperate.

It appears Joe Biden thinks there is an easy solution, send federal money that the federal government doesn't have to the cities.

He pledged to work with mayors during a virtual conference with the U.S. Conference of Mayors on Monday, The Hill reports.

“All of you have been on the front lines from the very beginning, and as we head into this Thanksgiving and a very dark winter with cases of hospitalizations and deaths spiking, I want you to know that we’re here for you,” Biden said.

“There is a strong sense of common purpose and a desire for real partnership between the states, the cities and the federal government,” he continued.

 Among those on the call, according to The Hill, were Los Angeles Mayor Eric Garcetti (D), New York City Mayor Bill de Blasio (D), Seattle Mayor Jenny Durkan (D), Atlanta Mayor Keisha Lance Bottoms (D) and Orlando Mayor Buddy Dyer (D). All mayors from Democtaric cities teetering on financial collapsse.

So what is it going to be Joe, higher taxes or Treasury borrowing that is monetized by the Federal Reserve?

To paraphrase Paul Simon, anyway decent hardworking people look at it, they will lose. It is the taking of money from the private productive sector and handing it over to the ruling city government non-productive sectors.

-RW

"I’m Thinking of Deleting Columbia University as the Source of My PhD From My Curriculum Vitae."

In light of the news that a Columbia University faculty member has called for an end to the Rockefeller Center Christmas tree, calling the tree emblematic of an  “absolutely toxic relationship" with nature.

Dr. Walter Block has issued the following open letter to Columbia University:

The faculty comes out against the Rockefeller Christmas tree on ecological grounds? Give me a break. Maybe trees have rights? Who knew?

 

Hey, I hold a Ph.D. in economics (1972). This craziness depreciates the value of that degree of mine. I worked hard for it. It is bad enough that socialist Prof. Stiglitz is now on the Columbia faculty, pushing for every economically illiterate nostrum he can think of, and, credit where credit is due, he has the imagination to think up quite a few of them. But now to learn that this intellectual virus has spread to a bunch of tree huggers? I’m thinking of deleting the source of my phd from my curriculum vitae.

 

Best regards,

 

Walter

 

Walter E. Block, Ph.D.

Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics      

Loyola University New Orleans

6363 St. Charles Avenue, Box 15, Miller Hall 318                                       

New Orleans, LA 70118  

Monday, November 23, 2020

BREAKING: Biden to Nominate Janet Yellen for Treasury Secretary

Joe Biden plans to nominate former Federal Reserve Chairwoman Janet Yellen to become the next Treasury secretary, The Wall Street Journal is reporting.

Yellen should, of course, be considered a complete establishment insider.

Damn the lockdown, Wall Street banksters will be celebrating tonight.

She is under their total control. She should cruise through the Senate confirmation process.

One positive: At least it's not the capitalist hating Elizabeth Warren.

-RW

Two Warnings From the 'Financial Times' About the Coming Price Inflation


This past week, not one but two Financial Times columnists gave warnings about the coming price inflation.

On Thursday, Merryn Somerset Webb wrote:

There is a huge mispricing here — and one that makes no sense as economies reopen [once the vaccines start getting distributes], new stimulus is released, growth surprises on the upside, and inflation risks rise... 

As James Ferguson of Macrostrategy says, the “most exciting opportunity of the moment is in commodities. They’ll give you portfolio insurance against inflation (you need this). But they are also generationally cheap: just to return to their long-term price trend relative to global equities, a basket of commodities would have to outperform equities “almost fivefold”. It’s time to buy them.

On Wednesday, FT chief economics commentator Martin Wolf wrote:

Are we about to move into a new era of unexpectedly high inflation, rather than the below-target inflation we are used to? Many dismiss this view. But the boy who cried wolf was right the last time. A book just out is crying wolf insistently. Notably, it states that, as a result of today’s fiscal and monetary largesse, “as in the aftermath of many wars, there will be a surge in inflation, quite likely more than 5 per cent, or even on the order of 10 per cent in 2021”. That would change everything.

The prediction comes from The Great Demographic Reversal by Charles Goodhart, a respected academic, and Manoj Pradhan, formerly at Morgan Stanley. Its prophecy of imminent inflationary doom is in fact less significant than its analytical framework. These authors argue that the world economy is about to shift regimes. The last time this happened was the 1980s. The big shifts four decades ago were not so much the desire to bring inflation under control, but globalisation and the entry of China into the world economy. That era, they argue, which was one of low inflation and high, rising indebtedness, is now ending. Its inverse will soon follow.

From my perspective, the two columnists are correct when they write the above. In the EPJ Daily Alert, I argue that the theme of 2021 will be soaring price inflation.

It is time to hug your gold coins. 


UPDATE

Sunday, November 22, 2020

It's Happening Again

Stocking up for the lockdowns is causing a mad dash for essentials again.

It is not like there would be any shortage of supply other than people rushing to buy whatever they can.

And supply and demand pricing is ruled out by government "anti-gouging" laws. 

-RW

I Became a Congresswoman to Stop Socialism in America

Victoria Spartz, a Ukrainian American, was just elected to Congress from Indiana's 5th congressional district.

She gets it.

 

From her website:
  • Our constitutional republic was created with limited government functions to protect the individual rights to Life, Liberty and Property. We must preserve our 2nd Amendment freedoms against the tyranny of the government, and protect the sanctity of all human life.
  • Our national debt is unsustainable. We must cut spending, reform welfare to empower, not suppress low income individuals, and balance the budget. The debt can be tackled, not by raising taxes on US citizens, but by taking a critical look at the unnecessary spending of the federal government.
  • Free enterprise is the foundation of our country. We must limit regulation powers of the executive branch and maintain a vibrant business environment, so all businesses, no matter their size, can thrive.
She is shaky on some other issues but a good foundation and a hellof a lot better than AOC.

 -RW

Saturday, November 21, 2020

The Coase Theorem in One Image (And then the Walter Block response)

Of course, as Dr. Walter Block would surely point out, if the guy getting paid to leave is on the property of the other, therein exists a fundamental problem for the Coase Theorem, it ignores initial respect for private property.

After writing the above sentence, I decided to email Dr. Block, the preeminent Austrian school critic of the Coase Theorem to actually get his thoughts on the tweet.

This is his response:

Dear Bob:

On property rights, Coase’s main “contribution” to economic science, he is worse than the commies. At least the latter has a  theory of property rights: they belonged to the proletariat. For Coase, they shift like a weather vane, depending upon a judges arbitrary opinion of interpersonal comparisons of utility.

Best regards,

Walter

Walter E. Block, Ph.D.

Harold E. Wirth Eminent Scholar Endowed Chair and Professor of Economics      

Loyola University New Orleans

-RW

Employment‐Based Green Card Backlog Hits 1.2 Million in 2020

David J. Bier reports:

The U.S. Citizenship and Immigration Services (USCIS) released new data showing that the green card backlog for employment-based immigrants in 2020 has surpassed 1.2 million applicants—the highest number ever. From November 2019 to April 2020, the new data show that demand exceeded the number of green cards issued by more than 109,000. The monthly rate of increase in the backlog has tripled from the rate from 2018 to 2019. Despite the infusion of new green cards in 2021, Indian employer-sponsored applicants face an 8-decade wait for green cards, and nearly 200,000 will die before they could even theoretically reach the front of the line.

This backlog is caused entirely by insufficient numbers under the green card limits—not delays in processing applications. When a petition is approved but no green card number is available, the immigrant enters the green card backlog. While more employment-based green cards will become available in fiscal year 2021, the new numbers will prove to be far fewer than the number required to meaningfully reduce the backlog.

Incredible.

I have discussed immigration hate here: 

 

 -RW

Friday, November 20, 2020

Mnuchin Goes Scorched Earth Over $455 Billion in COVID-19 Bailout Money


Those paying close attention may notice that the Trump administration, with the election in dispute, are applying scorched earth tactics in a number of areas to dismantle parts of activist government. 

The Treasury Department is among those using the tactic

Yesterday, Treasury Secretary Steven Mnuchin announced that he has pulled the plug on COVID-19 related emergency Federal Reserve lending programs.

It is about time. The programs should have never been launched.

In a letter sent Thursday to Federal Reserve Board Chairman Jerome Powell, Mnuchin asked the central bank to return some $455 billion in unused funding for programs set to expire December 31.

The decision would force several programs to end.

The money was part of the CARES Act, a $2 trillion bailout package, that was signed into law in March.

There should have never been such a package, it did much to keep the economy in lockdown as those out of work received checks to stay at home. Without those checks, the protests to open up the country would have been something to see.

It could be argued that the bailout was Trump's greatest error during his administration. 

The $455 billion remaining is a small portion of the full package but the scorched earth tactic is finally a move in the right direction.

However, like most of Trump administration actions, it appears to be based on politics rather than principle. Rabobank points out that Republicans had earlier indicated they were worried that the Federal Reserve could use the money for its Municipal Lending Facility and the Main Street Lending Program that could be used by the Democrats to bypass Congress if Republicans were to block additional federal government support to local governments and small and mid-sized businesses. So, as the bank concludes, "Mnuchin’s action is clearly related to politics."

Politics, or not, it is a welcome move.

-RW

What is the Problem With, For "Social Justice" Purposes, Taking Half of the $203 Billion Wealth of Jeff Bezos and Giving It To the Poor?

Here’s a Don Boudreaux letter to a college student writing a paper on what he calls “the social justice of wealth redistribution”:

Mr. Eden:

Thanks for your e-mail.

You ask: “Why shouldn’t government tax away half of Jeff Bezos’ wealth and give it to America’s poor people.” In your assessment, “this would be fair without hurting Bezos.”

My disagreements with your assessment are many, but I have time now to list only three.

First and primarily, it’s immoral to take stuff belonging to other people. Because Bezos acquired his wealth lawfully, to take it is wrong. Note also that he acquired his wealth in a manner that bestows enormous benefits on hundreds of millions of his fellow human beings, and that he has already paid billions of dollars of taxes on his earnings.

Second, Bezos’s wealth is now reported at $203 billion. With 34 million Americans currently below the poverty line, confiscating half of Bezos’s fortune and distributing it equally to these poor Americans would give each a one-time windfall of $2,985. A nice sum. But it’s not enough to transform their lives. More fundamentally, people’s lives aren’t transformed for the better by being given windfalls. Transformation comes from within, personally, and from better policies that allow the creation of more and better opportunities.

Third, Bezos’s net worth is what it is because the vast bulk of it is invested in Amazon and other productive enterprises. If he suddenly must turn over half of his wealth to the government, he would not draw it from his consumption (which is what you mean when you say that this policy would not hurt Bezos). He would draw it out of his investments. And resources currently used in valuable productive uses would become much less valuable when turned into goods and services for current consumption. And so to give each poor American $2,985 paid for by Jeff Bezos would require that far more than half of his fortune be seized.

You might nevertheless be good with this outcome, for it would still leave Bezos very wealthy. It would still not put a dent in his lifestyle. But the American economy would suffer greatly. Not only would the economy lose, in one fell swoop, well over a hundred billion dollars of assets – which means the loss of whatever outputs those assets produce – but lose also untold trillions of dollars of assets over time that would have been, but will not be, created. Like it or not, people do not invest heavily when government seizes large chunks of the fruits of their successes.

Sincerely,
Donald J. Boudreaux
Professor of Economics
and
Martha and Nelson Getchell Chair for the Study of Free Market Capitalism at the Mercatus Center
George Mason University
Fairfax, VA  22030

The above originally appeared at Cafe Hayek

Thursday, November 19, 2020

AOC Calls For Paying People to Stay Home


This is the genius advice from Alexandria Ocasio-Cortez on how to battle a virus, COVID-19, that is of no significant threat to over 98% of the country:

Of course, she provides no information as to where the money is going to come from to pay everyone to stay home. And she appears to have no awareness of what a collapse in productivity, by paying everyone to stay home, will mean.

I wish she would stay home--without phone or internet connections--for the good of the country.

-RW

National Football League Nudges Toward the Cash-Free Future: Cash Will Not Be Accepted at Super Bowl


Why is it that the National Football League takes so many steps that nudge the country toward more statism?

The NFL has announced that Super Bowl LV, to be held on February 7, 2021, will be a 100 percent digital payment event for fans throughout the stadium on game day, including parking, concessions, retail, mobile ordering, and more. No cash will be accepted.

The NFL is forcing this digital use on Super Bowl attendees in conjunction with, surprise, Visa.

“Visa is one of our key partners in helping us imagine how our fans will experience the NFL in years to come,” said Renie Anderson, Executive Vice President of Partnerships & Chief Revenue Officer for the NFL. “We’re excited to announce that for our biggest event the future is here and we thank Visa for the innovative approach to enable a more secure way to pay at Super Bowl LV. This move will not only make the game more enjoyable and efficient for our fans, but most importantly, safer for all involved.”

-RW

CHICAGO: Property Taxes on Steroids

This report is from WGN News in Chicago, but what must be kept in mind is this is about tax increases before the COVID-19 severe lockdowns in the Windy City.

Massive new taxes are coming unless the people revolt. The tax base is going to move.

And Mayor Lightfoot's legacy will be of turning Chicago into a third world city.

 

 -RW

Rob Schneider is a Serious About Ludwig von Mises

 Rob Schneider

Actor and comedian Rob Schneider has put out a Tweet recommending The Anti-Capitalist Mentality by Ludwig Von Mises.

This is heavy stuff.

Wow. 

Schneider is not playing.

It should be noted that a chapter in the book is titled, "The Communism of Broadway and Hollywood."

As a comedian, he must have appreciated this sentence as Mises closed the chapter:

When a future historian searches for those little significant facts which Taine appreciated highly as source material, he should not neglect to mention the role which the world's most famous striptease artist played in the American radical movement.

Here is a Schneider teaser (3 minutes and 1 second):


 

 -RW

Wednesday, November 18, 2020

Odds of Judy Shelton Becoming Fed Governor Have Dropped To Very Slim


Blame it on tough breaks related to COVID-19 panic but the chance that Judy Shelton will be confirmed as a governor of the Federal Reserve Board is razor-thin.

 Two Republican Senate members, Charles E. Grassley and  Rick Scott, who would have voted in her favor, are in quarantine and were not able to vote on the Shelton cloture vote yesterday. If either voted, it would have put her over the top.

But this is a big problem now: The Senate has just adjourned until November 30.

And at some point in the not too distant future, a Senate seat is going to switch from a Republican member to a Democratic member. That would doom a Shelton confirmation.

As Saleha Mohsin, the senior reporter covering the U.S. Treasury Department for Bloomberg News, explains, "It now comes down to when Mark Kelly is sworn in to replace [Arizona] Republican Martha McSally, who he defeated in a special election."

According to AZCentral, Kelly is eligible to take the oath of office as soon as Arizona certifies its election results, which is scheduled for Nov. 30. He expects to take office in early December. 

But this is what makes things even closer. A November 30 cloture vote in favor would allow the Senate to limit consideration of a pending matter to 30 additional hours of debate. So when Kelly is sworn in and gets in town is what makes this razor-thin.

How do we get the certification delayed in Arizona?

Shelton may be a nut, but she might be our nut, no one else comes close in terms of getting a Fed nomination.

-RW

A VERY BAD SIGN: Hillary Clinton is Now Publicly All-In On the Great Reset

In the clip below, she doesn't use the term Great Reset but Hillary is talking the Great Reset agenda.

It is an attack on free markets and liberty to be replaced by a ruling central power.

It is an attempt at global elitist control.

That Hillary is now publicly promoting the plan suggests that the elitists are ready to make their move.

If they succeed in their diabolical plan, Noble Prize economist Friedrich Hayek's title of one of his books, "The Road to Serfdom," will be all too appropriate to characterize what is going on.

We are in the most dangerous period ever for free markets and liberty. They could be lost for decades if not forever.

-RW