Tuesday, May 21, 2019

Trade War Retaliation:China Bans American Actors

Li Jin reports:
Just heard from an American actor friend who played Edgar Snow in a Chinese TV series.

China has banned American actors and key production people from all TV shows and films. Just like that.
-RW

China Trade War Song Goes Viral:"We Will Beat America Out Of Its Wits"


A song titled "Trade War," (video below) has gone viral on one the largest Chinese social media platforms, WeChat, generating more than 100,000 views amid a deepening trade war between the US and China. The song begins with a chorus singing "Trade war! Trade war! Not afraid of the outrageous challenge! Not afraid of the outrageous challenge! A trade war is happening over the Pacific Ocean!" reports Bloomberg.

More Bizarro Thinking from the Trump Administration

Here’s a Don Boudreaux letter to the Wall Street Journal:

Why is Vanilla So Expensive?

Note toward the end of the video how private industry users are trying to help stabilize the quality of the crop.



-RW

About Cheap Foreign Labor

Laborers in Ethiopia
By Murray Rothbard

"Imports from countries where labor is cheap cause unemployment in the United States."

One of the many problems with this doctrine is that it ignores the question:

Monday, May 20, 2019

Top George W. Bush Economist Hired Two Psychiatrists to Study Trump

Larry Lindsey
Politico reports:

Larry Lindsey, President George W. Bush’s National Economic Council director, spoke Tuesday separately to both the elected House GOP leadership and top committee Republicans, and his presentation about China and trade turned a lot of heads, according to multiple people who were in both meetings.

Her Father is a Stanford Economist, But...

Kamala Harris and Donald Harris
...she has no idea how free markets work or pretends she doesn't.

The Calculation That Says President Trump is Worth $16.82 Billion

President Donald Trump reported income of at least $434 million in 2018, according to his annual financial disclosure released last Thursday by the White House.

That, of course, is a serious piece of income but it is his income not his net worth, since net worth is based on a stream of income. If we assume the president will continue to earn this stream of income annually, we can roughly estimate what he is worth.

Big Farmers Are Ending Up Getting A Big Chunk of Trump's Tariff-War Bailout Funds

What a mess.

President Trump has launched a trade war with China by slapping tariffs on a broad array of goods imported into the United States from China. In retaliation, the Asian giant has slapped tariffs on a number of products imported into China from the US.

Sunday, May 19, 2019

On The “Free Market Economists are Racist!” Industry

Gordon Tullock
By Phillip W. Magness


A few days ago I received a strange and unexpected notification in the form of a tweet. Calvin TerBeek, a political science PhD student at the University of Chicago, claimed that he had evidence showing:
“In 1967, Gordon Tullock, James Buchanan’s frequent public choice co-author, wrote a book review for National Review praising an effort at scientific racism. “

The Latest Central Planning Program Launched Under the Guise of a Green New Deal Program

By Robert Wenzel

Washington Governor Jay Inslee is out with what he is calling an Evergreen Economy Plan.

It is an effort to launch a new multi-trillion dollar central planning program in America.

It is endorsed by socialist Congresswoman Alexandria Ocasio-Cortez.

Thank You, Federal Reserve: WeWork Lost $1.9 Billion Last Year, But It’s Considering Going Public

The We Company, parent company of WeWork, is hemorrhaging cash with a business model that doesn't suggest the cash drain will stop anytime soon.

CNBC reports:
WeWork lost $1.9 billion last year on $1.8 billion in revenue.

Saturday, May 18, 2019

My Reply to Victor Davis Hanson’s Response

Victor Davis Hanson
By Don Boudreaux
John Stossel sent my letter of earlier today on to Victor Davis Hanson. Mr. Hanson was not impressed with my letter.
I do not have permission to share Mr. Hanson’s response, but I here share my (slightly edited) reply to his response – a reply that John Stossel forwarded to Mr. Hanson:

Thomas Sowell Destroys Social Justice Economics

This is great analysis and commentary by Thomas Sowell.

Find the time to watch this one, below.

New York City Restaurant Jobs Are Collapsing in the Face of a Higher Minimum Wage

The New York City minimum wage has been exploding:

Friday, May 17, 2019

How Hyperinflation Started in Zimbabwe



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White House Considering Former Lyft Ride-Hailing General Manager for Federal Reserve Board

Derek Kan
The White House is considering Derek Kan, an undersecretary at the Department of Transportation, for one of two open seats on the Federal Reserve Board, Bloomberg is reporting.

There appears to be zero in terms of a paper track record with regard to his views on monetary policy. And there is nothing in his background, other than a stint at the London School of Economics, that suggests he has even thought about monetary policy.

Thursday, May 16, 2019

Well, It's Clear AOC Hasn't Read Fritz Machlup

In the above video, it is clear that

Some Weak Praise for Judy Shelton as a Potential Fed Nominee

Judy Shelton
By Joseph T. Salerno


Bloomberg reported this week that the Trump Administration is considering Judy Shelton for one of the two vacant positions on the Federal Reserve Board of Governors. The good news is that Ms. Shelton is not a technically trained academic economist, indoctrinated in the prevailing orthodoxy. She holds a doctorate in business administration from the University of Utah and has spent most of her career in the world of free-market policy think tanks, including stints at the Hoover Institute and the Atlas Network. She also writes refreshingly and articulately in favor of the gold standard, or some version of it.
The bad news is