Chief Justice Roberts’ majority opinion in Bond v. United States has been sharply criticized (see here and here), so I’ll say few words partially in its favor. The case has seemed odd from the beginning because the federal statute at issue implements the Chemical Weapons Convention and (as the majority says) the local misuse of household chemicals does not seem the type…
-- Larry Pratt’s debut opens in theaters!
Former CIA director: ‘We kill people based on metadata’
It was the 40th anniversary of the invasion of Normandy, France – D-Day. President and Nancy Reagan visited the beaches and battlements, and with dignitaries and veterans of WWII in attendance, it was here he gave one of his most … Continue reading →
"This morning, the ECB took the radical stepof cutting its deposit rate to negative 0.1 percent. It also lowered its benchmark lending rate (similar to the federal funds rate the U.S. Federal Reserve has been raising and lowering for decades) to 0.15 percent from 0.25 percent. Furthermore, it tried to boost the mortgage and business loan businesses by offering to buy Asset Backed Securities (ABS) and by launching more Long-Term Refinancing Operations. While central banks in Sweden and Denmark took tentative steps in the direction of negative rates, the ECB’s move is unprecedented because no major world central bank has ever tried it before." Continue reading →
"Once again, monetary inflation is being confused with high-end entrepreneurialism. Ludwig von Mises, the great Austrian economist, was not fooled about the wealth effect of modern finance and, indeed, with his colleague FA Hayek dealt a devastating blow to the ever-reoccurring idea that 'this time it's different.' It's not different. Never. It just depends on where you are in the business cycle. Like a bad penny, this dream often recurs when the Fed has dumped enough money into the economy. These funds slosh around in the recesses of commercial banks and financial firms and then gradually find their way into stock markets and thence into high-end real estate." Continue reading →
Protesters gathered in southern New Mexico last weekend, hoping to attract national attention to the federal government’s refusal to allow cattle critical access to water. County commissioners told the crowd that the rights of citizens are “being trampled” by the U.S. Forest Service and other federal departments that claim authority over “public land.” In response…
Several excellent posts challenge the legality of the President’s exchange of five Taliban prisoners held at Guantanamo for a U.S. soldier held by the Taliban — see Josh Blackman here, Ilya Somin here (toward the bottom of the post), and especially Tim Sandefur here. As the posts explain, the exchange violated a U.S. statute that prohibits releasing any prisoners…
Raleigh, NC, June 4, 2014 — Today, the North Carolina House passed a bill that would end the state’s involvement in Common Core educational standards, effectively nullifying its implementation within the state. The vote was 78-39. House Bill 1061 (HB1061) went through two hectic days. On Tuesday, the House Education Committee rewrote the original bill…
"When the price of money goes down banks’ profit margins go up; by moving to zero interest rates, the Fed handed them higher earnings. And by guaranteeing the debt of the weakest institutions, the Fed gave big bonuses to the worst managers. Now, the alcohol is taking effect. All around the world markets stagger. Economies slur their words. Investors have severe memory loss. Businessmen can’t tell up from down. And the poor consumer gets a headache every time he checks his bank balance. Some people have access to the free money. Others don’t. Those with the access tend to be in the financial elite. It is no wonder the rich get richer; the game is rigged." Continue reading →