• The One Thing No One Wants to Talk about in Philadelphia


    Philadelphia—Here at the Democratic National Convention this week, so far I’ve heard discussions on a range of topics, from energy, to housing, to criminal justice reform. The solutions to these problems are fairly typical for the modern Democratic Party, with a kick of extra leftism thrown in for good measure. Hillary Clinton surrogates on the panels around town, for example, routinely talk about how the Democratic platform is the most progressive in the party’s history, a clear signal to Bernie Sanders supporters to cool it. READ MORE...

  • Donald Trump Has Put America's Allies on the Hot Seat. Good.


    America collects allies like Americans collect Facebook friends. As a result, Washington defends more than a score of prosperous European states, several leading Asian nations and a gaggle of Middle Eastern regimes.

    Yet most of the countries on the Pentagon dole appear to be perpetually unhappy, constantly demanding reassurance of Washington’s love. Their sense of entitlement exceeds that of the typical trust fund baby.

    As a result, the U.S. is expected to protect virtually every prosperous, populous, industrialized nation. But that’s just a start. Washington also must coddle, pamper, praise, uplift, pacify, encourage and otherwise placate the same countries. READ MORE...

  • South Korean Nukes: Less Risky to America Than Extended Deterrence


    Looking to its legacy, the Obama administration may declare no first use of nuclear weapons. Some Asia specialists worried about North Korea argue against making such a pledge. That’s another reason it might be better for Washington to encourage its ally South Korea to turn to nuclear proliferation.

    Washington has possessed nuclear weapons for more than seventy years. No one doubts that the United States would use nukes in its own defense. After all, America became the first nation to use the atomic bomb against Japan in World War Two. READ MORE...

  • Unraveling the Secular Stagnation Story


    Secular stagnation is said to be present when economic growth is negligible or nonexistent over a considerable span of time. Today, secular stagnation has become a popular mantra of the chattering classes, particularly in the United States. The idea is not new, however.

    Alvin Hansen, an early and prominent Keynesian economist at Harvard University, popularized the notion of secular stagnation in the 1930s. In his presidential address to the American Economic Association in 1938, he asserted that the U.S. was a mature economy that was stuck in a rut. Hansen reasoned that technological innovations had come to an end; that the great American frontier (read: natural resources) was closed; and that population growth was stagnating. So, according to Hansen, investment opportunities would be scarce, and there would be nothing ahead except secular economic stagnation. The only way out was more government spending. It would be used to boost investment via public works projects. For Hansen and the Keynesians of that era, stagnation was a symptom of market failure, and the antidote was government largesse. READ MORE...

  • Biden's Baltic Bombast


    In his just-completed trip to the Baltic republics, Vice President Joe Biden reassured his hosts that the U.S. commitment to their security through NATO was rock solid. And any worries they might have because of comments that Donald Trump had made during the ongoing presidential campaign Biden dismissed as completely unwarranted. “I want to make it absolutely clear to all the people in Baltic states, we have pledged our sacred honor, the United States of America … to the NATO treaty and Article Five.” READ MORE...

  • The EU Needs to Take a Chill Pill on Italy


    On June 23, the voters in the United Kingdom (UK) turned a collective thumbs-down on the European Union (EU). The Brexit advocates — the ones who had had enough of the EU’s mandates and regulations — won the day.

    But, this is only the first step on a long and winding exit road. To formally begin its withdrawal from the EU, the UK must trigger Article 50 of the Lisbon Treaty, and the new British Prime Minister, Theresa May, won’t do that before the end of 2016.

    Once triggered, the UK has two years to negotiate its exit from the EU. READ MORE...

  • How Gary Johnson Should Talk to Voters


    My fellow Americans, like most of you, I’m not satisfied with the presidential choice the so-called major parties have given us. The Republican Party, which is supposed to represent conservatives, has nominated someone who’s not conservative in any sense of that word. The Democratic Party, which is supposed to represent liberals, has nominated someone who opposes civil liberties and essentially repudiates the successful parts of her husband’s presidency.

    Look, I was once a Republican, but I don’t recognize a party that embraces crony capitalism and wants to close America off from international commerce, that runs on fear rather than freedom. I also worked with plenty of Democrats when I was governor of New Mexico—I had to: they controlled the legislature—but I don’t recognize a party that shuts down dissent and believes that economic growth is less important than government control. READ MORE...

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