Thinks I found interesting, or just simply found!
Peter SchiffArnold Kling comments on Krugman’s recent op-ed.
The next time the United States hits a debt-to-GDP ratio of 100 percent or more, we will look much more like Greece in 2010 than the United States in 1945. That is, our government will be in a state of paralysis, the public-sector unions and pensioners will be in a state of hysteria, and defense spending will be only a few percentage points of GDP. Like Greece, we will be devoid of options. At that point, “inflating away the debt” will not be some mild, harmless act–it will require a virulent inflation and/or capital levy that wipes out the savings of everyone except those who have found safe havens overseas.
How likely is this scenario? It is definitely well over 20% likely. I could even be persuaded to put it over 50% likely. Currency crises are not uncommon — even though they seem uncommon to rich Westerners. I’ll be 46 in 2030, in the prime of my saving years. It’s actually scary to think about!
- Harsanyi: No fat kids!
No offense, but the next time I hear Michelle Obama lecture me about feeding kids locally farmed kumquats, I’ll be forced to pile my family into an SUV and hit the Burger King drive-thru just to snap my psyche back into proper equilibrium.
You have to admit, First Lady projects have been a terrible failure for as long as I’ve been alive. Nancy Reagan’s was the “war on drugs”. Hillary Clinton’s was health care “reform” that we finally received. I’m not sure what Laura Bush’s was…and now, Michelle Obama’s will likely be (after drumming up popular support with a PR campaign) crippling legislation in regards to childhood nutrition. The kind of legislation that removes choice and freedom. Even worse, it is easy to see how protectionist legislation could come of this as well. And yes, protectionism between local communities. More on those dangers in another post.
- Apple sells 300,000 iPads on release day.
- Polish President Lech Kaczynski dies in a plane crash.
- Links relevant to the “libertarian Golden Age” debate. I tend to side with the Cato side, but agree with the point Arnold raises. It is an interesting question, asking if we would live in a world with today’s freedoms if the various “rights movements” had remained cultural movements, without becoming political. I’ll take a cue from the fact that in searching for other habitable planets, we expect intelligent life to take a similar characteristics to our own to say: yes.