Welcome, everyone. To another edition of the Laissez-Faire Journal.
We should all be thankful to Bob Murphy, for being constantly on the watch for Krugmania, and always ready to confront it, at a moments notice. It's a dirty job, but someones gotta do it. Just a few days ago, Krugman put out another blatantly misleading article, but our man Bob was ready to tear it apart. Read it here: 'More Charting Fun with Krugman - Job Creation Edition'
If you heard that a 17 year old honor student, who had recently been abandoned by her parents, and was working two jobs to support her siblings while still shouldering her academic work load, what would your response be? You would probably want to lend a helping hand, but not the State of Texas! In Texas, they charged Diane Tran with truancy for missing a couple days of school, and if that wasn't bad enough, they decided to make "an example" out of her, by sentencing her to one night in jail, a $100 fine, and leaving her with a criminal record. Who are the real criminals here? Murray Rothbard famously said, "The State is a gang of thieves writ large", and he is absolutely right. The real criminals are the parasites we call government, stealing from the productive elements of society, so they can lord over us, and abuse us. This story breaks my heart, as well as fill me with an even greater deal of hatred for the State. From the time we are children, we are taught that stealing, killing, and initiating violence against others is wrong. But, for some reason we put up with all this blatant evil from government, that we wouldn't tolerate from our neighbor. Read the story here: 'Honour student who works two jobs to support her siblings after her parents split up and left town is put in JAIL for missing school due to exhaustion' and a page for donations, has been set up here: Help Diane Tran
This week's Texas Straight Talk from Ron Paul, 'The Egregious Ex-Patriot Act Has No Place in a Free Society' is about the recently introduced "Ex-patriot Act", this act would allow the IRS to tax 30% on capital gains from Americans expatriating from the US, and would grant the IRS the sole authority to prevent Americans from ever returning to the US, if they expatriated for tax purposes. Dr. Paul rightly states that laws like these are "the characteristic mark of a tyrannical regime". A few months ago Ron made a remark that our heightened security, could be used to keep us in instead of keeping others out, his detractors used this statement to poke fun at him. But, as usual the good doctor's prediction turned out to be right.
Today's video lecture is by Tom Woods, 'Keynesian Predictions vs. American History'. Tom gets into a few very erroneous Keynesian predictions and compares them with what actually happened. For instance, they predicted that the spending cuts after World War II would lead to another great depression, and they predicted that the Soviet Union would surpass the United States in wealth and prosperity. One wonders why anyone still gives these people any credence.