Friday, December 05, 2003


US recession and the fallacy of technological overhang. When every so-called technological breakthrough and invention immediately attracts investment, think of the South Sea Bubble. John Stuart Mill sadly remarked that these booms left many businessmen and eager investors "to repent at leisure." And that was written about 172 years ago.
Australian newspaper bashes Bush. Graham Barrett's Why Bush is still the man to beat is another sickening example of the left's mendacity and its hatred of President Bush.
Circle of Poison: another vicious example of green propaganda. Circle of Poison is the title of a malicious book co-authored by David Weir and Mark Schapiro. It was sponsored and published in 1981 by the left-wing Institute of Food Development Policy (IFDP) which is linking to the notorious Marxist-Leninist IPS.
US manufacturing, wages and the lessons of history. In the US in 1929 the Committee on Recent Economic Changes wisely observed: "Each generation believes itself to be on the verge of a new economic era, an era of fundamental change". Seventy-four years later and I very much doubt if the lesson has been learnt.

Details here



"Having criticized FDR's people for handing Eastern Europe to Stalin at Yalta in 1945, he joined Republicans in blasting the Truman administration and the State Department for their culpability in China's collapse before the Communists four years later. Speaking from the House floor, he said, "The responsibility for [this] failure...rests squarely with the White House and the Department of State."

Kennedy also confronted communist subversion at home. As a House labor committee member, he helped convict a communist union official. While in the Senate, he backed Senator Joseph McCarthy's investigations. In January 1955, after McCarthy had fallen from power, JFK walked out on a banquet speech by McCarthy-hating journalist Edward R. Murrow.

As with totalitarianism, so, too, with tax cuts. Midway through his presidential term, JFK proposed a sweeping across-the-board tax cut, dismaying liberal Democrats, who preferred wasteful spending binges to "stimulate" the economy.

Today's liberal historians equate JFK's tax cut proposals with a demand-side stimulus, but that's not what JFK said while arguing for them. Here's what he said: "The present rates ranging up to 91% not only check consumption but discourage investment and encourage...the avoidance of taxes [rather] than the production of goods." He went on: "Our present tax system...reduces the financial incentives for personal effort, investment, and risk-taking."

More here


No comments: