Excellent article! But look who wrote it!
In his Washington Post article, Summers argues for capitalism operating under a rule of law that applies to everyone, not a capitalism that is based on “deals” with government. We agree. The only problem is that coming from Summers it is the height of hypocrisy.
Summers favors policies that put government more and more in control of the economy, which is a sure recipe for crony capitalism.
Going forward the Trump needs to be held accountable. With properties and projects around the world there are and will be many opportunities for crony capitalism to sprout within the new administration. It is incumbent upon those of us who believe in free markets and a non-crony economic system to hold the new administration’s feet to the fire. Cutting the federal workforce is excellent. Handing out subsidies to favored businesses would be very very bad.
Trump has an historic opportunity to rise above the crony temptations which are now laid out before him.
These United States.
India’s decision to ban Rupee notes above 500 has become the financial media’s topic du jour.
However, India is in fact just the latest in a series of countries to ban physical cash in higher denominations.
The war on cash has been going on since at least 2014 if not earlier.
To that end, France has banned any transaction over €1,000 Euros from using physical cash.
It’s not just the Rust Belt and California that have issues with municipal pensions. Dallas, deep in the heart of Texas is in the midst of a full blown crisis. And this is really saying something as Dallas is a vital and growing city with lots of prospects.
But the promises made to to municipal employees were too much and now threaten to bankrupt the city. Promises were made by politicians based on unrealistic investment returns and now as the baby boomers hit the retirement rolls the money is simply running out.
Is there anything more important in our time than reversing the march of the statists, the people who would regulate everything and game the government for themselves and for their allies. Perhaps not, at least in the political sense.
The only way to truly fight crony capitalism, to fight the entrenched neo-aristocracy, is to make the state weaker. More regulation isn’t going to solve the problem. That is, frankly, a foolish dream. The powers that be like regulations.
The possibility of having a Supreme Court Justice who is explicitly against crony capitalism, for property rights, and for human liberty is a tantalizing prospect.
Below The Texas Observer introduces Don Willett to the non-legal non-Texas world. Known for his sense of humor, his extensive social media following (at least for a judge), his transpartisan friendships, sharp mind, and commitment to liberty, the current Texas Supreme Court Justice could usher in a new era for the Court.
If Trump is serious about draining the swamp he’s got to consider how his outside business dealings, including the dealings of close family, reflect on this effort. With power comes the temptation to line one’s pockets. Best to erect firewalls so that this temptation is mitigated to the largest extent possible. Even if Mr. Trump isn’t interested in engaging in crony capitalism there are going to be people around him, there always are, who will be interested. Best to just avoid future headaches.
Well, we’ll have to see how things go with Trump. On the one hand he appears to be making some positive moves toward streamlining some things in government. On the other hand he is also talking about an expansion of military spending. It is important for Mr. Trump to remember that “the swamp” extends across the Potomac to the Pentagon too.
But there is some hope, the first hope in a very long time (and it may very well remain a hope),
The central banks want your cash. And the “cops” want the data that comes with a cashless society.
This is the last thing I’m going to post on Bannon for a while. But the attacks have been so vicious I think this post is worth posting.
It is from Breitbart, Bannon’s old website, but in this case I don’t think it really matters.
The reason the establishment is going after Bannon is because he’s good at what he does. That is brawling with the powers that be. He also tends to win.