IGEG
Institute for Global Economic Growth
Privatize Almost Everything
The Washington Times, April 30, 2013
by Richard W. Rahn
The debate over sequestration has caused a renewed focus on all of the waste, duplication and inappropriate or nonessential things the federal government does.
When Is Too Much Security Too Much?
The Washington Times, April 23, 2013
by Richard W. Rahn
A rational person does not spend far more for homeowners and business insurance than the home or business is worth. Most people do not have $100 million in life insurance, because they cannot afford it and because they also implicitly realize that their lives are probably not worth that much.
Interview with Michel Dérobert
Cayman Financial Review, Second Quarter, Issue 31
by Richard W. Rahn
Does private banking have a future? This question is increasingly asked given the US government’s attack on Switzerland’s oldest private bank and the mounting pressure traditional Swiss private banks have come under from tax-greedy politicians in many countries and international financial regulators, as well as the increasing complexity of the banking business.
by Richard W. Rahn
The great tragedy of our time is that so few know economic history; thus we have been doomed to repeat the mistakes of a generation ago, and millions suffer.
Collecting taxes, dispensing fear
The Washington Times, April 9, 2013
by Richard W. Rahn
The corrupt power seekers in the political class, the government and IRS bureaucrats, as shown by their behavior, really don't care about the well-being of their fellow citizens.
Global warming’s “fatal conceit”
The Washington Times, April 2, 2013
by Richard W. Rahn
Those of us who have studied “public choice theory” are not particularly surprised that many scientists and their media followers are in denial about what is increasingly obvious — that is, most of the climate projections were just plain wrong.
The Washington Times, March 26, 2013
by Richard W. Rahn
When it comes to trying to raid the people's pocketbooks, there is almost no limit to what governments will do -- and not just authoritarian or totalitarian regimes. On April 5, 1933, President Franklin D. Roosevelt issued an executive order making it a criminal penalty -- with a $10,000 fine and up to 10 years in prison -- to hold gold coins, gold bullion or gold certificates.
Where will the next financial crisis begin?
The Washington Times, March 19, 2013
by Richard W. Rahn
Which country will serve as the trigger for the next financial crisis? Given the continuing rise in debt-to-gross domestic product (GDP) ratios in many countries, it is apparent that a new financial crisis will occur.
What's the trigger that will cause the Fed to act
Forbes, March 17, 2013
by Henry G. Manne & Richard W. Rahn
The Fed consistently underestimated the inflation of the 1970s, failed to anticipate the recessions in 1990 and 2001, which it induced, and was surprised by the Great Recession, in part caused by the Fed’s providing the monetary fuel for the housing bubble. For each of the last four years, the Fed (and the administration) has been telling us to expect four percent growth in the next year when the actual number has been approximately two percent.
Sequestration myth
by Richard W. Rahn
It is true that sequestration and a reduced growth rate of government spending can cost a few jobs in the government sector, but this will be more than made up by the additional job growth in the private sector.
Locking in the homeowner
The Washington Times, March 5, 2013
by Richard W. Rahn
It is estimated that up to a quarter of all American households still owe more on their mortgages than their homes are worth. Many of these people have been able to refinance their home loans with much lower interest rates, but that does not solve the problem because they have a balance sheet problem rather than a cash-flow problem.
by Richard W. Rahn
Economists dislike the corporate income tax because it reduces productive labor and capital and is an additional tax on income that has already been (or will be) taxed. Politicians love the tax because it is largely invisible to most voters.
More government control equal poorer nations
by Richard W. Rahn
An upside down world. The Russian TV correctly berates the heads of the major Western central banks for acting like socialists in setting interest rates and ignoring the fact that free markets will do a better job. The fact is that big capitalist economies are rapidly becoming less capitalist and more government-controlled.
Attack on the free
The Washington Times, February 12, 2013
by Richard W. Rahn
Some high-tax countries with onerous and destructive financial regulations hate the competition from low-tax, more economically free, jurisdictions.
Desperate Keynesians
by Richard W. Rahn
Mr. Krugman complains that "harsh spending cuts" have not worked in Ireland or the United Kingdom. After their banking crisis, the Irish increased government spending as a percentage of GDP by almost 30 percent. The British are still spending 11 percent more of their GDP on government than they were in 2007. Where is the "austerity," Mr. Krugman?
Thankful for think tanks
The Washington Times, January 29, 2013
by Richard W. Rahn
One of the reasons for the rise of think tanks has been the failure of most universities to fulfill one of their traditional roles of providing unbiased and sound research to aid government policymakers. Too many schools are now engaged in politically correct group-think rather than free and innovative thought.
by Richard W. Rahn
The Departments of Defense, State and Justice are authorized by the Constitution and are generally accepted legitimate federal government functions. Most of the rest ought to be done at the state and local levels or by the private sector.
Tale of two economic styles
The Washington Times, January 15, 2013
by Richard W. Rahn
In sum, the economic future for the large, old, rich nations looks bleak for 2013, while many smaller countries are doing well by avoiding the mistakes of others or correcting for past mistakes.
Uncle Sam won't stop overspending
The Washington Times, January 8, 2013
by Richard W. Rahn
The point is that the U.S. government is heading rapidly toward insolvency because members of Congress are spending money on things that individuals should insure themselves for -- whether it is normal health care or vagaries of nature. A government that is expected to do all things for all people will eventually not be able to afford to do anything for anyone.
One piece of the coming disaster
by Richard W. Rahn
You may have been reading how the Federal Reserve has been buying huge quantities -- almost a trillion dollars' worth -- of "mortgage-backed securities" (MBS). There is a relatively high probability that this program is going to end in disaster -- and here is why.
“Countries which have a strong rule of law, protect private property, engage in relatively free trade, have free markets, use a sound currency, and maintain relatively low levels of government spending, taxing, and regulation, will grow much more rapidly than those countries that do not follow these constructive policies.”
- Dr. Richard W. Rahn
Chairman
SEE PUBLICATIONS BY DR. RICHARD W. RAHN
The Economics of Terrorism
THE ANNALS OF ENTROPY AND THE QUEST FOR A NEW GLOBAL EQUILIBRIUM
Unlike natural disasters, which have no human intelligence, rationality or calculation behind them, terrorism is a human phenomenon, planned and executed by human beings. Thus, even though the cost-benefit calculations may be highly negative, the very lack of expensive preventive measures will exponentially increase the likelihood and incidence of terrorist attacks.
Waiting for Constantine
THE ANNALS OF ENTROPY AND THE QUEST FOR A NEW GLOBAL EQUILIBRIUM
by Nornam A. Bailey and Alexander Mirtchev
The U.S. Colossus with Feet of Clay
The Globalist, July 28, 2010
by Norman A. Bailey
If we are an empire, we must behave as such — or suffer terminal decline. If we are not, then we must return to our founding principles — or suffer terminal decline. Those are our choices.
THE CORPORATE STATE
by Norman A. Bailey
The Obama administration has been accused by opponents of moving towards socialism, but the measures taken so far are much closer to the corporate state model.
THREATS IN THE HEMISPHERE
The Washington Times, September 4, 2008
By Norman A. Bailey
It is high time the
ECONOMIC STATECRAFT
By Norman A. Bailey, Ph.D.
In recent decades economic statecraft, that is, the use of economic measures to contribute to the achievement of foreign policy goals, has practically been reduced to the use of trade sanctions and/or financial aid. The economic strategy arsenal, however, holds many weapons beyond these two.
NATIONAL INTEREST
VERSUS NATIONAL SECURITY?
THE CASE OF IRAQ
By Norman A. Bailey, Ph.D.
The national debate over the war in Iraq, which began with the invasion of April, 2003 and is still raging in the form of an active insurrectionary movement, has illustrated once more the prevalent confusion over the concepts of national interest and national security.
AFTER THE END OF HISTORY
By Norman A. Bailey, Ph.D.
As the twenty-first century proceeds on its way, there are only three possible developments: either (a) chaos will continue and deepen, and with it insecurity and disintegration of society, or (b) the United States will become truly imperialistic or alternatively will abandon its exceptionalism and give in to the most recent form of Westphalianism – supra-national bureaucratic rules trumping the organs of democratic governance, or (c) the American vision will eventually triumph, leading to a true new world order, the outlines of which are now visible only in embryonic form.
SECURITY FOR WHOM, BY WHOM AND WITH WHOM?
By Norman A. Bailey, Ph.D.
The discussion of security issues, at least since 9/11/01, has fluctuated among three modalities: strategic/theoretical, tactical/technical and ideological/emotional. Little attention is paid to such fundamental considerations as definitions. In fact, there is no generally-accepted definition of even such a constantly-used concept as “national security”. The most common confusion is that of national security with national interest.
THE BATTLE OF THE YARMUK
by Norman A. Bailey, Ph.D.
On September 11, 2001, one thousand three hundred and sixty-six years later, the latest battle in this never-ending war was fought, and it may be that the number of casualties was about the same as at a dry riverbed in
