LOTS OF ECONOMICS TODAY

Imports? Never! "Late in 2001 and early in 2002, America's economic mercantilists (who tend to ascribe domestic economic difficulties to all things foreign) were complaining about cheap foreign steel in the U.S. economy. No sooner had the Bush administration slapped higher tariffs on foreign steel than the mercantilists started spinning sky-is-falling tales about Asians selling computer software and medical technology to Americans at bargain basement prices. The latter spawned a media cottage industry around the term, "outsourcing." So what's the mercantilists' 2005 cause celebre? Believe it or not, it's high-priced imports! Oil imports to be specific. Not low-priced imported oil, mind you, but high-priced oil. Apparently, low import prices and high import prices both pack a damaging economic punch, at least for the mercantilists. An economic contradiction? Yes. One of the scenarios has to be wrong.

A powerful case for free trade: "Protective tariffs are as much applications of force as are blockading squadrons, and their object is the same-to prevent trade. The difference between the two is that blockading squadrons are a means whereby nations seek to prevent their enemies from trading; protective tariffs are a means whereby nations attempt to prevent their own people from trading. What protection teaches us, is to do to ourselves in time of peace what enemies seek to do to us in time of war. Can there be any greater misuse of language than to apply to commerce terms suggesting strife, and to talk of one nation invading, deluging, overwhelming or inundating another with goods? Goods! What are they but good things-things we are all glad to get?"

The British decline: "After years in which the UK actually managed to restrict the growth of government, a period not coincidentally that created the conditions for the best economic performance in a couple of generations, the tax take is set to rise sharply. Within three years, taxes will account for more than 40 per cent of gross domestic product, the highest level in 25 years, and beginning to close the gap again with the levels in sclerotic Western European countries. It will get worse. The Government now backs a more or less open-ended commitment to pouring ever more resources into the demonstrably inefficient bureaucracy of the NHS. Pensions, welfare benefits and education will devour tens of billions more even than current projections suggest."

An excellent response to the customary Leftist ignoring of the facts about poverty here. Excerpt: "Official statistics rely on income data that are misleading. Some low-income households earn money "off the books" either through illegality or because reporting it would cost them taxes or giveaways. Other households go through income droughts, perhaps due to layoffs or college attendance, and tide themselves over with savings or gifts from family. Finally, income data do not count the value of non-cash government benefits, such as Medicaid, public housing, or food stamps. Far more useful are data on consumption, which is one's standard of living. Research has shown that for the households in question, average consumption is as much as 40 percent higher than reported income".

Chinese currency issue is a red herring: "How determined is Congress to make China inflate its currency? Earlier this month the Senate, by a margin of 67 to 33, voted to consider a proposal to impose a 27.5 percent tariff on all imports from China unless it does. While the tariff proposal is not law -- yet -- its consideration bodes ill for U.S. trade policy. Misconceptions have spawned misgivings about trade in the Congress, where too many policy makers view it as an adversarial, zero sum game. The country either wins or loses, and the trade balance determines the score. According to this view, our growing trade deficit (search) means that we are losing, and our record bilateral deficit with China is proof that our toughest opponent is cheating. But this obsession is a fool's errand."

The mouse and the market: "Our society holds up invention as the spearhead of progress. Those who first discover an idea are the ones who receive the Nobel Prizes and earn their places in the history books. But in Man, Economy and State, Rothbard shockingly argues that technological invention is relatively unimportant in the progress of civilization. Instead, capital is the far more important, and limiting factor. In fact, he claims, 'there is always an unused shelf of technological projects available and idle.' Why idle? '. . . in order for the new invention to be used, more capital must be invested.'"

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ELSEWHERE

There is a NYT article here about the Constitution in Exile movement -- which is working to get America's constitution taken seriously, instead of it being it "interpreted" into non-existence by Left-leaning Supreme Court judges. If you can ignore the Leftist slant to the article, there is a lot of detailed information there.

Leftists distort the views of those who want the constitution back: "Professor Rosen makes it appear that the Constitution in Exile folks are dogged absolutists about the US Constitution, whereas in fact they aren't or, more aptly put, need not be. They can insist that certain fundamental principles are stable and lasting (enough) and need only small modification and adjustment as human understanding grows (e.g., about human nature, how children should be understood, the facts of homosexuality or when human existence comes into being during pregnancy). The dogmatism or absolutism charge is, thus, quite unfair. What is objectionable from their viewpoint is to think of the Constitution as entirely malleable, not so much living (which is always guided by principles of the life in question) but cancerous (living out of control)."

Half of practicing Jews voted Bush in '04: "Mellman's study found that Americans of all stripes who attended religious services regularly tended to vote Republican far more often than they voted Democratic. His findings among Jewish voters was not as lopsided as that among Christian voters but still the Jewish vote was split down the middle between GOP and Democrat voters. That split is still an amazing new trend in the Jewish community. In fact, George Bush made advances in every Jewish voter category to one degree or another. Of course, many in the chattering classes on the left have been yelping about the evil "religious right" dominating the Republican Party for a decade now. But they must have been taken aback by this rise in GOP voters among the left's favorite and most reliable voting block, the US Jewish population.... religious Americans are increasingly finding themselves uncomfortable and unwelcome among the lunatic fringe in the Democratic Party"

A ex-Marxist gets one thing right about Britain: "The belief in people having the capacity to come together and change the big things was once a principle on the left. But the right also had a sense of destiny and a belief that history was worth fighting for. Politics was centred on the figure of the active human subject. Now it views us more as passive objects to whom things happen. There are no longer any political parties or movements with roots in society, that could give people a sense of greater things being possible. This is often seen as a shift from the collective to the individual. But it is more than that. The decline of the old collective institutions has not been matched by the rise of any robust self-assured individualism. Instead, the typical citizen of our age is seen as an overwhelmingly vulnerable individual, insecure and in need of ever-greater protection from all manner of supposed threats, a victim waiting to happen".

My latest quote on MARXWORDS is from a contemporary of Marx -- the anarchist Bakunin -- who correctly foresaw the evil that Marx's thinking would lead to.

More amazing government malpractice in my home State of Queensland revealed on SOCIALIZED MEDICINE today.

For more postings, see EDUCATION WATCH, GREENIE WATCH, POLITICAL CORRECTNESS WATCH, GUN WATCH, SOCIALIZED MEDICINE and LEFTISTS AS ELITISTS. Mirror sites here, here, here, here and here

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That power only, not principles, is what matters to Leftist movers and shakers is perfectly shown by the 2004 Kerry campaign. They put up a man whose policies seemed to be 99% the same as George Bush's even though the Left have previously disagreed violently with those policies. "Whatever it takes" is their rule.

Leftist ideologues are phonies. For most of them all that they want is to sound good. They don't care about doing good. That's why they do so much harm. They don't really care what the results of their policies are as long as they are seen as having good intentions and can con "the masses" into giving them power.

The Big Lie of the late 20th century was that Nazism was Rightist. It was in fact typical of the Leftism of its day. It was only to the Right of Stalin's Communism. The very word "Nazi" is a German abbreviation for "National Socialist"

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