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Capitalism is broken – we need the Government to fix it Contrived scarcity is putting home ownership out of reach for a rising share of young families Back in May 2019, Economic Agenda warned the Western world faced a new “gilded age”. That name derives, of course, from an 1873 Mark Twain novel – which satirised the greed and decadence of late 19th century America. Twain told of an era of monopolies, exploitation and corrupt links between political and business elites. His coruscating tale was, above all, a warning of what happens when capitalism ceases to work. For the super-rich, g...

This article explains why attempting to achieve economic outcomes by managing interest rates fails. The basis of monetary interventionist theories ignores the discoveries of earlier free-market thinkers, particularly Say, Turgot and Böhm-Bawerk. It also ignores Gibson’s paradox, which demolishes the theory that managing interest rates controls price inflation. And incredulously, the whole basis of banking regulation assumes that commercial banks are just intermediaries between depositors and borrowers. That model of banking fails to address the simple fact that banks create credit out of t...

Vilsack confirmation gives away the farm Tom Vilsack will once again assume the top spot at the U.S. Department of Agriculture (USDA), after the Senate voted overwhelmingly to support his confirmation. Vilsack previously served as Secretary of Agriculture for all eight years of President Barack Obama’s administration. In light of his track record at the USDA, where he flagrantly disregarded the will of Congress on a key renewable energy matter, it’s troubling that Congress would once again give Vilsack free rein to pursue his own policies and dispense funds without pesky congressional imp...

Publications Never lose a debate with a global warming alarmist!   February 19, 2021 From the study: Over the past few years, the U.S. Department of Agriculture (USDA) has set a terrible precedent by greatly expanding its use of the Agriculture Secretary’s discretionary spending authority under the Commodity Credit Corporation Charter Act.1  Congress has only exacerbated the problem by passing appropriations language that arguably suggests an after-the-fact blessing of these actions.2 The spending under the Charter Act has vastly expanded in terms of amount, as well as in scope, providing...

Toggle open close Over the past few years, the U.S. Department of Agriculture (USDA) has set a terrible precedent by greatly expanding its use of the Agriculture Secretary’s discretionary spending authority under the Commodity Credit Corporation Charter Act.REF Congress has only exacerbated the problem by passing appropriations language that arguably suggests an after-the-fact blessing of these actions.REF The Agriculture Secretary has far too much discretion under the Charter Act, but up until recently, this discretionary power has generally not been abused. Over the past few years, this h...