Introduction to Judge Andrew Napolitano’s latest must-read book…

If we only wanted to talk and work with people who already had it right, we’d not only be idiots, but we’d be wasting our time.

Yesterday at the White House, President Barack Obama faced the media to once again plug the American Jobs Act–his plan for more stimulus spending, paid for with even more taxes on America’s job creators. And this morning, not a day later, America received a reminder of why a continuation of the President’s tried-and-failed policies is not a prescription for success: In September, the U.S. unemployment rate held steady at a dismal 9.1 percent with 14 million Americans still out of work. About 103,000 jobs were added, but 45,000 of those … More

The newly created Consumer Financial Protection Bureau (CFPB) took a step forward today to getting its first director, as the Senate Banking Committee voted 12–10 to confirm Richard Cordray in the post. Even before the vote, however, President Obama raised the stakes. Referring to Bank of America’s decision to impose a $5 debit card fees, he declared that “this is exactly why we need somebody whose sole job it is to prevent this kind of stuff from happening.” The White House later tried to back off the President’s threat of … More

My recent post explained why President Obama’s newly proposed $447 billion spending package aimed at boosting total demand is doomed to fail. Some commenters offered a challenge to that assertion. The basis for assessing the spending package: Economic growth is determined by the supply side of the economy, beginning with productivity and labor supply. Recessions result from an external shock (for example, rapidly rising oil prices) combined with a structural distortion produced by a significant public policy (for example, encouraging rapid increases in home ownership by reducing loan requirements), that … More

As if further evidence actually is needed, Bank of America on Thursday demonstrated yet again how government price controls inevitably harm consumers—and low-income consumers the most. In this instance, the nation’s largest bank (by assets) announced on Thursday a new $5 monthly fee for use of a debit card. Several other banks are likewise imposing a slew of new fees as a direct result of the deeply flawed Dodd–Frank financial regulation statute. Among the more detrimental of the law’s provisions is the so-called Durbin Amendment (a la Senator Dick Durbin … More

The world is in economic crisis. Quite understandably, much attention has been given to cutting runaway government spending, a fundamental cause of the crisis. Much less attention has been given to the fundamental defects of the monetary system. These defects are at the heart of the economic collapse. Both budgetary and monetary issues must be examined and resolved. The United States and the world should not be condemned to struggle with depreciating and appreciating currencies, with inflationary and deflationary monetary policies that are out of control. The Heritage Foundation’s upcoming Conference … More

Palestinian President Mahmoud Abbas is taking his people’s bid for statehood to the United Nations this week with a speech set for Friday, followed by a formal application for membership to the U.N. shortly thereafter. If Palestine succeeds in its unilateral efforts, it would be detrimental to U.S. interests in the region, isolate Israel, and deal a major setback to Israeli–Palestinian peace prospects. Palestine’s move comes despite intense U.S. diplomatic efforts and words from President Barack Obama warning that “efforts to delegitimize Israel will end in failure.” The President has vowed to veto … More

Two years ago, as the United States was coming out of the last recession, President Obama was asked how raising taxes on anyone would help with the economy. The President’s answer? “Normally you don’t raise taxes in a recession, which is why we haven’t, and why we’ve instead cut taxes.” Fast forward to today, as America is struggling with zero job growth and a stagnant economy, and the President has dramatically changed his rhetoric, proposing $1.5 trillion in new taxes on the American people and the country’s job creators. Those … More

Keynes: “There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency.”