Auster on America’s foreign policy.
Zakaria is a good example of one thing that immigration has done to this country. Rather than assimilate to American norms (whatever they are these days), Zakaria and other immigrant political entrepreneurs – Soros comes to mind – set about changing the nation in ways adverse to the native population. It all ends up like this: they end up lecturing you on the meaning and ideals of your own country, as well as telling you what you may or may not do with it.
Like the rest of you, I wake up daily with bated breath in anticipation of whether Europe will Technocratically Solve Its Financial Problems by sneaking through just the right clever accounting trick in a Summit With Important European People.
(He also had a very nice comment on my regulation post from yesterday)
I have to put this racial hissy fit in print because it’s just that good.
Women have abortions because (among other reasons) they are able to learn the sex of their unborn baby and kill her if she’s a girl.
The issue concerns: why does banking seem to be broken? The answer has to do with the ridiculously low interest rates. Banks are drowning in cash – tending toward 100% reserve by default.
People generally forget that the Fed has a triple mandate (not the oft-cited dual mandate). The Fed is supposed to ensure price stability (stop laughing), keep unemployment low, and regulate large financial firms. The third – oft-forgotten – mandate probably explains the Fed’s behavior better than the other two most of the time. Those who want more money printed these days forget that more money printed means even lower yields (assuming that’s possible). This becomes self-defeating as it makes banking less profitable and encourages banks to hoard cash.