The Martin Hutchinson Place
The Biden administration and its allies in Congress are now considering a “billionaires’ tax” on the unrealized capital gains of billionaires’ stock holdings. Nothing is so well designed to collapse the whole house of asset-bubble cards, as the billionaires re-direct their investment towards areas that are not caught by this impost. It therefore seems worthwhile […]
“The gates of Hell are open night and day Smooth the descent, and easy is the way: But to return, and view the cheerful skies In this the task and mighty labor lies.” Book VI of Virgil’s Aeneid, translated by John Dryden, published in 1697 when poetry was poetry, is a useful window on China’s […]
Economists David Card, Joshua Angrist and Guido Imbens won the “Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel” last week for their work on “real-world” experiments that drove a truck through market-driven economic theory. This was not surprising. Conventional wisdom among the “woke” intelligentsia is today a far more important driver of […]
This column recognizes that new products and services can have technical hiccups. Stephenson’s Rocket ran over a Cabinet Minister at its inaugural ceremony, killing him. The Hindenburg’s new transatlantic airship service burst into flames in Lakehurst, New Jersey. The first jet airliner, the Comet 1, kept blowing out its windows at high altitude. But the […]
“Every individual… neither intends to promote the public interest, nor knows how much he is promoting it… he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many […]
China can claim to have invented in its Song Dynasty (AD 960-1279) the policy of easy credit that has led to its recent real estate debacle. Yet the Song’s use of paper money was much more careful than that of today’s China (or of its decadent Western competitors). In other respects: its respect for merit, […]
The August Consumer Price Index’s rise of 5.3% over the preceding year demonstrated that inflation is far from a transitory phenomenon. In these circumstances, it is likely that the Fed will attempt to hold rates close to zero for as long as possible, and then raise them too slowly to prevent inflation from accelerating further. […]
It is becoming increasingly clear that, at some time before AD 5,000 humanity will enter another Dark Age, in which life will be “nasty, brutish and short,” living standards will be abysmal, and both human potential and human knowledge will be very limited. If we are very lucky, we will eventually emerge from that dark […]
Charles Mackay’s 1841 classic “Extraordinary popular delusions and the madness of crowds” established the truth that crowds communicating with one another through the media can make “mad” decisions, in investment and other areas. Modern social media have immeasurably increased the amount and intensity of such communication; there are clear signs that it has also increased […]
This planet is becoming dangerous and unpleasant. The Covid-19 pandemic appears very likely to have been the result of biological warfare experimentation (albeit possibly released by accident.) Nuclear proliferation is becoming increasingly a threat, as too many nuclear powers come to have lunatic allies. While global warming is only a minor threat at most, the […]