Williams: Economic Myths And Irrelevancy

[Terri]

By Walter E. Williams
November 4, 2009

Steve H. Hanke is a Professor of Applied Economics at Johns Hopkins University in Baltimore and Senior Fellow at the Cato Institute in Washington, D.C., and writes frequently for Globe Asia and Forbes magazine. Professor Hanke starts off his "Hu versus Sarkozy" article (Globe Asia, November 2009) with a warning. There is no more reliable rule than the 95 percent rule: 95 percent of what you read about economics and finance is either wrong or irrelevant. The article contrasts the Chinese versus the French responses to the financial crisis but the major focus is on economic myths.

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[FlaJim]

...the idea that government bureaucrats have enough knowledge to manage an economy well is the height of conceit...

Well put. Particularly with the current regime, we've never seen so many cabinet members and 'czars' who have so little in the way of actual experience in the real working world, let alone running a business. Many would have trouble getting a job as a Wal-mart greeter since they've spent most of their careers with their hands held out for donations and if they did, they'd be picking the customers' pockets.

Now that they're in charge, they want to force us to 'donate' - in the form of massive tax increases and health insurance penalties, should that bill pass.

The Panic of 1897 was, by far, the worst economic downturn in US history. The economy righted itself in very little time with absolutely no government action.

Where in the Constitution is authority granted to "redistribute wealth" (Chairman Hussein's words)?