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Posts Tagged ‘News Appearance’

I was part of a debate for an English-language Russian TV program on the international implications of economic policy, particularly with regard to the United States and China. My job was simple because I am not a big fan of either nation’s policy.

Government intervention and favoritism is bad policy – regardless of skin color.

My only comment, other than welcoming feedback, is that Michael Hudson should be in the Obama cabinet since he has no idea what he’s talking about.

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A lot of guests for this appearance, but I think I got a fair share of airtime. More important, I explained why it is not a good thing for Ben Bernanke and the Federal Reserve to let the inflation genie out of the bottle.

Monetary policy is one area where I always try to display some humility. While I know the right goal is zero inflation, I realize that achieving that goal requires central bankers to know both the supply of money (not as easy as it used to be) and the demand for money (always a challenge).

This is why I’m skeptical of QE2, but also willing to admit that it might be the right approach (though it grates on me that it is often portrayed as a form of stimulus, which definitely is wrong).

I’ll soon release a video that begins to tackle monetary policy. I don’t want to give away too much right now, but suffice to say that a monopoly central bank run by government is a recipe for mischief.

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Since I’m involuntarily forced to finance National Public Radio, I guess I should be happy that free-market views occasionally are allowed on air. Click here to listen to a segment where I talk about earmarks, “phonemarks,” and special interest corruption in Washington.

The risky part of a pre-recorded interview is that you never know what the journalist will use. If the person interviewing you is biased, they can use a quote out of context to make you appear stupid, or use an incomplete quote to distort the meaning of your words. That did not happen in this case. The NPR interviewer, at least to my ear, was quite fair.

I wish the segment had been longer, however, so I could have explained why even “honest” earmarks are wrong. Let’s say that Congressman Smith or Senator Jones inserts an earmark, or makes a phonemark, to get funding for a sewer system. It’s quite possible that such a request is completely untainted by corruption (other than the run-of-the-mill practice of trying to buy votes with other people’s money).

But that doesn’t make it right. One of the reasons why federalism is such a good idea is that money is much more likely to be spent wisely is if it is raised at the state and local level and people at those levels decide how it should be allocated.

This doesn’t mean there is no corruption, insider deal-making, or special-interest shenanigans. That’s an inevitable part of government. But federalism at least makes it easier for people to monitor how their money is being spent – and to escape if they think their state or local government is going overboard with bad behavior.

In other words, centralization of government is a bad idea. This is why big government in Washington is worse than big government at the state and local level. And it’s why big government from the European Union in Brussels is worse than big government in Rome, Berlin, or Stockholm.

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Appearing on Bloomberg TV, I pontificate about the good, the bad, and the ugly in the recent tax deal. I also make what I hope are good points about the Laffer Curve and the meaning of deficits.

The video won’t embed, but just click below and you can watch it on youtube. As always, feedback is welcome.

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I debated a couple of pro-tax increase folks on the Diane Rehm show Monday.

If you have a spare 51 minutes and want to hear me spar with Alice Rivlin and David Walker on National Public Radio, you can listen to the discussion by clicking this link.

Feedback actually is much appreciated. Let me know what issues you think I addressed effectively, but especially let me know if you think some of my points were inadequate.

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A “bipartisan” task force recently unveiled a budget plan that includes lots of tax increases, but also has a one-year payroll tax holiday supposedly designed to boost the economy. In a debate with a former Bush Administration appointee on CNBC, I explain why this is a dumb way to try to boost growth. My Lima-beans-in-a-steakhouse analogy hopefully gets the point across, though the line about supermodels will get more attention.

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I commented on the Obama Administration’s TARP dishonesty yesterday, which made me feel better, but it was even more cathartic to vent on national TV about the corruption, dishonesty, and economic damage associated with the Wall Street bailout.

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