The Gulf Oil Spill Fiasco: Nationalize BP

The Gulf of Mexico oil spill is a gigantic disaster which is facing such an ineffective response to resolve it that the whole thing seems surreal. This is already the largest oil spill in American history with well over 200 000 gallons of oil spurting out each day. Apart from the entire planet’s ecosystem who…

That’s Entertainment

The recent British general election which has seen a new government takeover by another generation of political leaders there has been touted as entertainment by the mainstream media. The BBC World Service reporters and so-called analysts kept talking about how “interesting” the situation was and what would happen in government now that Britain has a…

There is no Such Thing as a Free Market (Part 1)

“I always assumed …that the writers we were studying were always much smarter than I was. If they were not, why was I wasting my time…studying them? If I saw a mistake in their arguments, I supposed they [the philosophers] saw it too and must have dealt with it, but where? So I looked for…

There is no Such Thing as a Free Market (Part 2)

What in summary does this important passage say: the rich and wealthy usually are more selfishly inclined than most and could hardly be bothered with the welfare of those less fortunate but in order to stay their course they need to let their serfs survive as well and so inadvertently or otherwise ensure their serfs’…

There is no Such Thing as a Free Market (Part 3)

Sergio Leone Does Adam Smith Before looking at the issue of markets again and how the so-called Free Market has no relation to what Smith was talking about, it is worth looking at the relevance and application of the IH notion of adjusting irregularities as special providence. So far, Smith’s examples as used here may…

The European Rescue

The financial instability of the world is at the forefront again with the impending bankruptcy of Greece. If Greece is apparently not rescued then other states will be affected in a way that goes beyond Europe. So far it seems that Portugal, Spain and Ireland are facing similar problems. This is not just an economic…