Friday, August 22, 2003

Whoops! Sorry About That, Folks. The governor of Texas has finally pardoned all thirty five (mostly African American... just by "coincidence") Tulia residents who were convicted of drug offenses on the basis of evidence fabricated by a corrupt cop. [Hit & Run] There's no mention of any charges against Tom Coleman, the cop in question. I'm not going to hold my breath waiting, either. 8:31:15 PM    comment () Symantec's stock price is up to almost $55/share! That's the highest it's ever been--those Microsoft viruses are certainly good for our stock price. 8:16:13 PM    comment () The Neoconservative Persuasion [The Weekly Standard] Irving Kristol writes openly what the Neoconservatives are all about. I've read a number of pieces commenting on this article, and I think the best was written by Arthur Silbur. Silbur's conclusion is right on: Thus do the neoconservatives bring us the New Fascism and, at the same time, annihilate the intellect, the realm of moral judgment, and the ability to evaluate alternative courses of action. Indeed, according to Kristol, there aren't any alternative courses of action. Such an "achievement" is monstrousness of a very high order. So I say once again to those libertarians and Objectivists who support, to whatever degree, the program of the New Fascists: Kristol has told you, in absolutely unmistakable terms, exactly what the nature of this program is. If you still wish to embrace it, the choice is certainly yours. But if you do, please don't continue to insist that you are on the side of freedom, liberty, or a love for mankind. You aren't. Kristol has made absolutely clear what it is that you are supporting, and no one should pretend otherwise any longer. 2:06:48 PM    comment () The Anatomy of Deflation. Deflation is usually thought to be a synonym for falling prices. There could be no more serious error in all of economics. Calling falling prices "deflation" results in a profound confusion between prosperity and depression. This is because the leading cause of falling prices is economic progress, whose essential feature is an increasing production and supply of goods and services, which, of course, operates to make prices fall. Yet the term deflation is also closely associated with the phenomena of a plunge in business profits and a suddenly and substantially greater difficulty of repaying debts, with the consequence of widespread insolvencies and bankruptcies. The plunge in profits and sudden sharp increase in the burden of debt are, of course, leading symptoms of a depression. [Ludwig von Mises Institute] 11:51:23 AM    comment ()

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