Even among the crypto faithful, confidence in stablecoins has been shaken, and calls for regulation to save them have intensified. Sen. Pat Toomey (R., Pa.) has even proposed legislation, but the real question is: why does the government continue to sidestep existing laws to coddle a stagnant, wasteful technology? READ MORE »

Good Money Birmingham Button Makers, the Royal Mint, and the Beginnings of Modern Coinage, 1775-1821 By George A. Selgin

Paul Krugman gets it wrong—again. He says “running a trade surplus isn’t a ‘win.’” Really? Voluntary trade surpluses make a country richer. There’s nothing foolish about piling up IOUs in exchange for surplus exports—just as there’s nothing foolish about a household living below its means and accumulating financial assets. READ MORE »

Today’s Relevance of Adam Smith’s Wealth of Nations The Independent Review, Spring 2020

The American managerial elite in both parties want Sweden and Finland in NATO. But why? Russia’s performance in its Ukraine war has been abysmal, and the wealthy nations of Europe, which together have a GDP 31 times larger than that of Russia, no longer need to be on the American defense dole. READ MORE »

War and the Rogue Presidency Restoring the Republic after Congressional Failure By Ivan Eland

In recent years, Stanford has sought to transform almost every element of student life radically. The latest development? Something called “ResX.” The 400 social engineers in the Office of Student Life now get to sort students permanently into “Black Diaspora,” “Chicanx/Latinx,” or “IDEAL (Inclusion, Diversity, Equity, and Access in a Learning community)” dorms. That used to be called “segregation.” READ MORE »

Restoring the Promise Higher Education in America By Richard K. Vedder