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Articles by Robert Wright
Laying Waste to Abusive Government Fraud: News Article - Independent Institute
The Department of Justice recently charged 455 defendants with $6.5 billion in healthcare fraud, one of a spate of recent revelations of fraud, waste, and abuse (FWA) tied to government programs. The insight of Nobel Laureate economist Gary Becker, the experience of America's Framers, and the wisdom of an ancient guru from India reveal that the route forward entails a combination of tighter auditing and greater punishment.
WRIGHT: Forty-Five Years Of Failure Is Enough. It’s Time To Abolish the U.S. Department of Education.
In 1979, the federal government created the U.S. Department of Education with promises of national excellence and equal opportunity in schooling. Forty-five years later, what do we have to show for it? A bloated bureaucracy in Washington, wasted taxpayer dollars, declining student performance, and federal overreach into what was always intended to be a state and local issue.
Asia Pacific Growth Equity: The Road Ahead in 2025
Amid shifting valuations, geopolitical uncertainty and evolving investor priorities, growth equity is entering a new era—one that demands a sharper focus on profitability, capital efficiency, and strategic expansion plans. Baker McKenzie’s leading Private Equity team unpacks the key themes and deal trends investors need to watch in the Asia Pacific region this year. In this report, we explore: Key global growth equity themes heading into 2025.
The New Deal as the Great Reset, Part 2 – The Future of Freedom Foundation
by Part 1 | Part 2 New Dealers could not have pulled off their Great Reset if the masses had not been paralyzed by fear and made dependent on the federal dole. [Click to Tweet] The New Deal effectively killed off what was left of the ninth and tenth amendments, the ones that protect unenumerated individual rights and states’ rights.
The New Deal as the Great Reset, Part 1 – The Future of Freedom Foundation
by A conservative opinion outlet recently ran an op-ed entitled “Conserving the New Deal,” which asserted that President Franklin D. Roosevelt’s policies were “great,” as in something good that conservatives should emulate. The New Deal was indeed “great,” but in the same sense as the Great War and the Great Depression were — a big costly and destructive mess.
Big Liquor seeks another taxpayer handout
In a politically divided nation, one issue seems to unify people of all persuasions. We all find it unjust when massive players in an industry use their market muscle and lobbying clout to carve out special deals for themselves. All too often, public policy is written not by policymakers, but by industry lobbyists. Big Liquor is once again knocking at Congress’ door, seeking another handout paid for by hardworking American taxpayers.
TMT Talk: Episode 77: The Evolving TMT Carve-Out Landscape
Click here to listen to the audio. The TMT sector is constantly transforming. Major TMT players regularly conduct strategic reviews which can lead to potential divestments or carve-outs of business units, key assets and divisions into independent entities, reshaping the industry dynamics.
How AI is transforming Asia's dealmaking landscape | Insight | Baker McKenzie
AI is transforming Asia's M&A landscape, creating new opportunities for financial sponsors and strategic investors. Robert Wright and Theodore Heng of our M&A and Private Equity Practice Groups highlight the key trends in an interview with IFLR: M&A opportunities span across the AI supply chain on a cross-border basis. Businesses with AI capabilities or enabling the necessary infrastructure and hardware for AI have generally seen an uptick in market valuations.
Alexander Hamilton Did Not Espouse Massive Government, Militarism, or Protective Tariffs
Ever since Aaron Burr gut-shot Alexander Hamilton in a duel in 1804, the legacy of the most controversial Founder and Framer has been fought over by people from throughout the political spectrum. Stephen F. Knott built a career studying Hamilton’s reception by scholars and the American public over time. Some loved Hamilton, some hated him, and some wrote musicals about him, but only a handful fully understand his impact on US economic development and policy.
The Legacy of Alexander Hamilton
January 11th was Hamilton’s Xth birthday — Xth because scholars are still fighting over whether he was born in 1755 or 1757. But that fight pales in comparison to the one over Hamilton’s legacy. According to Hamilton biographer Michael Newton, all Hamilton biographies can be placed into one of four categories: 1. Huzzah! Hamilton advocated big government. See, for example, Clinton Rossiter, Alexander Hamilton and the Constitution (1964). 2. Booh! Hamilton advocated for big government.
Gobbledegook! The Bretton Woods System of Fixed Exchange Rates According to E.C. Harwood
Colonel E.C. Harwood, who founded the American Institute for Economic Research ninety years ago in 1933, adamantly opposed the first and second Bretton Woods systems because he believed that governments needed to face the hard budget constraint inherent in the retail gold standard. He was not invited to the Bretton Woods conference, and could not attend anyway. When it met in July 1944, Harwood was serving as an Army engineer stationed in New Guinea.
Gobbledegook! The Bretton Woods System of Fixed Exchange Rates According to E.C. Harwood
Colonel E.C. Harwood, who founded the American Institute for Economic Research ninety years ago in 1933, adamantly opposed the first and second Bretton Woods systems because he believed that governments needed to face the hard budget constraint inherent in the retail gold standard. He was not invited to the Bretton Woods conference, and could not attend anyway. When it met in July 1944, Harwood was serving as an Army engineer stationed in New Guinea.
Hong Kong: Stamp duty updates
In brief In the Chief Executive's 2023 Policy Address ("Policy Address"), delivered on 25 October 2023, the Hong Kong Government announced a reduction of the stamp duty rates for share transfers and a number of stamp duty related changes in respect of sales and purchases of residential property.
Leviathan Rising
Unfortunately, most professional historical research has become the essentially worthless appendage of Woke ideology. Empirically grounded research focusing on change over time, however, can provide policymakers with important insights, if only they are astute enough to pay attention.
Curtailing Violence with Economic Freedom
Liberty lovers rightfully disdain violence, condoning it only when committed in self-defense, after violation of the non-aggression principle. The strategy finds empirical grounding in the success of employing tit-for-tat in a repeated game of Prisoners’ Dilemma (you trade, I trade; you raid, I raid). None of that, though, gets at why (too) many people engage in what appears to be senseless violence like mass shootings or terroristic attacks.
The New Deal Was a Great Reset
Far from being a conservative social revolution, as has been recently argued in these pages, the New Deal was a “Great Reset,” a period of rapid institutional and policy change directly away from the founding principles of the Republic and directly toward state-directed collectivism. As David Beito details in The New Deal’s War on the Bill of Rights, FDR and his many minions had a fast and loose relationship with America’s constitutionally guaranteed rights.
The New Deal’s War on the Bill of Rights: The Untold Story of FDR’s Concentration Camps, Censorship, and Mass Surveillance
David Beito’s The New Deal’s War on the Bill of Rights: The Untold Story of FDR’s Concentration Camps, Censorship, and Mass Surveillance (Oakland: Independent Institute, 2023) is one of at least four recently published and forthcoming books to pummel the four-term administration of Franklin D. Roosevelt (FDR), especially its so-called New Deal policy platform.
What Is the New Deal with the New Deal?: Little about the book could be criticized directly, so look for progressive liberals to ignore it, as they tend to do with all well-written and -researched books that threaten statist status quo narratives. | Rober
David Beitos The New Deals War on the Bill of Rights: The Untold Story of FDRs Concentration Camps, Censorship, and Mass Surveillance (Oakland: Independent Institute, 2023) is one of at least four recently published and forthcoming books to pummel the four-term administration of Franklin D. Roosevelt (FDR), especially its so-called New Deal policy platform.
What Is the New Deal with the New Deal?
David Beito’s The New Deal’s War on the Bill of Rights: The Untold Story of FDR’s Concentration Camps, Censorship, and Mass Surveillance (Oakland: Independent Institute, 2023) is one of at least four recently published and forthcoming books to pummel the four-term administration of Franklin D. Roosevelt (FDR), especially its so-called New Deal policy platform.
Economic Parasites: Their Gain, Your Pain
Biological parasites steal resources without the host organism’s consent. The consequences of infection range from minor inconvenience to death. Economic parasites steal resources without the host entity’s consent. The consequences of infection range from a minor decrease in output to almost total long-term collapse. Economic freedom is to economic parasites as ivermectin is to biological ones. Sometimes economic parasites are governments. Sometimes they are businesses. Sometimes they are nonprofits.
Inflation: Expected and Unexpected Original
I’ve just completed my periodic update of business price expectations, including selling prices (the wavy solid line in the following chart) and buying prices (dashed line). I’ve juxtaposed these against actual inflation (the jagged solid line). You will notice a big spurt of actual inflation, capping off at 8 percent. In contrast, the movement of business expected inflation has been muted, not even reaching 4 percent.
Economic Parasites: Their Gain, Your Pain
Biological parasites steal resources without the host organism’s consent. The consequences of infection range from minor inconvenience to death. Economic parasites steal resources without the host entity’s consent. The consequences of infection range from a minor decrease in output to almost total long-term collapse. Economic freedom is to economic parasites as ivermectin is to biological ones. Sometimes economic parasites are governments. Sometimes they are businesses. Sometimes they are nonprofits.
Alan Blinder’s Inflationary Incoherence
“Predictions are hard, especially about the future,” the old saw goes. We economists have not clothed ourselves in glory with our forecasts. Many economics commentators confidently proclaimed inflation would be “transitory.” Instead, we got sustained price hikes, including the sharpest increases in 40 years. I myself was too sanguine about inflation, so I’m hesitant to cast stones. Nevertheless, basic honesty requires us to own our mistakes.
Only a Retail Gold Standard Could Dethrone the Dollar
The BRICS bloc is remaining coy about whether a global currency will be on the agenda of its 15th summit, which is set to take place August 22 to 24 in South Africa. Experts from Joseph W. Sullivan to Jim O’Neill to the Council on Foreign Relations warn that a BRICS currency would threaten American economic hegemony. Precedent suggests, however, that dethroning the US dollar with anything short of a full retail gold standard will be difficult.
Only a Retail Gold Standard Could Dethrone the Dollar
The BRICS bloc is remaining coy about whether a global currency will be on the agenda of its 15th summit, which is set to take place August 22 to 24 in South Africa. Experts from Joseph W. Sullivan to Jim O’Neill to the Council on Foreign Relations warn that a BRICS currency would threaten American economic hegemony. Precedent suggests, however, that dethroning the US dollar with anything short of a full retail gold standard will be difficult.
Where Did Early 20th Century Japan Go Wrong?
This year marks the 78th anniversary of the atomic bombings of Hiroshima and Nagasaki. On August 6th, 1945 “Fat Man” instantly killed 80,000 of Hiroshima’s residents, with the death toll rising to 141,000 in the aftermath. Then, on August 9th, “Little Boy” took the lives of more than 70,000 Nagasaki residents.
Disinflation Dreams and Keynesian Confusion Original
The Federal Reserve’s monetary tightening appears to be bringing down inflation without imposing undue burdens on the real economy. The Consumer Price Index (CPI) grew at an annualized rate of 2.0 percent in July. Core CPI, which excludes food and energy prices, grew at an annualized rate of 1.91 percent. This is good news: High inflation is likely behind us. Judging by interest rates, monetary policy looks tight. The Fed’s interest rate target range is 5.25-5.50 percent.
ESG: A Corporate Social Credit System backed by UN & WEF
When big corporations like Target or Bud Light go blatantly Woke, to the detriment of their shareholders and profits, you might ask yourself what exactly they are doing, and why. This is where ESG comes in. ESG is Environment, Social, and Governance, three pillars of a pervasive type of corporate social credit score that businesses are pressured or incentivized to abide by.
Only a Retail Gold Standard Could Dethrone the Dollar
The BRICS bloc is remaining coy about whether a global currency will be on the agenda of its 15th summit, which is set to take place August 22 to 24 in South Africa. Experts from Joseph W. Sullivan to Jim O'Neill to the Council on Foreign Relations warn that a BRICS currency would threaten American economic hegemony. Precedent suggests, however, that dethroning the US dollar with anything short of a full retail gold standard will be difficult.
Only a Retail Gold Standard Could Dethrone the Dollar
The BRICS bloc is remaining coy about whether a global currency will be on the agenda of its 15th summit, which is set to take place August 22 to 24 in South Africa. Experts from Joseph W. Sullivan to Jim O’Neill to the Council on Foreign Relations warn that a BRICS currency would threaten American economic hegemony. Precedent suggests, however, that dethroning the US dollar with anything short of a full retail gold standard will be difficult.
Two Sheep, a Wolf, and Auberon Herbert
Print Critics of majoritarian democracy are fond of pointing out that it is akin to two wolves and a sheep voting on the dinner menu. That evinces graphically compelling imagery, but many people respond by thinking “we just need more sheep.” That, of course, misses the point, because two sheep and a wolf voting on dinner simply imposes the dire cost of collectivized menu selection on the wolf.
Break the Health-Care Licensing Monopoly
Most Americans are unhappy with the nation’s health-care system, and for good reason. It’s expensive. It offers limited choice. And it failed during the pandemic and even after, as evidenced by a significant death spike. In short, our health-care system, despite its technological prowess, often does not live up to expectations.
To Cure Healthcare, We Need to Kill Government Involvement – The Future of Freedom Foundation
by Most Americans need not have seen the recent headline announcing that Connecticut healthcare insurers seek to raise premiums by over 20 percent to realize that America’s healthcare system is badly broken — overly expensive and insufficiently healthful. What they have yet to fully grasp is that it’s almost entirely the government’s fault.
How AIER Helped to Hobble Fauci's 'Ministry of Truth' | Phillip W. Magness
On Independence Day 2023, Federal judge Terry A. Doughty of the Western District of Louisiana issued a preliminary injunction in the case of Missouri v. Biden, ordering a slew of top Biden administration officials to stop cajoling social media companies into silencing criticism of their Covid and other policies. AIER played a key role in this important check on Federal encroachment of Americans civil liberties.
Imperial Monetary Policy and the Independence Movement
Print America’s 250th birthday is just a few years away but Americans are still not entirely clear about why their ancestors told Mother that they had to move out of her house and into their own place. If pressed, most will mutter something about taxation without representation. That is not so much wrong as woefully incomplete. Even the mighty Declaration of Independence elides much of the story.
Artificially Stimulated Stupidity
Print The world remains aflutter over Artificial Intelligence (AI), a technology that after a decade plus of promises finally found some credibility with the recent launch of ChatGPT. What people should be focused on, though, is ASS, or Artificially Stimulated Stupidity (pronounced “A Ess Ess,” of course). If AI overtakes humanity, as some seem to fear, it may be due more to ASS than to its own inherent quality.
Punishing the Punishers
Print Americans usually think of governments as the entities that punish those duly convicted of breaking laws with community service, fines, jail time, and perhaps even death. What happens, though, when governments themselves go rogue and break the law or ignore state or federal constitutions? John Locke, Thomas Jefferson, and many others in the Anglo-American governance tradition argued that the equivalent of death was moral and lawful for any government that ceased serving its citizens.
Government Surveillance Injures The Innocent
In her recent apologia for communism, Helen Andrews says that people in the Soviet bloc grew accustomed to being spied upon, rendering it a mere “annoyance at most for the average person,” albeit “excruciating for independent thinkers.” Even people who find the rest of her article anathema might concede that point, because Americans commonly shrug off government surveillance by claiming that they have done nothing illegal and hence have nothing to hide.
Asia Venture Capital: The Road Ahead 2023
After a period of record global deal activity in 2021, the venture capital market took a step back in 2022 with a number of financial sponsors pressing pause on investments. Asia was no exception to the challenging venture capital market last year. Whilst retractions in valuations have been felt most across late stage companies, early stage companies are expected to be put under relatively more pressure in the coming months as cash runways are stretched.
Government Surveillance Injures the Innocent
Print In her recent apologia for communism, Helen Andrews says that people in the Soviet bloc grew accustomed to being spied upon, rendering it a mere “annoyance at most for the average person,” albeit “excruciating for independent thinkers.” Even people who find the rest of her article anathema might concede that point, because Americans commonly shrug off government surveillance by claiming that they have done nothing illegal and hence have nothing to hide.
Bankers and Regulators Fail Money and Banking 101
Commentary During the 2008 financial crisis, banks failed because they assumed too much credit risk by holding complex assets that defaulted. So far during the 2023 crisis, banks have failed because they took on too much interest rate risk by holding too much long-term fixed-rate debt, including U.S. Treasuries. That’s a mistake undergrad economics majors aren’t supposed to make, which raises the question of who’s running major financial intermediaries. Bank regulators make mistakes.
Eliminating the Debt Ceiling: Is There Anything the 14th Amendment Can’t Do?
The Biden administration threatens to invoke Section 4 of the Fourteenth Amendment to sidestep the longstanding federal debt ceiling in a way that would increase the power of the executive branch. Although largely responsible for the modern debt ceiling, Franklin Delano Roosevelt (FDR) would be proud. A US Supreme Court (SCOTUS) case decided in FDR’s first term in office, Perry v. United States (294 U.S. 330, 1935), nevertheless brings Biden’s position into serious question.
Eliminating the Debt Ceiling: Is There Anything the 14th Amendment Can’t Do?
Print The Biden administration threatens to invoke Section 4 of the Fourteenth Amendment to sidestep the longstanding federal debt ceiling in a way that would increase the power of the executive branch. Although largely responsible for the modern debt ceiling, Franklin Delano Roosevelt (FDR) would be proud. A US Supreme Court (SCOTUS) case decided in FDR’s first term in office, Perry v. United States (294 U.S. 330, 1935), nevertheless brings Biden’s position into serious question.
America’s Long Depression
Print Is America in a recession already, or does a definitive downturn still loom on the horizon? What difference does it make, given that for decades the US economy has grown much more slowly than it could have? Over 30 years, a $50,000 real per capita income at 1 percent compounded annually grows to about $67,000, while at just 2 percent it grows to over $90,000.
So Why Aren’t We Paying Down the National Debt?
By Robert E. Wright, American Institute For Economic Research If you believe the media hype, a storm awaits America. The US government will have to fight off neo-Nazi religious fanatics, massive climate change, financial armageddon, mass species extinction, alien invasion, dollar dominance collapse, Russia and/or China, near-earth celestial objects, new pandemics, systemic racism, and evil billionaires, likely all at the same time.
Robert Wright: We Can Save Democracy by Ending the Government’s Compulsory Monopoly
https://bonginoreport.com/opinion/robert-wright-we-can-save-democracy-by-ending-the-governments-compulsory-monopoly If our goal truly is to support “democracy,” or rule of, for, and by “the people,” we need to start by ending compulsory monopoly, or government efforts to force citizens to use its services, and only its services. When voluntary association and the ability to choose alternative services wither, citizens become subjects, and democracy dies.
We can save democracy by ending the government's compulsory monopoly Original
If our goal truly is to support “democracy,” or rule of, for, and by “the people,” we need to start by ending compulsory monopoly, or government efforts to force citizens to use its services, and only its services. When voluntary association and the ability to choose alternative services wither, citizens become subjects, and democracy dies. America’s Framers understood how important voluntarism was for a free society.
A CBDC Would Not Be Money in the Sense Used in the Constitution
The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain. Many fear that it would give governments complete control over individuals by allowing them to track, and even block, individual transactions and to impose taxes at will.
A CBDC Would Not Be Money in the Sense Used in the Constitution
The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain. Many fear that it would give governments complete control over individuals by allowing them to track, and even block, individual transactions and to impose taxes at will.
A CBDC Would Not Be Money in the Sense Used in the Constitution
Print The latest fad in monetary policy circles worldwide is CBDC or Central Bank Digital Currency, a government-created cryptocurrency exchanged on a blockchain. Many fear that it would give governments complete control over individuals by allowing them to track, and even block, individual transactions and to impose taxes at will.
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