“Throughout history, what the political class has done is they have turned to the central bank to print their way out of an unfunded liability. We can’t let that happen. That’s when you open the floodgates. So I hope and pray that our political leaders will just have to take this bull by the horns […]
Archives for June 2009
The End of Entrepreneurial Banking
It appears that we have finally reached the tipping point at which commercial banking is headed toward becoming a cost-plus monopoly, with rate-based assets much like a public utility and very close to a nationalized industry. Maybe not for all institutions, but I can envision a two-tiered system in which the 20 or so “too […]
A Couple of June Anniversaries
There are two dates in early June that should be prominently remembered. One, of course, is D Day, June 6, the day in 1944 when, according to Herbert London of the Hudson Institute, “the U. S. saved Europe from itself” on the beaches of Normandy. I often wonder if our young people have a proper […]
Obama in Cairo
The “amen corner” has already spoken–President Obama has delivered another masterpiece in Egypt and the relationship between the U. S. and the Muslim world will never be the same. Well, let’s take a deep breath and reflect on it in more depth. To his credit, unlike the first two legs of his international tour in Europe […]