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Periodic Debt Limit Fights Are Messy, but May Help Prevent Long-Run Crisis

Remember the big debt limit fight of 2013? The political establishment at the time went overboard with hysterical rhetoric about potential instability in financial markets. They warned that a failure to increase the federal government’s borrowing authority would mean default to bondholders even though the Treasury Department was collecting about 10 times as much revenue […]

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Greece’s Debt Is Sustainable

The conventional wisdom, pushed by the IMF and others, is that Greece’s economy will never recover unless there is substantial debt relief. Translated into English, that means the Greek government should be allowed to break the contracts it made with the people and institutions that lent money to Greece. That may mean a “haircut,” which […]

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Estonia Demonstrates that Business Taxation Can Be Simple, Fair, and Conducive to Growth

I’m very fond of Estonia, and not just because of the scenery. Back in the early 1990s, it was the first post-communist nation to adopt a flat tax. More recently, it showed that genuine spending cuts were the right way to respond to the 2008 crisis (notwithstanding Paul Krugman’s bizarre attempt to imply that the […]

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While Greece Implodes, France Corrodes and Spain Erodes

For understandable reasons, the fiscal mess in Greece has dominated the European economic headlines. But there are other developments that deserve attention. Amazingly, some politicians think Europe’s stagnant economy can be improved with more harmonization, more bureaucratization, and more centralization. The EU Observer has a story about a French scheme to transform the eurozone into […]

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To Protect Liberty, Don’t Let Governments Collect Data

I’ve written before about the tremendous success of Hong Kong. The jurisdiction routinely is ranked as being the world’s freest economy, and its fiscal policy is a role model for spending restraint. One reason Hong Kong has prospered is that it has enjoyed a policy of benign neglect, particularly when it was a British colony […]

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A Global Tax Cartel Will Hurt the World Economy, Particularly Developing Nations

What’s the best way to generate growth and prosperity for the developing world? Looking at the incredible economic rise of jurisdictions such as Hong Kong and Singapore, it’s easy to answer that question. Simply put in place the rule of law, accompanied by free markets and small government. But that answer, while unquestionably accurate, would […]

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