News Story of the Day: Steve Forbes, editor and publisher of Forbes Magazine, wants Donald Trump to give Federal Reserve Chair Janet Yellen the pink slip.
Speaking in an interview with Newsmax TV, Forbes explained that Trump should request Yellen for her letter of resignation, despite having a year left in her mandate.
“She should be pink-slipped, but even if you let her stay on, make it clear she’s a lame duck,” Forbes said. “Trump has two appointments and another one coming along on the Federal Reserve Board. Two governors. Two out of big seven. You put the right people in there, that’s going to be critical in setting a new stage.”
Forbes is far from the next Ron Paul on monetary policy or on the Fed, but these remarks should be paid attention to.
Chart of the Day: want to become a millionaire over the next 25 years? This chart will help you get there, according to financial blogger Lyn Alden, which was recently picked up by Time magazine. Here you go:
Illustration of the Day: during the entire 2016 presidential campaign, Donald Trump was espousing that he wants to build a “big, beautiful wall,” and it was going to be paid for by the government of Mexico. Now that he is on the cusp of entering the Oval Office, it seems that Mexico is not exactly going to pay for it, says Trump. First, the U.S. taxpayers will pay for the wall and then somehow be reimbursed by Mexican taxpayers. What do Mexicans think of this?
Quote of the Day: the Mises Institute recently published “The Mises Reader,” which is a great book that is essentially a compilation of a lot of the great essays, commentary pieces and other great works that he had produced in his lifetime. To celebrate the recent release of this book, here is a sublime quote from the master himself, and it is something that should be read by Donald Trump.
“It is vain to fight totalitarianism by adopting totalitarian methods. Freedom can only be won by men unconditionally committed to the principles of freedom. The first requisite for a better social order is the return to unrestricted freedom of thought and speech.”
Video of the Day: Economic Policy Journal‘s Robert Wenzel recently spoke with Obamacare architect Ezekiel Emanuel, and it was great seeing one of the best libertarian bloggers today take on the statists. Here is what Wenzel writes:
The architect of Obamacare, Ezekiel Emanuel, was in San Francisco yesterday to attend the 35th Annual JP Morgan Healthcare Conference.
I caught up with him at the Commonwealth Club and challenged him to explain why his central planning system was better than free markets. His answer was uninspiring and suggested the thinking of a man who does not understand free market allocation systems, free market pricing as signals for businessmen and consumers and free markets as a structure which provides incentives for businesses to provide better and cheaper products to consumers.
In a follow-up question, I asked him how he addressed the view of Friedrich Hayek that central planners of economies held a fatal conceit about their ability to plan complex systems with dispersed knowledge. As you will observe, he does not appear to be a fan of Hayek.
The exchange can be viewed in the video embedded below:
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