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Hayek’s Nobel—50 Years Later The economic lessons Hayek taught us are as relevant today as they were 50 years ago. Peter Jacobsen

https://fee.org/articles/hayeks-nobel-50-years-later/

Fifty years ago, Friedrich Hayek and Karl Gunnar Myrdal won the Nobel prize “for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena.” Hayek’s Nobel is notable for several reasons, and each relates to the importance of intellectual humility.

First, his Nobel address—delivered 50 years ago today—was an exercise in humility, as highlighted by FEE’s own Larry Reed. Hayek even went so far as to argue that there really shouldn’t be a Nobel prize for economists due to the disproportionate intellectual authority the prize bestows.

Second, Hayek’s work, including much of the work he won his Nobel for, is based on recognizing the limits of the intelligentsia to plan society and, in particular, the economy.

To understand Hayek’s work, we must understand two key contributions of his mentor Ludwig von Mises. It’s no surprise that Hayek’s Nobel would be connected to Mises. Nobel-winner Paul Samuelson, who departs from the work of Hayek and Mises on many points, has previously argued that Mises himself would have won the Nobel had it been awarded earlier in history.

Economic Fluctuations

First, Hayek’s prize was linked to his work on money and economic fluctuations. There’s no doubt that this work is placed under the umbrella of Austrian Business Cycle Theory (ABCT). ABCT is by no means an invention of Hayek. Rather, he developed the theory which has its foundations at the beginning of the Austrian school with elements in Carl Menger, Eugen von Böhm-Bawerk, and finally Mises.

Hayek, in particular, focused on how capital goods transform over the various stages of production. As capital goods advance in time toward the customer, they fundamentally change in kind. So, when a central government monetary policy (such as an increase in the supply of money) causes an increase in long-term loans, these-long term loans change the structure of capital goods in society.

The Left’s Assassination Lust Is Misdirected

https://issuesinsights.com/2024/12/13/the-lefts-assassination-lust-is-misdirected/

The hero worship for Luigi Mangione, the accused executioner of United Healthcare CEO Brian Thompson, is appalling to reasonable people. We understand, though, that on occasion Americans can have a legitimate grievance with their health insurance coverage. But the guilty parties are not corporate insurance executives. The culpable are the lawmakers and regulators in Washington who have hijacked the country’s health care industry.

Mangione, arrested Monday in Pennsylvania on fake ID and firearms charges, justified the slaying of health care insurance executives, which sent many on the left into spasms of delight.

“These parasites had it coming,” the new folk hero for elitists wrote in his manifesto. Sadly, Mangione, a son of privilege who favors the crumbling British government’s National Health Service, is not alone in his blind hatred for health insurance executives.

Former Washington Post reporter Taylor Lorenz, who has been publicly demonstrating her tenuous grip of reality and decency for years, has been a leader among the aggrieved. “And people wonder why we want these executives dead,” she posted on Bluesky only hours after Thompson was gunned down.

Then on Monday night on “Piers Morgan Uncensored,” she said that, “along with so many other Americans,” she felt “joy, unfortunately,” at the news of Thompson’s death. She quickly tried to backtrack when she realized how malicious and deranged she sounded. But out of the abundance – or maybe the emptiness – of her heart, her mouth spoke.

The Evaporation of the Obama Mystique Obama’s behind-the-scenes political maneuvering culminated in a failed Biden presidency that ultimately led to a significant Democratic electoral defeat and rejection of his political legacy. By Victor Davis Hanson

https://amgreatness.com/2024/12/12/the-evaporation-of-the-obama-mystique/

Barack Obama had long been rumored as the catalyst for the 2020 Biden nomination—and thereafter played the whispering puppeteer behind the subsequent lost Biden administration years.

As such he and his coterie proved the virtual architects of the Biden administration, one of the most unpopular and failed presidencies in American history.

Recall earlier that after a flailing candidate Joe Biden lost the first three 2020 primaries and caucuses, his inert campaign was headed nowhere.

Barack Obama and fellow Democratic insiders abruptly engineered the withdrawal of his rival 2020 presidential candidates: hard left but likely sure-loser candidates, including Bernie Sanders, Elizabeth Warren, and Pete Buttigieg.

The Obamas ignored or withheld from the public their own firsthand knowledge that Biden was suffering from signs of dementia.

Instead, they found Biden’s cognitive decline and his former concocted reputation as workingman’s Joe useful as a veneer for a veritable Obama third-term, “phone it in” administration. Or as wistful Obama once conditioned his dream of a third term—”If I could make an arrangement where I had a stand-in, a front man or front woman, and they had an earpiece in.”

The Obamaites then got their wish for four years of enacted hard-left directives that they could only have dreamed of while in actual power.

But their radical menu since 2021 had divided and nearly wrecked the nation—hyperinflation, 12 million illegal aliens, a ruined border, spiraling crime, a shattered foreign policy of appeasement, the popular backlash against DEI/Woke/trans chauvinism, partisan lawfare, and weaponization of the government.

And the ruling radicalism beneath the Biden facade eventually cost the Democrats nearly everything—the presidency, the House, and the Senate.

Lipstick on a Political Pig The Dems offer “remedies” for the 2024 disaster to never happen again. by Bruce Thornton

https://www.frontpagemag.com/lipstick-on-a-political-pig/

The barnyard metaphor “lipstick on a pig” expresses the old wisdom that cosmetic changes can’t alter the essential nature of anything. Ever since the election, the Democrats, with a few exceptions, have been flailing about trying to explain how the unthinkable happened. Usually, the analysis––scapegoating is more accurate–– is accompanied by remedies that claim to make sure such a disaster never happens again. Most, however, are just variations of putting lipstick on their ideological pig.

Last week the Democrats elected a new chairman of the House Progressive Caucus, the point of the leftist spear carried by the leftist Dems that have dominated their party in the House for more than a decade. According to NBC’s Sahil Kapur, the prog’s new honcho, Greg Casar of Texas, is advising that the Democrats should finesse culture-war issues as actually economic ones, and thus create opportunities to plump for more dirigiste and redistributionist economic policies:

“The progressive movement needs to change. We need to re-emphasize core economic issues every time some of these cultural war issues are brought up,” Casar said. “So when we hear Republicans attacking queer Americans again, I think the progressive response needs to be that a trans person didn’t deny your health insurance claim, a big corporation did — with Republican help. We need to connect the dots for people that the Republican Party obsession with these culture war issues is driven by Republicans’ desire to distract voters and have them look away while Republicans pick their pocket.”

Bye Bye Wray Having completed the destruction of the FBI, the Bureau Director leaves the stage. Robert Spencer

https://www.frontpagemag.com/bye-bye-wray/

Christopher Wray might not be the worst director in the history of the FBI. After all, there was James Comey, and before him Robert Mueller. Wray, however, who finally resigned on Wednesday, completed the work that Mueller and Comey began: he oversaw the total politicization of the FBI, and its transformation from a respected law enforcement agency into an American Gestapo, a tool of partisan politics that the Biden-Harris regime wielded like a club against its political enemies, real and imagined. Christopher Wray will not be missed. The question that he leaves in his wake is whether the damage he has done can be undone, and the FBI restored, or if the whole agency should simply be shut down.

While Christopher Wray was director of the FBI, agents of his crooked agency stormed Donald Trump’s Mar-a-Lago home and scrutinized Melania Trump’s clothes closet for classified information. This was the first time in American history that a sitting president had weaponized the FBI against a political opponent, and Wray uttered not a public word about how the Federal Bureau of Investigation was becoming the Democrat Bureau of Lawfare and Harassment.

Trump wasn’t the only victim, either. The Biden-Harris regime  sicced Wray’s feds on angry parents protesting at school board meetings, worked with Twitter and other social media giants to silence and deplatform people with opposing views, and even sent spies into Catholic churches.

This is the legacy of Christopher Wray. And while all that was happening, Wray repeatedly insisted that “insurrectionists” and the “white supremacists” constituted the greatest terror threat the nation faces today. Not Islamic jihadists. Certainly not criminals crossing the open border and roaming free inside the United States. Wray’s ridiculous claims about “white supremacist terrorists,” as well as the agency’s focus on Jan. 6 “insurrectionists,” were a thinly veiled attempt to criminalize and destroy all political opposition to the Biden regime in the U.S.

Is ‘America’s Doctor’ a Good Choice to Head the Centers for Medicare and Medicaid? By Janet Levy

https://www.americanthinker.com/articles/2024/12/is_america_s_doctor_a_good_choice_to_head_the_centers_for_medicare_and_medicaid.html

Mountebanks peddling miracle cures in the Old West would often pretend to be qualified doctors. 

It is rare to come across mountebanks now, rarer still for qualified doctors to peddle miracle cures.  But Dr. Mehmet Oz – a former cardiothoracic surgeon, famed purveyor of ‘medutainment’ on his T.V. show, and the man President-elect Donald Trump has nominated to administer Medicaid and Medicare – has been doing so unchecked.

On his show (that ran from 2009 to 2022) and on numerous other occasions, Dr. Oz has hyped dubious medical “miracles” and recommended cures that range from the anodyne, to the bizarre and dangerous. 

Here’s a partial list: a bar of lavender soap in bed to relieve restless leg syndrome; green coffee bean extract and raspberry ketones for weight loss; red onions, endives, and sea bass to reduce the risk of ovarian cancer; a poop primer for self-assessing overall health; 200 orgasms annually to extend life expectancy by six years; selenium supplements to prevent cancer; colloidal silver for the common cold; and a supplement containing human chorionic gonadotropin (a placental hormone) for weight loss.

In fact, the AMA Journal of Ethics has called Dr. Oz “a dangerous rogue unfit for the office of America’s doctor,” earned by virtue of his show.  In 2014, a Senate hearing on weight-loss scams chided him and told him to use his immense influence responsibly.

Yet, his dubious recommendations are not the only reason Dr. Oz is a questionable choice to head the Centers for Medicare and Medicaid Services (CMS), an agency that spends $2.6 trillion annually. 

The following are of greater concern:

·    Potential conflicts of interest will likely bias Dr. Oz’s decisions, for he has significant investments in healthcare and pharma companies, including the UnitedHealth Group, a critical CMS partner; in Amazon, which runs a Medicare-linked online pharmacy; and in Domino’s Pizzas, Pepsi, and U.S. Foods, makers of products linked to lifestyle diseases.

Christopher F. Rufo The Coming Fight to Abolish DEI An open letter to Donald Trump’s Cabinet

https://www.city-journal.org/article/the-coming-fight-to-abolish-dei

There is a great clanging and clamoring around the offices in Washington, D.C. and Mar-a-Lago in Florida. Political operatives, policy wonks, and opposition figures are all planning for the arrival of the second Donald Trump administration.

I’ve spoken with many of the people in the president-elect’s orbit who are planning how to staff Cabinet departments and set a new tone on the administration’s first day. Much of our discussion has focused on the approach to DEI, or “diversity, equity, and inclusion.”

While the officials in Trump world are all committed to abolishing DEI in theory, they have yet to settle on a practical approach for doing so. With this in mind, I’m writing this open letter to Trump’s incoming Cabinet, outlining how to shut down DEI and win the fight for public opinion.

The first step is to understand how DEI bureaucracies became embedded in the federal government. That is the result of actions by two presidents: Barack Obama, who issued Executive Order 13583, which laid the groundwork for many national “diversity” initiatives; and Joseph Biden, who signed Executive Orders 13985 and 14035, which entrenched DEI principles into every federal department and routed billions of dollars toward advancing this ideology throughout American society.

Having understood this history, Cabinet officials must work with President Trump to rescind President Obama and President Biden’s executive orders.

California’s Next Crime Wave — Fuel Theft Steve Smith

https://issuesinsights.com/2024/12/11/californias-next-crime-wave-fuel-theft/

Editor’s note: This has been excerpted with permission from the Pacific Research Institute. To read the entire report, click here.

Here are a few examples:

On Sept. 27, an Inland Empire resident drove away from her job at an area hospital when her pickup truck puttered to a stop. An investigation showed her tank had been drilled and emptied.
A Valero Station in Fremont lost tens of thousands of gallons of diesel to thieves using a device to bypass pump security and transfer fuel into a specially configured pickup truck on July 10.
On July 2, the Santa Clara County District Attorney’s Office charged two men with an alleged fuel theft scheme involving $90,000.00 in diesel fuel thefts.
On March 1, East Bay law enforcement reported a “rash of destructive gas thefts by drilling gas tanks.”
Most recently, on Nov. 21, thieves in Otay Mesa near San Diego pumped 3,000 gallons of stolen fuel from a Circle K station. This was a loss of $16,000 for the station.

Gasoline prices in California are one area where the rules of supply and demand don’t apply to price. According to the Union of Concerned Scientists, since 2005 per capita use of gasoline has dropped by 2 billion gallons per year – a net drop of 15% over nearly 20 years. They attribute this decline to improved fuel economy and the increasing use of electric vehicles. For advocates of the idea that commercial and personal vehicle use is one of the primary contributors to climate change, this is welcome news. It certainly has improved local air quality in California’s most smog prone regions.

Yet, for California’s tax collectors, this is very bad news indeed as projected 202-/2025 fuel tax revenues are just north of $7 billion and should, according to basic economic laws, drop along with consumption. The California Air Resources Board recently adopted an updated Low Carbon Fuel Standard, which is estimated to increase gas prices by 47 cents per gallon or more.

The Beginning of the End of DEI – In the Private Sector and Our Universities By Janet Levy

https://www.americanthinker.com/articles/2024/12/the_beginning_of_the_end_of_dei_in_the_private_sector_and_our_universities.html

Ferraris are priced between $250,000 and $600,000, but it’s not enough to have the money to buy these pricey Italian sports cars.  The company’s Diversity and Inclusion Charter demands that buyers and their families pass “social status” background checks to “ensure they fit the mold of the brand and its desired image.” 

Talk about cultivating “inclusivity!”

In a similar charade of ‘woke’ virtue signaling, luxury car maker Jaguar unleashed a futuristic ad in a pinkish palette featuring men posing as women. There are no cars in it, so it’s no surprise that it landed like a lead balloon and joined the pantheon of duds like the Bud Light ad featuring trans activist Dylan Mulvaney in a bubble bath.

The Bud Light ad sparked a consumer backlash on social media, including calls for boycotting the beer brand.

In Go Woke, Go Broke: The Inside Story of the Radicalization of Corporate America, Charles Gasparino called the Bud Light fiasco the “desecration of a great American brand.”  The book—which opens with an account of an incredibly farcical discussion at Goldman Sachs over whether ordering Chick-fil-A sandwiches is sufficiently woke—exposes many such woke/DEI debacles and the brand destruction they wreaked.

Fortunately, the efforts of people like Gasparino (a seasoned business reporter who knows what makes companies succeed or fail) and anti-DEI campaigner Robby Starbuck are paying off. Moreover, the resounding victory of President-elect Donald Trump—who made a campaign pledge to dismantle “divisive,” “un-American” DEI programs—has catalyzed a corporate retreat from leftist “wokeness.”

After Starbuck told Walmart he was investigating their DEI practices, the retail chain – America’s largest private sector employer, with over 4,600 units in the U.S. – announced plans to end its DEI initiatives.  It has agreed to drop the term ‘DEI’ and instead focus on “Belonging for All.”  Not only that, it will stop financing events aimed at influencing children sexually; scrap the Corporate Equality Index, a benchmark created by the Human Rights Coalition (HRC) to monitor LGBTQ+ policies; remove gender-neutral terms such as Latinx from documents; end a program incentivizing suppliers who hire LGBTQ+, racial minorities, and women; discontinue racial equity training; and stop funding the Center for Racial Equity.  Walmart will no longer sell products such as chest binders marketed, among others, to “transitioning” children.

Assad’s Fall Has Humiliated Washington Syrians are free from Assad in spite of the Biden administration, not because of it. By Eli Lake

https://www.thefp.com/p/assads-fall-humiliates-washington-biden-obama-trump-iran-syria?utm_source=substack&utm_medium=email

According to President Joe Biden, the end of Bashar al-Assad’s tyranny in Syria was made possible by his administration’s foreign policy. Speaking from the White House on Sunday in a televised address, he said, “For years the main backers of Assad have been Iran, Hezbollah, and Russia, but over the last week their support collapsed, all three of them, because all three of them are far weaker today than they were when I took office.”

Try not to laugh.

Biden attributes the woes that have befallen this alleged “Axis of Resistance” to “the blows Ukraine [and] Israel have delivered upon their own self-defense with unflagging support of the United States.”

This isn’t just a deceptive telling of recent history. Biden has it backward. While it’s true that Iran, Hezbollah, and Russia are weaker today than they were when Biden was inaugurated as president, it’s not because Biden had the foresight to unleash the Jewish state against America’s enemies in the Middle East. It’s because Israel defied Biden’s efforts to restrain it. Syria has toppled its tyrant in spite of the Biden administration, not because of it.

When Israel took the very steps that have weakened Iran and its proxies, it was greeted by threats and disapproval from Washington. On September 24, at the UN General Assembly, Biden pleaded for Israel to accept a diplomatic solution. “Since October 7, we have also been determined to prevent a wider war that engulfs the entire region,” he said. This was three days before Israeli air strikes killed Hezbollah leader Hassan Nasrallah.