Tag Archives: economics

Panel 3: The Texas Saga: Needed Reform or Impending Disaster?

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Presented by the Cato Institute and the Center for College Affordability and Productivity.

CONFERENCE
Friday, November 18, 2011
8:30 AM – 3:00 PM

Featuring: Richard Vedder, Professor of Economics, Ohio University, and founder of the Center for College Affordability and Productivity; Stephen Joel Trachtenberg, President Emeritus and University Professor of Public Service, The George Washington University; Mark Bauerlein, English professor, Emory University, and author of The Dumbest Generation: How the Digital Age Stupefies Young Americans and Jeopardizes Our Future; Or, Don’t Trust Anyone Under 30; Jeff Sandefer, Master Teacher, Acton School of Business; Arthur Hauptman, Public Policy Consultant;
Ronald Trowbridge, Senior Fellow, Center for College Affordability and Productivity; and Neal McCluskey, Associate Director, Center for Educational Freedom, Cato Institute.

Because of the ongoing construction in our building expansion, this Conference will be held at
Mount Vernon Place, Undercroft Auditorium
900 Massachusetts Ave., N.W., Washington, D.C., 20001

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The Market for Law

Committed to Individual Liberty, Free Markets, and Peace

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POLICY FORUM

Tuesday, November 29, 2011
Noon (Luncheon to Follow)

Featuring David Friedman, Author, Law’s Order and The Machinery of Freedom; moderated by David Boaz, Executive Vice President, Cato Institute.

Mount Vernon Place, Undercroft Auditorium, 900 Massachusetts Ave., N.W., Washington, D.C. 20001

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Is there a market for good law? Without the state providing law, could it be offered by multiple, private, and competing agencies? David Friedman, professor of law at Santa Clara University, explored this idea in his classic 1973 book, The Machinery of Freedom: Guide to a Radical Capitalism. But in the years

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Left Turn: How Liberal Media Bias Distorts the American Mind

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BOOK FORUM

Wednesday, November 30, 2011
11:30 AM (Luncheon to Follow)

Featuring the author Tim Groseclose, Department of Political Science, UCLA; with comments by Alex Mooney, Executive Director, The National Journalism Center; moderated by John Samples, Cato Institute.

Mount Vernon Place, Undercroft Auditorium, 900 Massachusetts Ave., N.W., Washington, D.C. 20001

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Purchase BookMany people believe that the mainstream media favors liberal points of view. Studies of media bias, however, have found mixed results. Tim Groseclose, a professor of political science and economics at UCLA, has spent years

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A Deal in Europe. Sort Of.

by Johan Norberg

Johan Norberg is a senior fellow at the Cato Institute and author of Financial Fiasco: How America’s Infatuation with Homeownership and Easy Money Created the Economic Crisis.

Added to cato.org on August 24, 2011

This article appeared on Huffington Post on August 24, 2011.

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If you owe your bank a hundred dollars, you have a problem. But if you owe it a million, it has a problem, the saying goes. Today we can add that if the governments of Italy, Spain, Portugal, Greece and Ireland owe your banks one trillion dollars, we’re all dead. And that might be where the Euro-zone is headed.

Instead of fixing the financial crisis, the EU postponed it with a get-poor-quick pyramid scheme, by sending the debts of households to banks, who sent it to governments, and governments passed it on to the Euro-zone. Now the Euro governments find that they are at the end of the chain, with a crushing burden. Markets are beginning to price in a small risk that the entire European financial system can collapse — and reacting accordingly.

Debts that were unsustainable in 2008 aren’t more sustainable just because they were transferred from banks to governments. Especially when those governments overspent in good times, and have few reserves to deal with bad times when the budget of big welfare states suffer more than others when tax revenue is down and benefits expand automatically.

Sooner or later Europe has to stop throwing bad euros after good euros.

In a way this is 2008 again, with the same toxic mix of misguided regulation and moral hazard at work. Back then, it was banks and mortgage securities; this time, it’s euro states and government bonds.

Basel regulations categorizes sovereign debt as risk-free, and a bank’s exposure to sovereign debt in its own currency has zero risk weights when capital requirements are calculated. And

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