American - Economist | December 29, 1942 -
Let the market, not politicians, determine the flow of rice, oil and other commodities. Lower, more stable prices will ensue.
Steve Hanke
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A minimum wage leads to higher levels of unemployment.
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When the dollar goes down relative to other currencies, the price of wheat, corn, rice and oil all go up in dollar terms.
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In January 2013, one could buy a Bitcoin for about $13. By late November, one Bitcoin would have set a buyer back over $1100.
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Sanctions historically are quite counterproductive in the sense that if you impose sanctions on your enemy, it tends to strengthen your enemy.
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In April 2013, Nathaniel Popper of 'The New York Times' reported on Bitcoin in an article titled, 'Digital Money is Gaining Champions in the Real World'.
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Since China embraced Deng Xiaoping's reforms on 22 December 1978, China has experimented with different exchange-rate regimes. Until 1994, the yuan was in an ever-depreciating phase against the U.S. dollar.
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In Argentina, if the weather is bad, critics will blame it on the currency board.
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If you squeeze and squeeze, and you don't allow the Iranians to sell any oil, then what do they have to lose by shutting the Strait of Hormuz down? And if they do that, that's 35% of all the world's oil that comes through the strait and 20% of the liquefied natural gas in the world.
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There has never been a failure of a currency board anywhere in the world. These are tough systems, and when I say they are foolproof, that's exactly the case.
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High mandated minimum wages will throw people out of work and onto the welfare rolls in cases where unemployment benefits exist. When it comes to welfare payments, they obey the laws of economics, too. Indeed, if something - like unemployment - is subsidized, more of it will be produced.
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The most important lesson to take away from allowing the minimum wage and unemployment benefit data to talk is that abstract notions of what is right, good and just should be examined from a concrete, operational point of view. A dose of reality is most edifying.
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