Why Governments Want More Centralization—and Less Federalism

Federalism, which Felix Morley called “the distinctively American contribution to political art,” arose from our founders’ desire to limit government’s ability to harm its citizens. The Constitution restricted nondelegated powers to states and individuals in their private arrangements, empowering citizens by allowing easier escape from abusive government by “voting with their feet” for jurisdictions with less hostile governance. That set a tighter limit on government ability to impose burdens that outweighed benefits. Government inefficiency and redistribution beyond what citizens support (which often overlap, as inefficiency is often redistribution toward unionized…

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Morgan Stanley (MS) Q4 2020 earnings

James Gorman, chairman and chief executive officer of Morgan Stanley, appears on CNBC’s Squawk Box at the 2020 World Economic Forum in Davos, Switzerland on Jan. 22nd, 2020. Adam Galici | Getty Images Morgan Stanley is set to report fourth-quarter earnings before the opening bell on Wednesday. Here’s what Wall Street expects: Earnings: $1.27 a share, 2.4% lower than a year earlier, according to Refinitiv. Revenue: $11.5 billion, 6.3% higher than a year earlier. Wealth management: $5.2 billion, according to FactSet. Trading: Equities $2.14 billion; fixed income $1.42 billion. How…

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Procter & Gamble (PG) Q2 2021 earnings

Bottles of Tide detergent, a Procter & Gamble product, are displayed for sale in a pharmacy on July 30, 2020 in Los Angeles, California. Mario Tama | Getty Images Procter & Gamble is expected to announce its fiscal second-quarter earnings before the bell Wednesday. Here’s what Wall Street analysts surveyed by Refinitiv are expecting: Earnings per share: $1.51 expected Revenue: $19.27 billion expected In the company’s fiscal first quarter, it reported net sales growth of 9%, pushing its quarterly revenue to $19.32 billion. Its business spans a wide variety of…

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Richard Branson on travel recovery, rollout efforts

Sir Richard Branson told CNBC on Tuesday he hopes so-called Covid vaccination passports will be available for prospective airline passengers who have been inoculated, potentially allowing them to bypass other virus mitigation measures before traveling. “Vaccination is everything. Once vulnerable people, in particular, have been vaccinated, I think all kinds of businesses can start opening up again: restaurants, travel companies, cruise companies,” said Branson, who co-founded the airlines Virgin Atlantic and Virgin Australia. “Hopefully there will be a proof-of-vaccination piece of paper that people can use to be able to get…

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Let’s Abolish Those Presidential Medals of Freedom

The Washington Post is outraged that Donald Trump has sullied one of Washington’s most hallowed honors—Presidential Medals of Freedom. After the White House announced plans to bestow the medals on two Republican members of Congress and a football coach, the Post thundered that “Trump just underlines his own unworthiness when he makes a mockery of the Medal of Freedom….This president cannot be trusted to hand out medals.” The Post editorial concluded with the obligatory uplift of the season: “Thankfully, the Oval Office will soon be occupied by a president—himself a…

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When It Comes to National Defense, Bigger Isn’t Always Better

Many observers of international affairs assume that larger, more populous states are necessarily more powerful. But the reality is wealth and economic development are the most critical factors in securing true military power. Original Article: “When It Comes to National Defense, Bigger Isn’t Always Better” This Audio Mises Wire is generously sponsored by Christopher Condon. Narrated by Michael Stack.   Source link

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It’s Time for a National Divorce

Both spouses have become abusive, verbally and physically. Exchanging blows left and right, both literally and metaphorically speaking. There’s no common ground to be found, and even if there were, at this point neither side is interested in entertaining it. And yet a narrative continues to be pushed by politicians on both sides: unity. We must find a way to unify, they say. Biden seems to preach it every single day. “We’re going to be unified whether you deplorables like it or not” is my interpretation of his speeches. And as…

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A Welcome Attack on Churchill and Wilson

Bland Fanatics: Liberals, Race, and Empireby Pankaj MishraFarrar, Straus and Giroux, 2020218 pages Pankaj Mishra dislikes the free market, and he blames it for the imperial conquests of the nineteenth century and after. But much of his book can be read as an extended commentary on some remarks by the great champion of the free market Ludwig von Mises. In Liberalism (1927), Mises says: The considerations and objectives that have guided the colonial policy of the European powers since the age of the great discoveries stand in the sharpest contrast to all the principles…

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