One Year of Sounding the Debt Alarm at Cato
Romina Boccia This month marks my one‐year anniversary as Director of Budget and Entitlements Policy at the Cato Institute. When I joined last August, I set out to prevent a fiscal crisis in the United States and restrain the federal budget leviathan. Here’s a recap
Should We Stop Worrying about Europe’s Reliance on Russian Pipeline Gas?
Justin Logan Today, Cato released a new Policy Analysis by Scott Semet on the enduring consequences of cutting off Europe (and the world) from Russian natural gas. Last year, Europeans were very anxious about the winter of 2022–23; thankfully, the combination of
Congress Should Worry about Biden’s Emergency Spending Request
Jordan Cohen and Dominik Lett President Joe Biden has requested $40.1 billion in emergency supplemental spending—$24.1 billion of which would go to Ukraine. For months, Congress has eyed a Ukraine supplemental bill to evade spending limits. Meanwhile, several House members are wary
FedNow Isn’t a CBDC, but It Is Dangerous
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse. Original Article: "FedNow Isn't a CBDC, but It Is Dangerous"
China Enters the Doom Loop
China's authoritarian gerontocracy has built a Doom Loop with Chinese characteristics, with over half the economy now crashing. Chinese exports are now plunging at the fastest pace since the covid lockdowns: Exports fell 14.5% on the year, driven by a 21% drop
Is the Monopoly Board Game Like Real Markets?
It feels like a silly thing to say, but board games are not real life. Playing a few rounds of Operation does not make you a surgeon. Unlike in Battleship, real-world battleships do not sit still on a ten-by-ten grid. Similarly,
Can Fractional Reserve Banking Survive the Twenty-First Century?
Banker and financial expert Caitlin Long believes that fractional reserve banking is closer than ever to collapse, and she has a 100 percent reserve banking solution in progress. Original Article: "Can Fractional Reserve Banking Survive the Twenty-First Century?"
The Government Cheats, Loses, and Cheats Again to Make Immigrating Illegal
David J. Bier You traveled a thousand miles and spent thousands of dollars to reach the United States. The immigration rulebook (sometimes called “the law”) says that if you made it, you could apply for asylum and that officials “shall” process you.
Dwindling Chinese Economic Information Is Par for the Authoritarian Course
Scott Lincicome According to various news outlets, the Chinese government has recently stopped publishing information on youth unemployment, deflation, and other statistics that paint a gloomy picture of China’s economy, while also instructing economists in China to “avoid speaking negatively about topics
Inflation Is a Giant “Skim” on the American People
The price of a McDonald’s hamburger in the United States has inflated 3.75 percent annually over the last seventy years. McDonald’s has grown from a tiny hamburger stand in Des Plaines, Illinois, to the second largest fast-food chain on earth.