In his classic economic text, The Wealth of Nations, Adam Smith had the following to say about collusion: “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

Ben Bernanke is arguable the most well equipped Fed chairman America has ever seen, and I mean that sincerely!  His academic accomplishments are top notch; and his career as a public official is equally impressive. He has been a ranking member of some of the most influential and prestigious economics advisory councils and research groups in the nation. By all accounts, Ben is the best conceivable man for the job of Chief Central Banker!

The Rule of Law and a Stable and Predictable Legal Order A government with moral and legal authority promulgates written rules and universally, impartially and uniformly enforces the rules, which provides a stable and predictable legal order on which to base economic and personal decisions. The law prevails, not the proclamation or arbitrary decision of a ruler, government bureaucrat, the enforcer (e.g., policeman) or judge.

Many of those who have been criticizing Obama's stimulus package have been arguing that it's filled with pork that won't create jobs or help to end the recession.  That's true.  But, the really important issue with the stimulus is that it just won't work and I'd like to hear a lot more about that from the media.  

Professor Philip Booth, from the London-based Institute of Economic Affairs (IEA), had a great post on yesterday's Daily Telegraph blog (UK), discussing why the latest economic crash strongly supports the arguments made by Freidrich Hayek and other A