Just a quick post today, as submissions close soon on the Reserve Bank Governor’s plans to require banks to fund much more of their balance sheets with equity capital, and I still need to write mine. The Governor stated last week that the Bank has already received 50 or so submissions. I hope that, in the spirit of open government and genuine consultation, the Bank will put those submissions up on their website pretty promptly – and not, as is more usually the case with them (but not, say, with parliamentary select committees), only when the Governor has made his final decision.
I’ve seen a few submissions, none of which seemed very positive on what the Governor was proposing. It remains striking that, five months on from the release of the initial consultative document there has still been no serious attempt at a cost-benefit analysis, and only the promise…
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Given that one of the most important roots of the civil rights movement was in the black churches, and given the importance of gospel music to those churches, it’s hardly surprising that music provided a vibrant and very important sound track to that struggle. So, time for some civil rights songs: here, from the time itself, in the years leading up to the passing of the Civil Rights Act and the Voting Rights Act.
On that famous day, in 1963, when Martin Luther King spoke to the crowd in Washington, it was the gospel singer and civil rights campaigner, Mahalia Jackson, who shouted to to King to ‘tell them about the dream’. King listened, and so did the world.
Music played a major role that day, as this New Yorker article explains: https://www.newyorker.com/culture/culture-desk/dream-songs-the-music-of-the-march-on-washington
Here she is, in the later ’60s, singing the civil rights anthem:
Among the star turns was…
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Milton Friedman’s FREE TO CHOOSE “How to cure inflation” Transcript and Video (60 Minutes)
In 1980 I read the book FREE TO CHOOSE by Milton Friedman and it really enlightened me a tremendous amount. I suggest checking out these episodes and transcripts of Milton Friedman’s film series FREE TO CHOOSE: “The Failure of Socialism” and “What is wrong with our schools?” and “Created Equal” and From Cradle to Grave, and – Power of the Market.“If we could just stop the printing presses, we would stop inflation,” Milton Friedman says in “How to Cure Inflation” from the Free To Choose series. Now as then, there is only one cause of inflation, and that is when governments print too much money. Milton explains why it is that politicians like inflation, and why wage and price controls are not solutions to the problem.
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It might surprise some readers to learn that we think the Court’s decision today in Apple v. Pepper reaches — superficially — the correct result. But, we hasten to add, the Court’s reasoning (and, for that matter, the dissent’s) is completely wrongheaded. It would be an understatement to say that the Court reached the right result for the wrong reason; in fact, the Court’s analysis wasn’t even in the same universe as the correct reasoning.
Below we lay out our assessment, in a post drawn from an article forthcoming in the Nebraska Law Review.
Did the Court forget that, just last year, it decided Amex, the most significant U.S. antitrust case in ages?
What is most remarkable about the decision (and the dissent) is that neither mentions Ohio v. Amex, nor even the two-sided market context in which the transactions at issue take place.
If the decision in
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