Writing in the Wall Street Journal Europe, Jamie Whyte properly criticizes British P.M. David Cameron’s embrace of mercantilism. A key passage:
The benefits of trade are not increased by the presence of a national border between those who do it. Suppose that the pattern of trade between the United States and Britain remained unchanged but that, seeing the error of their fateful decision 235 years ago, the Americans successfully sought reunification with Britain. Would those of us in what is now Britain be worse off because of the sudden decrease in their exports and increase in internal trade? Mr. Cameron surely cannot think so; he cannot believe that borders create value. Why, then, does he act as a salesman for British firms selling abroad but not for those selling at home?
Charles Krauthammer explains the fraud that is the so-called “Social Security trust fund.” (Question: if Jack Lew were CFO for a private corporation, would he be charged with criminal fraud?) See also here.