Cato Headlines

Marching against Hugo Chávez

Mon, 25 Aug 2008 15:15:00 EDT

In the new issue of Cato's Letter, Yon Goicoechea, recipient of the 2008 Milton Friedman Prize for Advancing Liberty, discusses the student movement in Venezuela, which played a major role in opposing Hugo Chávez's plans to institute "21st century socialism" in Venezuela.

"Marching against Hugo Chávez," by Yon Goicoechea
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Democratic National Convention In Full Swing

Mon, 25 Aug 2008 11:21:00 EDT

The 45th Democratic National Convention began on Monday in Denver. The more than 4,400 delegates will officially nominate Sen. Barack Obama, the first African-American presidential nominee of a major U.S. political party. On Saturday, Obama picked Sen. Joe Biden as his running mate. Cato scholars look at the Biden pick and the race in general below.

"Biden and 'Dumb Wars'," by Gene Healy
Joe Biden: Drug Warrior, featuring Timothy Lynch, 08/27/2008 (MP3 )
"Joe Biden's So-So Record on Trade," by Daniel T. Griswold
"Joe Biden and Limited Government," by David Boaz

Making Financial Statements Mysterious

Tue, 19 Aug 2008 08:50:00 EDT

Since the passage of the Sarbanes-Oxley Act in 2002, the Financial Accounting Standards Board (FASB) has passed rules that it promises will make corporate accounting more transparent. However, according to T. J. Rodgers, author of "FASB: Making Financial Statements Mysterious," its revised Generally Accepted Accounting Principles have in fact made it difficult for investors — or even CEOs — to understand a company's financial report.

"FASB: Making Financial Statements Mysterious," by T. J. Rodgers

The Lesson of the XM/Sirius Merger

Mon, 18 Aug 2008 10:16:00 EDT

When XM Radio and Sirius Broadcasting announced plans for a merger way back in February 2007, few imagined that it would take nearly a year and a half for the FCC to announce its approval. The 17-month-long process illustrates how the FCC works on behalf of special interests to impede competition and innovation, and how poorly suited regulation of any kind is to the communications world. In the most recent TechKnowledge, Cato scholar Jim Harper argues that "The slender reed of authority the FCC has to review mergers should be cut, once and for all."

"The Lesson of the XM/Sirius Merger," by Jim Harper

Bernanke Discusses Fed Transparency in New Cato Journal

Wed, 06 Aug 2008 11:38:00 EDT

In the current edition of the Cato Journal, Fed chairman Ben Bernanke discusses moving toward greater transparency at the Federal Reserve. Also in this issue, Yi Gang, Fred Hu, and Eddie Yue and Dong He discuss renminbi exchange rates and the role of the renminbi in the world economy. Also, Anna J. Schwartz, Antonio Martino, Steve H. Hanke, and George Selgin remember Milton Friedman and discuss his impact on monetary policy.

Spring/Summer 2008 Issue of Cato Journal

New Regulation Looks at Liability, Regulatory Reform, and Eminent Domain

Wed, 30 Jul 2008 09:37:00 EDT

In the current issue of Regulation, Andrew P. Morriss adds a new player to the classic "Bootleggers and Baptists" regulatory dynamic. In the same issue, Alexandra B. Klass wonders why Kelo activists aren't incensed over natural resource development takings. Also, John V. C. Nye discusses Pigovian taxation on gasoline, and Ian W. H. Parry and Kenneth A. Small respond.

Summer 2008 Issue of Regulation

Obama, McCain, and Health Care

Tue, 29 Jul 2008 08:30:00 EDT

In the face of widespread public demand for changes in the U.S. health care system, both Barack Obama and John McCain have offered detailed proposals for reform. In "A Fork in the Road: Obama, McCain, and Health Care," Cato scholar Michael D. Tanner examines the candidates' plans, and concludes that, while Senator McCain's proposal is far from perfect, from a free-market perspective, it appears superior to Senator Obama's plan.

"A Fork in the Road: Obama, McCain, and Health Care," by Michael D. Tanner

New Cato Policy Report Looks at Educational Freedom, Military Intervention, and REAL ID

Wed, 23 Jul 2008 13:35:00 EDT

Full Issue in PDF (20 pp., 735 kb)
"As American as Bavarian Cream Pie," by Neal McCluskey [PDF] [HTML]
"The Costs of War," by David Boaz [PDF] [HTML]
"The Real ID Rebellion," [PDF] [HTML]

Deputizing Company Counsel as Agents of the Federal Government

Mon, 14 Jul 2008 10:00:00 EDT

In the aftermath of the Enron scandal, laws like Sarbanes-Oxley, combined with recent changes to the Federal Sentencing Guidelines, have substantially increased the penalties on companies and individuals for white-collar offenses. In "Deputizing Company Counsel as Agents of the Federal Government," author N. Richard Janis argues that the combination of draconian sentences, lack of meaningful judicial control over the imposition of sanctions, and the impossible burdens on company officers have jeopardized the very nature of our adversary system of justice.

"Deputizing Company Counsel as Agents of the Federal Government," by N. Richard Janis

Education Tax Credit Program Would Save States Billions

Tue, 01 Jul 2008 08:27:00 EDT

In "The Fiscal Impact of a Large-Scale Education Tax Credit Program," Cato scholar Andrew Coulson and Anca M. Cotet estimate the budgetary impact of the Cato Institute's Public Education Tax Credit model legislation on five sample states. They conclude that all five states would begin saving money immediately.

"The Fiscal Impact of a Large-Scale Education Tax Credit Program," by Andrew Coulson, with a technical appendix by Anca M. Cotet
Spreadsheet Calculator Tool [XLS]

Zimbabwe: From Hyperinflation to Growth

Wed, 25 Jun 2008 08:41:00 EDT

Zimbabwe's hyperinflation is destroying the economy, pushing more of its inhabitants into poverty, and forcing millions of Zimbabweans to emigrate. In "Zimbabwe: From Hyperinflation to Growth," Cato scholar Steve H. Hanke suggests three options that can "rapidly slash the inflation rate and restore stability and growth to the Zimbabwean economy." Hanke argues that "It is time for Zimbabwe to adopt one of these proven monetary systems and discard its failed experiment with central banking."

"Zimbabwe: From Hyperinflation to Growth," by Steve H. Hanke
Additional Cato research on Zimbabwe and Sub-Saharan Africa

Securing Economic Growth through Trade Facilitation

Tue, 17 Jun 2008 09:24:00 EDT

Comprehensive multilateral agreements are not the only way to improve the trading system. There are plenty of measures countries can undertake on their own accord and in pursuit of their own interests to promote further trade, investment, and growth. In "While Doha Sleeps: Securing Economic Growth through Trade Facilitation," Cato scholar Daniel Ikenson explains how improvements in trade facilitation procedures can help reduce the cost of trade and increase its flow.

"While Doha Sleeps: Securing Economic Growth through Trade Facilitation," by Daniel Ikenson
Troubles With Trade Facilitation, featuring Daniel J. Ikenson, 05/02/2008 (MP3 )
Upcoming Cato Forum: Trade Facilitation: The New Wave of International Trade Liberalization?, June 26

The Failure of Long-Range Metropolitan Transportation Planning

Tue, 27 May 2008 08:00:00 EDT

Federal law requires metropolitan planning organizations in urban areas of more than 50,000 people to write long-range metropolitan transportation plans and to revise or update those plans every 4 to 5 years. In "Roadmap to Gridlock: The Failure of Long-Range Metropolitan Transportation Planning," Cato scholar Randal O'Toole shows in a review of plans for more than 75 of the nation's largest metropolitan areas that virtually all of them fail to follow standard planning methods. Ideally, O'Toole argues, the federal government should not be in the business of funding local transportation and dictating local transportation policies.

"Roadmap to Gridlock: The Failure of Long-Range Metropolitan Transportation Planning," by Randal O'Toole

Yon Goicoechea Receives 2008 Milton Friedman Prize for Advancing Liberty

Tue, 20 May 2008 10:42:00 EDT

Yon Goicoechea on Thursday accepted the 2008 Milton Friedman Prize for Advancing Liberty, the leading international award for significant contributions to advancing individual liberty. Mr. Goicoechea, leader of the pro-democracy student movement in Venezuela, plays a pivotal role in organizing and voicing opposition to the erosion of human and civil rights in his country. "Yon Goicoechea is making an extraordinary contribution to liberty," said Edward Crane, President of the Cato Institute. "We hope the Friedman Prize will help further his non-violent advocacy for basic freedoms in an increasingly militaristic and anti-democratic Venezuela."

Asset Bubbles and Their Consequences

Tue, 20 May 2008 08:00:00 EDT

In recent years, investors have rationally come to believe that the Federal Reserve will intervene to prevent or offset the effects of declining asset prices. The current financial crisis is at least partly the outcome of this new approach to monetary policy. In "Asset Bubbles and Their Consequences," Cato scholar Gerald P. O'Driscoll Jr. argues that the Fed's recent actions will likely fuel a new asset bubble, and that the cumulative effects of recent monetary policy undermine the case for free markets.

"Asset Bubbles and Their Consequences," by Gerald P. O'Driscoll Jr.

New Cato Policy Report Tackles War, American Idol, and Hayek

Mon, 19 May 2008 10:00:00 EDT

Full Issue in PDF (20 pp., 5 Mb)
"Government, War, and Libertarianism", by Justin Logan [PDF] [HTML]
"On Trees, Wind, and American Idol", by Edward H. Crane [PDF] [HTML]
"Hayekian Insights on Development," [PDF] [HTML]
"Cato Analysts Take a Skeptical Look at the Candidates" [PDF] [HTML]

The Rise of Disaster Polemics

Wed, 14 May 2008 08:00:00 EDT

Since its publication last fall, Canadian author Naomi Klein's book The Shock Doctrine: The Rise of Disaster Capitalism has become a bible for young anti-capitalist activists. Klein argues that capitalism goes hand in hand with dictatorship and brutality and that dictators and other unscrupulous political figures take advantage of "shocks" — catastrophes real or manufactured — to consolidate their power and implement unpopular market reforms. In "The Klein Doctrine: The Rise of Disaster Polemics," Cato scholar Johan Norberg argues that Klein's analysis is hopelessly flawed at virtually every level.

How Twelve Supreme Court Cases Radically Expanded Government and Eroded Freedom

Tue, 06 May 2008 13:43:00 EDT

The Founding Fathers wanted the judicial branch to serve as a check on the power of the legislative and executive, and gave the Supreme Court the responsibility of interpreting the Constitution in a way that would safeguard individual freedoms. But sadly, the Supreme Court has also handed down many destructive decisions. In The Dirty Dozen, authors Robert A. Levy and William Mellor shed light on the twelve worst decisions of the modern era.

The Dirty Dozen: How Twelve Supreme Court Cases Radically Expanded Government and Eroded Freedom, by Robert A. Levy and William Mellor

The Problem Is Politics

Wed, 30 Apr 2008 09:49:00 EDT

In the most recent Cato's Letter, satirist and Cato H. L. Mencken fellow P. J. O'Rourke is at the top of his form. "We are besieged by pagans," O'Rourke contends, "savage, brutish worshippers of big government." O'Rourke then serves up politicians from across the ideological spectrum sliced and diced as only he can. Also in this edition, Cato scholar Andrew Coulson is profiled, and offers his thoughts on Cato policy initiatives in the area of educational freedom.

"The Problem Is Politics," by P.J. O'Rourke
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New Regulation Looks at Wal-Mart, Global Warming, and Airport Delays

Tue, 22 Apr 2008 06:38:00 EDT

In the current issue of Regulation, Andrea M. Dean and Russell S. Sobel show that Wal-Mart has no statistically significant impact on the overall size of the small business sector in the United States. In the same issue, Eric A. Posner and Cass R. Sunstein argue that standard ideas about distributive or corrective justice poorly fit the climate change problem. Also, W. Tom Whalen, Dennis W. Carlton, Ken Heyer, and Oliver Richard contend that the problem of airport delays could be solved by a market-based approach to the allocation of scarce takeoff and landing rights.

Spring 2008 Issue of Regulation
Wal-Mart vs. Mom and Pop, featuring Russell Sobel, 04/21/2008 (MP3 )