Old Medicine, State vs. Market, Checks and Barriers, Helicopters Coming

What I’m listening to.

Nocturnes, Op. 9 (Chopin)

Pushing on a string.

Telegraph -- What do markets do when they fear their best hope of salvation?

The actions of governments and central banks should make a difference during a crisis - this time, they may not

 

The encryption battle gets new troops.

Guardian -- Facebook and Twitter back Apple in phone encryption battle with FBI

As the US government attempts to weaken encryption, Facebook and Twitter have both come out in support of Apple. But why are tech companies so afraid?

Related.

Guardian -- Inside the FBI's encryption battle with Apple

For months, the FBI searched for a compelling case that would force Apple to weaken iPhone security – and then the San Bernardino shooting happened

Quote -- ““The law operates on precedent, so the fundamental question here isn’t whether the FBI gets access to this particular phone,” said Julian Sanchez, a surveillance law expert at the libertarian-leaning Cato Institute in Washington. “It’s whether a catch-all law from 1789 can be used to effectively conscript technology companies into producing hacking tools and spyware for the government.”

Related.

Washington Post -- Why you should side with Apple, not the FBI, in the San Bernardino iPhone case

Either everyone gets security, or no one does.

America isn’t working.

Atlantic -- The Republicans' Scalia Hysteria

The Supreme Court justice’s departure doesn’t mark the conclusion of a generational shift. It is just the opening act.

Coming to a country near you -- Monetary Policy 3.0

Financial Times -- ‘Helicopter money’ on the horizon, says Ray Dalio

Bridgewater’s Ray Dalio has argued that central banks’ ability to invigorate economic growth has atrophied, and predicts a new era of radical monetary policy possibly involving “helicopter money”.

 

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Twin Virtues: Inequality of Outcomes & Equality of Opportunity©

Twin Virtues

Ultimately, the most successful societies find the balance between the twin virtues of inequality of outcomes and equality of opportunity.

The new politics must marry the twin virtues of unequal outcomes and equality of opportunity.

When too few get too much everybody loses.

Feminism is about women living their lives on their own terms, marshalling the resources of the society to make that possible, and men embracing this as vital to a successful society and their own liberation.

Can it be that striving for equality of opportunity however imperfect the process not only benefits the individual but also creates benefits for the society that are unintended but wonderful?

Economics must be a 'moral enterprise' as much as politics claims to be. Economic outcomes need to be framed in terms of right and wrong not just efficiency if only because these often align in surprising ways that are good for society and the economy.

My vision of Canada is that any Canadian child from a family of limited circumstance can expect to have a chance at lifetime of unlimited opportunities.

Free trade is a wonderful thing. Time and time again economists have proven that free trade creates enormous wealth for each country 'on the whole'. Historians have shown that free trade is usually associated with rising political, social and cultural liberty. The perennial problem is that free trade always creates tremendous disruption for thousands even millions of individuals often concentrated in one geography, and where the state is idle, not investing in best in class instruments of social justice, free trade can be a permanent ticket out of the middle class, down, not up.

Tax policy should be founded on the principle of generating steady tax revenues sufficient to maximise environmentally sustainable economic growth in order to fund fair government.

Public policy should be designed to decrease inequality before the law and increase equality of opportunity.

Capitalism is not the problem; the problem is what we do with capitalism.

Content is always more difficult to argue than conspiracy.

Let the state regulate and the market operate (most things).

Welfare strategies are best designed as a hand up, not as a hand out.

Political debate should not be fact free fighting.

Explanation lasts longer than eloquence.

Always favour empowerment over dependency.

The most enduring public figures are embraced for the causes they fought for and not the concept of themselves they hoped others would remember them by.

Find your voice and don't be the echo of somebody else.

It is possible to operate on two different levels: the practical, cautious and conservative; and the realm of ideas, open, free, and radical.