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First, this was a #Stolen Seat, so no Republican nominee will be confirmed until Merrick Garland is returned from exile.This issue was of course litigated at the election, and the voters decided that they’d rather have Trump filling the Scalia vacancy.I alas was at lunch when Senators Ted Cruz (R-TX) and Mike Lee (R-UT), both former Supreme Court clerks, gave their remarks, but Senator Ben Sasse (R-NE) gave a characteristically thorough explication of judges as ideally indistinguishable “black robes.” The Twitterverse has “black rober” as the early favorite for the theme of the hearings.

Indeed, the rules affect the security of their property rights.

So, when the degree of regime uncertainty increases, investors’ risk-adjusted discount rates increase and their appetites for making investments diminish.

This is bad news, as productivity is dependent on the quality and size of the economy’s private capital stock.

Steve Hanke is a professor of applied economics at The Johns Hopkins University and a senior fellow at the Cato Institute.

Hanke Why was the Great Depression so deep, and why did it drag on for so long?

According to impressive research by Robert Higgs of the Independent Institute, it was because President Roosevelt abandoned his campaign promises of 1932: to cut federal spending, to balance the budget, to maintain a sound currency, and to rein in Washington’s bureaucracy. Roosevelt and the Congress, according to Higgs, produced a “bewildering, incoherent mass of new expenditures, taxes, subsidies, regulations, and direct government participation in productive activities … The New Deal created so much confusion, fear, uncertainty, and hostility among businessmen and investors that private investment and hence overall private economic activity never recovered enough to restore the high levels of production and employment enjoyed during the 1920s.” Crucially, the economy failed to add anything to its capital stock between 19, when the net private investment for that period totaled a minus .1 billion.

Workers in Mexico and Merchants in Malaysia Suffer.” The theme of their extensive reportage is that U. reportage face is the fact that they have central banks that issue half-baked local currencies.

Although widespread today, central banks are relatively new institutional arrangements. Before the rise of central banking the world was dominated by unified currency areas, or blocs, the largest of which was the sterling bloc. Panama’s dollarized economy is, therefore, officially part of the world’s largest currency bloc.

So it’s unclear who this argument is for, other than the arch-blue base. Particularly on display from Senator Richard Blumenthal (D-CT)—who leaked Gorsuch’s private comment about being dismayed at attacks on the judiciary—we’ll see much more of this as senators try to pin some of the president’s controversial pronouncements, tweets, and policies onto the elegant nominee.

Second, a handful of carefully cherry-picked cases show results that don’t make Gorsuch look sympathetic to the “little guy.” The leading contenders for this strategy are the “frozen trucker” case, the “cancer survivor” case, and the “taser-to-the-head” case. Still, the results-oriented foofaraw was really quite astonishing.

Indeed, Senator Mazie Hirono (D-HI) accused Gorsuch of being too “fixated on the plain meaning” of a statute. Ranking Member Dianne Feinstein (D-CA) both botched the definition of originalism and then claimed that this rather standard legal theory would lead to all sorts of bad things.

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