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Today

Zola and Menger

On February 23, 1898, Émile Zola was imprisoned in France after writing J’accuse, a letter accusing the French government of anti-Semitism and wrongfully imprisoning Captain Alfred Dreyfus. Zola was a leading force in extending realism to the novel.

Fifty-eight years earlier, Austrian economist Carl Menger was born.

Menger would go on to contribute to the development of the theory of marginal utility, which supplanted cost-of-production theories of value in economics, in his first book, translated into English as Principles of Economics. Though expert in mathematics (he served as tutor in economics and statistics to Archduke Rudolf von Habsburg, the Crown Prince of Austria not long after the publication of the Principles), his approach to marginal theory was the least mathematical of his famous “co-discovers” of the principle, William Stanley Jevons and Leon Walras. Rooted in a subjective theory of value, it was the most realistic and least model-based of the marginalist revolutionaries, and he was most interested in price formation, not “price determination,” which focused almost exclusively on equilibrium conditions. He developed an evolutionary theory of money, as well. His second book expanded upon invisible hand processes in society.

Zola died in 1902; Menger died in 1921.

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Thought

Vera Smith

“A central bank is not a natural product of banking development. It is imposed from outside or comes into being as the result of Government favours. This factor is responsible for marked effects on the whole currency and credit structure which brings it into sharp contrast with what would happen under a system of free banking from which Government protection was absent.”


Vera C. Smith, The Rationale of Central Banking (1936)

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Today

Heroes Executed

On Feb. 22, 1943, brother and sister Hans and Sophie Scholl, and their colleague in the White Rose resistance organization, Christoph Probst, stood trial before the Volksgericht — the People’s Court that tried political offenses against the Nazi German state. Found guilty of treason by Roland Freisler, head judge of the court, the three were executed that same day.

The method of capital punishment was guillotine.

Their six pamphlets had spread throughout German-held territory before the war ended.

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Thought

Andy Levy

“Right now, there is agreement, sort of, on both sides, or maybe even all sides, that . . . . people are successful now not because they’re good, but because the system is rigged. . . .

“The difference is that the Left looks at a rigged system and says we need a bigger system.”


Andy Levy, February 20, 2016

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links

Townhall: Decrypting a Government Agenda

Zombie government wants to eat our brains. Click on over to Townhall, for this weekend’s Common Sense column. Then come back here for more brain pickings:

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Thought

Andy Levy

“Criminalizing offensive speech is a far greater and essential danger to freedom than terrorism is. Anybody who wants to criminalize speech that they find offensive differs from the terrorists only in degree, not in kind.”

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video

Video: Streetcar Named Undesired

The nation’s capital has a mass transit system plagued with problems of nearly every kind. And now comes the revival (very expensive) of the streetcar system. Reason TV provides a brief survey of the history of DC streetcars:

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Thought

John Stossel

“When both parties agree, grab your wallet.”


John Stossel, February 19, 2016

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Today

The Big Week

Beginning on Feb. 20, 1944, and lasting through Feb. 25, 1944, the United States Strategic Air Forces (USSTAF) launched a series of missions against the Third Reich that became known as “Big Week.” In six days, the Eighth Air Force bombers based in England flew more than 3,000 sorties and the Fifteenth Air Force based in Italy more than 500. Together they dropped roughly 10,000 tons of bombs. The daylight bombing campaign was also supported by RAF Bomber Command operating against the same targets at night. The campaign helped the Allies achieve air superiority, so the invasion of Europe could proceed. While U.S. industrial might could entirely replace losses during the “Big Week,” Germany was unable to do so.

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Today

U. S. Military Zones

February 19, 1942, was a sad day for constitutional rights, with President Franklin D. Roosevelt signing Executive Order 9066, authorizing the Secretary of War to prescribe certain areas of the country as military zones. These zones were used to incarcerate Japanese Americans in internment camps.