Lies Politicians Tell Us

Clinton, Trump, the Obama Administration, and the media—all are guilty of obfuscation, deceit, and dishonesty.

Meltzer 3 Professor  Allan H. Meltzer: He is an American Economist and the Allan H. Meltzer professor of Political Economy at Carnegie Mellon University’s Tepper School of Business. He is the author of a large number of academic papers and books on monetary policy and the Federal Resrve Bank. Dr. Meltzer’s two volume books, “A History of the Federal Reserve”, are considered the most comprehensive history of the central bank.   He is considered one of the world’s foremost experts on the development and application of monetary policy. Currently he is also President of the Mont Pelerin Society. Dr. Meltzer originated the aphorism “Capitalism without failure is like religion without sin. It doesn’t work.”

Prof. Meltzer is a Distinguished Visiting Fellow at the Hoover Institution. This article is from his monthly column on Defining Ideas at the Hoover Institution.
It is posted in   http://www.hoover.org/research/

Most of us learn at some point that politicians tell lies. We expect them to stop once they hold office or to face the consequences. In the past, politicians that violated the public trust resigned, most notably President Richard Nixon. Other lesser officials have also been punished for abusing public trust. No longer. In campaigns, and in office, politicians and their aides or supporters deliberately lie about matters of importance.

Ben Rhodes, a National Security Adviser in the Obama administration, bragged recently about the lies officials told to support a major foreign policy decision—the nuclear agreement with Iran. That agreement permits Iran to possess nuclear weapons in about ten years. Rhodes publicly admitted that the Obama administration claimed that the new Iranian government was a moderating influence despite the fact that experts at the Central Intelligence Agency warned that the new government in Iran was not moderate. According to Rhodes, that false claim was critical for getting the deal approved by Congress. He and his colleagues suffered no consequence for having lied.

Continue reading



F-4 Phantom: A Fighter Aircraft for All Seasons

F-4

Note: Aircraft photograph is from US Navy files and is in the public domain.

GEORGE_SPARTAN0001George A. Haloulakos, MBA, CFA,  is a university instructor, author and entrepreneur [DBA Spartan Research and Consulting]. His published works utilize aviation as a teaching tool for Finance, Game Theory, History and Strategy.

Abstract

The F-4 Phantom was a great military asset in both financial and strategic terms: High production volume, versatile air frame and proven performance record in combat. The enormous cash flow from the F-4 Phantom program enabled McDonnell to buy financially troubled Douglas Aircraft in the mid-1960s. The F-4 Phantom had the remarkable distinction of being in both the Blue Angels (F-4J) and Thunderbirds (F-4E).

The Financial Model: Strategy + Culture = Positive Returns

From a finance perspective, the F-4 Phantom can be viewed as a cash cow. Companies with a “cash-cow” (i.e., a self-financing product group or division that is a market share leader in its respective business and generates surplus cash) in its product portfolio are well positioned to earn above-average financial returns by funding new product development and expanding their overall sales. In the aviation field, where new aircraft programs require enormous sums of capital and very long lead times for development, this can be especially advantageous. The Phantom exemplified economy, efficiency and military prowess – a combination that has proved elusive for a variety of market participants over the years and still remains a challenge!

Continue reading



A Paper Dragon

Meltzer 3

Dr. Allan H. Meltzer is an American Economist and the Allan H. Meltzer professor of Political Economy at Carnegie Mellon University’s Tepper School of Business. He is the author of a large number of academic papers and books on monetary policy and the Federal Resrve Bank. Dr. Meltzer’s two volume books, “A History of the Federal Reserve”, are considered the most comprehensive history of the central bank.   He is considered one of the world’s foremost experts on the development and application of monetary policy. Currently he is also President of the Mont Pelerin Society. Dr. Meltzer originated the aphorism “Capitalism without failure is like religion without sin. It doesn’t work.”

This is a monthly column written by Professor Meltzer for Defining Ideas of the Hoover Institution.

It is posted in   http://www.hoover.org/research/

China has not established the rule of law and thus there is no justice.

—Ai Weiwei: Weiwei–University presentation, 2013

Public attitudes toward China’s future have turned from celebration of its development to concern about confrontation with the United States. China’s leaders repeat their pledge to make China a global power, a serious rival to the United States.

The United States responded to the chal- lenge by offering the principal regional coun- tries other than China a multi-lateral trade agreement that commits countries to more open, competitive trading arrangements and supplements the military-political role the United States has taken since the end of World War II.

China responded both economically and militarily. It established the Asian Infrastructure Investment Bank with fifty-seven partner countries. The Bank has $100 billion to lend for infrastructure in Asia. China has the dominant role and the purpose is to bind countries economically to China. Of less importance, the renminbi is now included in the International Monetary Fund (imf) basket used to calculate the sdr or Special Drawing Right. Since the sdr has very little current importance, and the

Continue reading



THE KNOWLEDGE MAGAZINE