Trump should end the Federal Reserve to save American jobs

President Donald Trump has blamed countries overseas for, “Stealing our jobs,” but in reality, it’s inflation caused by the Federal Reserve that has been causing the loss of American jobs. Ever since the Federal Reserve began printing money on a massive scale in the 1970s, the American economy has suffered the effects of inflation. This caused American wages to rise, which led to companies moving their jobs overseas to find cheaper labor. Americans upset about losing their jobs will probably find no relief from President Trump, who recently said he would increase spending on a massive scale for infrastructure and the military. Presumably, these increases would be paid for by printing even more money, which would lead to more inflation, and perhaps even more outsourcing. Although Donald Trump gave lip service to auditing the Federal Reserve during the campaign, he has made little mention of the FED since taking office. But the ability to print money will likely be too tempting for President Trump to pass up, as it has been for almost all American presidents. Instead, President Trump has embarked on clueless protectionist policies like tariffs, trade wars and publicly singling out companies to keep American jobs in the country. These “solutions” will only make the pain worse for American families, who will pay the higher prices. America is not the only nation to inflate it’s money supply, but the effect of the higher prices for wages has led to a mass migration of jobs out of the country, to countries where wages and costs of doing business are lower. Of course, the Federal Reserve is not the sole reason that jobs are leaving America, but it is one of many. In addition to monetary inflation, there are the costs of state and federal taxes and regulations that cause employers to flee the US. If President Trump really wanted to bring …

Reflections on Kazakhstan: Ideas & Performance

I’ve traveled a lot, but never to such an exotic destination as Kazakhstan. The country and the people are a mix of everything Asia—Russian, Mongolian, Turkish, Indian, modern, prosperous, intellectual, traditional, proud, friendly, and aware. I landed on the vast steppes of Astana, the amazingly glamorous new capitol fueled by vast new oil riches of the Caspian Sea. And departed from Almaty, the old capitol nestled at the foot of spectacular snow-capped peaks that skirt the ancient Silk Road. Through the auspices of Pavel Kotyshev, Executive Director of the Institute for Development and Economic Affairs (IDEA), and the Entrepreneurship Development Fund (DAMU), I was fortunate to have been invited to join 10,000 other participants at the Astana Economic Forum & the UN World Anti-Crisis Conference. It was truly a gala affair. I am grateful to Aigerim Zhumadilova, Galiya Zholdybayeva, and all wonderful folks at DAMU for their extraordinary hospitality. If you are looking for a man of action to promote entrepreneurship and the ideals of liberty in Central Asia, Pavel Koktyshev is the star. Pavel is efficient and capable, he is a superior intellect, and he is good friends with everyone. At every turn, there were people and projects familiar to him. Why such global events in Central Asia? I think the preeminent purpose was to showcase the strategic prominence of Kazakh oil and the leadership of President (for life), Nursultan Nazarbayev (above left). On a tour of a local park I found this quote from the national constitution: “The Republic of Kazakhstan proclaims itself a democratic, secular, legal and social state whose highest values are an individual, his life, rights and freedoms.” This was surely music to a libertarian’s ears. Yet, one could wonder if this was a reference in practice to the natural rights of all—or to one individual …