Considering the U.S. economy's future, Crash Proof offers steps to avoid diminishing your standard of living

CNBC, the financial network, often lives up to what its critics call it - "Tout TV." All of the guests seemingly are singing from the same hymnal: "buy and hold stocks," "inflation is low," "economic growth is strong," "the Federal Reserve has everything under control," blah, blah, blah.

Suppose Paul Ehrlich was to renounce his views on overpopulation. Or a leading Marxist was to accept the legitimacy of capitalism. Or a rabbi was to claim that eating pork is compatible with the Talmud. Or Dick Cheney was to advocate an immediate US withdrawal from Iraq. There would be great wailing and gnashing of teeth in the environmental, Marxist, Jewish and neoconservative communities, respectively. Charges of "turncoat," and "traitor," would fill the air. Members of each of these groups would reason that while it would almost be acceptable for members of the great unwashed to articulate sentiments of these sorts, it would leave them horror stricken that a prominent member of their own movements could be guilty of so great a defection.

A hysteria of sorts has been generated by reports that some of China's products lack quality control. Some cat food has been tainted. A few cell-phone batteries have blown up. Cough syrup contained stuff that makes you sick. And so on. In response, the Chinese government actually executed its regulatory head of food and product safety, Zheng Xiaoyu.

How very strange this last point is! In the West, we long ago gave up the idea that these people are actually supposed to carry out their jobs and should be personally responsible for their failure to do so.

The temperature has been especially hot this year in Las Vegas. Day after day, by late afternoon thermometers hit 110 degrees or more. For those of us who have been here a while, we may be annoyed, but resign ourselves to dealing with the dry heat, and congratulate ourselves for not having to shovel snow in the winter.

Before the U.S. House of Representatives on May 2, 2007

Madam Speaker, I rise to introduce the Health Freedom Protection Act. This bill restores the First Amendment rights of consumers to receive truthful information regarding the benefits of foods and dietary supplements by codifying the First Amendment standards used by federal courts to strike down the Food and Drug Administration (FDA) efforts to censor truthful health claims. The Health Freedom Protection Act also stops the Federal Trade Commissions (FTC) from censoring truthful health care claims.

The recent defeat of the amnesty bill in the Senate came after outraged Americans made it clear to the political elite that they would not tolerate this legislation, which would further erode our national sovereignty. Similarly, polls increasingly show the unpopularity of the Iraq war, as well as of the Congress that seems incapable of ending it.

Because some people who vocally oppose amnesty are supportive of the war, the ideological connection between support of the war and amnesty is often masked. If there is a single word explaining the reasons why we continue to fight unpopular wars and see legislation like the amnesty bill nearly become law, that word is "globalism."

Before the U.S. House of Representatives on June 28, 2007

Mr. Speaker, I rise to recognize the life and achievements of Hans F. Sennholz. Dr. Sennholz was one of the foremost free-market economists of his generation and an inspiration to tens of thousands of people around the world.

Dr. Sennholz was born on February 3, 1922 in Germany in the midst of the German hyperinflation crisis and experienced firsthand the Great Depression and the horrors of Hitler's dictatorship. After receiving his master's degree from the University of Marburg and a doctorate in political science from the University of Cologne, Dr. Sennholz received a Ph.D. in economics at New York University, where he studied under the Austrian economist Ludwig von Mises.

I am no expert in ecconomics or stocks (don't own any), but I believe that the recent fall in stocks had something to do with reality. The much hyped up real estate market started to come down to reality. Bubbles and balloons have to bust eventually.

But not to worry, the Feds poured in money into the stock market when it looked dangerous, plus they even lowered the interest rate by half a point, and bingo, the stock market took off again. People jeered on the 'Today Show' and other channels. Things are back to normal after all, greed still pays.

How much longer will our federal government have the money to throw it into bad stocks and management? Isn't the war with Iraq and Afghanistan enough? Of course not, they will continue to baffalo the greedy public until there will be no more money left when China decides to collect.

It's not often I can say it, so enjoy: the Supreme Court did the right thing. It has reversed a century-old rule that criminalized retail price agreements. Good. Great. There are 10 million bad regulations to go.

Now, if you just happen to be reading over the Constitution, you will note that it does not give government power to tell manufacturers what the price of their products should be, or to regulate the terms of the contracts, much less provide a rationale for economy-wide price controls. In fact, if you were reading it for the first time, you might find the assertion that such a power exists to be preposterous on its face. Truly it is. The Constitution gives the federal government no power to regulate the details of economic contracts.

On Saturday, June 23, Hans F. Sennholz died at the age of 85. In October 2004, he was awarded the Gary G. Schlarbaum Prize for lifetime defense of liberty. This article is taken from Lew Rockwell's introduction to Professor Sennholz, "Misesian for Life."

Hans F. Sennholz is one of the handful of economists who dared defend free markets and sound money during the dark years before the Misesian revival, and to do so with eloquence, precision, and brilliance. From his post at Grove City College, and his lectures around the world, he has produced untold numbers of students who look to him as the formative influence in their lives. He has been a leading public voice for freedom in times when such voices have been exceedingly rare.