Eric Boehm reports on yet another of the many reasons already revealed for ditching the hope that Biden will govern from the center. And here’s the Wall Street Journal‘s Editorial Board on the same general topic. A slice:
Sens. Elizabeth Warren and Bernie Sanders lost the Democratic presidential nomination, but you wouldn’t know from President Biden’s first two months in office. First came $1.9 trillion in social spending under the cover of Covid-19, and now comes $2.3 trillion more for climate and political spending dressed as “infrastructure.”
When combined with the influence of figures such as Sir Edward Coke, common law’s bottom-up accent on custom, tradition and experience developed into a predilection for individualism and limited government. This differed significantly from the type of legal systems which became dominant throughout continental Europe. Rather different forces were at work in these countries.
Greenberg’s talk is worth a listen. I was especially intrigued by his suggestion that, because they had to deal with so many different banknotes, including many of doubtful value, early Americans acquired a degree of financial savviness they sorely lack nowadays. Greenberg’s related thesis that, by virtue of their very lack of uniformity, antebellum banknotes conveyed a lot of useful information about the locations and conditions of banks that issued them, sounds downright Hayekian.