[Subscription required] Paul Volcker, who changed the course of economic history dramatically for the better, died Sunday at 92. He was appointed chairman of the Federal Reserve Board in 1979 by Jimmy Carter and was reappointed in 1983 by Ronald Reagan. But his influence on policy wasn’t limited to his chairmanship of the Fed.
Once liberalism and progressivism give way to Jacobinism — and they often do, as we have seen in revolutionary France, China, and Russia — no leftist is safe from the downward spiral to ideological cannibalism. Yesterday’s true believer is today’s counterrevolutionary and tomorrow’s enemy of the people.
The Islamic political philosopher Alfarabi (872-950), one of the notable transmitters of ancient Greek classical texts from the Eastern Mediterranean through the Maghreb to Spain’s al-Andalus and on into Western Europe, produced in his major work the idea of “The Virtuous City,” an ideal form of governance I occasionally heard mentioned by my Arab colleagues when I served at the United Nations in the 1990’s.
Democrats this week are holding a hearing to discuss legislation that would impose a single-payer, government-run health care system on every American. Not only do they want to take away the health care you have and like, but they want to put government bureaucrats in charge of your medical decisions—all while putting an end to the innovation and dynamism that has made the American health care system the finest in the world.
A few weeks ago in Afghanistan, the Taliban handed over one American and one Australian citizen in exchange for three high-level Taliban prisoners, including a leader of the notorious Haqqani terrorist network. President Trump praised the swap, tweeting (November 20, 2019, 1:45 p.m.), “Let’s hope this leads to more good things…” The reaction by the Congress and the mainstream press in America was muted but positive in tone.
Paul A. Volcker, the powerful Federal Reserve chairman whose grit and determination helped break the back of inflation in the early 1980s and put the American economy on a path to extended growth, died on Sunday at his home in New York. He was 92.