What is wealth?

At one time, the answer seemed perfectly clear to most people: ample food and large amounts of the tangible resources – often gold or silver – that enabled those who had them to acquire whatever goods or services were available. Power, too, could be a (very dangerous – I’ll come back to that) wealth-substitute, because with it a person could acquire control over the same kinds of goods without having to pay for them.

Nowadays for most people wealth is something quite different. The rich don’t hold piles of gold or silver, they own stocks, bonds, private companies and/or pieces of investment partnerships. Even fat bank accounts are usually an afterthought – a tiny (because unproductive) fraction of their aggregate wealth.

The most tangible assets that t...

Although I am a skeptic regarding the extent of mankind’s impact on global warming, I don’t particularly like it when people describe the scare as a hoax or as a fraud on the public. Hoaxes and frauds executed on a grand scale require a concerted intent to deceive, which I think very few, if any, climate alarmists have. There is no global conspiracy to pull the wool over our eyes – the very idea is ludicrous.

Given the usual run of human foibles, however, systematic errors need only attractive theories, dramatically skewed incentives and confirmation bias to present themselves as seemingly unchallengable truths.    

Incidentally, you’ve probably already noticed that in the first paragraph I referred to the focus of climate alarmism as global warming rather than with the more...

There is a political naïveté on the part of the global business and entertainment elites that might be charming if it weren’t dangerous. Or maybe what passes for naïveté is actually a willful blindness on their parts or, worse, a rancid cynicism. In any event, too many titans of the business and entertainment worlds seem intent on fulfilling the prediction often mis-attributed to Lenin that “The last capitalist we hang shall be the one who sold us the rope.”

Many consumer-oriented Western companies now kowtow to the wishes of the Chinese government. With their eyes on a fast-growing market of 1...

For one of my book clubs, I recently read The Reluctant Fundamentalist by Mohsin Hamid. It’s the tale of a Princeton-educated Pakistani who both falls in love with an American woman (who is emotionally wounded, and thereby doomed), and comes to detest if not America per se, our nation’s global footprint. For reasons that will be obvious from this post, the novel was far closer to home for me than most.

Apart from that gut reaction on my part, the question of general interest that arose from my reading of Hamid’s book is whether the acid conclusion by the novel’s narrator that America has a consistently baleful role in the world is correct...

Kanye West got it right: President Trump has dragon energy. He also has dragon breath, which he uses constantly, sometimes to the chagrin of natural allies like yours truly. And a dragon’s wiliness. 

My first instinct, on reading Trump’s “command” that American businesses that do business in China look for other places to produce their products, was to think “this time he’s finally lost it – no president has the authority to boss around private businesses like that.” I thought his words were a mere tantrum that made him look foolish and, ultimately, weak – that last ways that a president should allow himself to look. 

I was wrong. Apparently, under the International Emergency Powers Act (https://www.law.cornell.edu/uscode/text/50/chapter-35) if a president declares...

We have come to expect – and, truth be told, hope for – false modesty and at least the appearance of self-restraint from our political leaders; President Trump turns these expectations on their heads. He has all the self-restraint of a junkyard dog. Feed him and he will love you; step onto what he sees as his territory and he will try to feed on you. In Freudian terms, he’s all id.

Those who have accused Trump of having committed crimes or of being something reprehensible – a racist, most commonly – he taunts. He doesn’t buy those theories, thinks the people who have propagated them are the worst and tells the world exactly that, often in vividly colorful and grammatically creative language. Our elites – and many ordinary people – see him as uncouth or worse.

He also exaggerat...

In response to yesterday’s post, a CH reader who despises President Trump to a degree that I find remarkable emailed me a link to a Youtube video of Lawrence O’Donnell, Ron Klain and some guy from Mother Jones on MSNBC, telling us how terrible it is that Trump’s running up the national debt (https://youtu.be/Y_9GEEq8S_k). After watching the clip, I responded that I actually found the video kinda funny, in a painful sort of way – like listening to three drunks lecture the world about sobriety. I told him I would write a post about the experience – and, more substantively, about why I think Trump is the less frightening choice on deficit spending.

So here goes:

As soon as I saw Lawrence O’Donnell I knew what to expect: three Trump-haters, weeping and wailing and gnashing their ...

The former director of the Congressional Budget Office, Douglas Holtz-Eakin, recently estimated that implementing AOC’s Green New Deal would cost about 93 trillion dollars (https://www.foxnews.com/politics/green-new-deal-would-cost-93-trillion-or-600g-per-household-study-says). This figure is so absurd – more than 100 times our annual spending on defense and more than four times our total national debt – that the proposal has no chance of becoming law. Even so, its warm reception among leading Democrats shows that they believe that it is directionally correct, if maybe a little overeager. Given the power to do so, they would presumably enact something more moderate – maybe only doubling or tripling the national debt.

Here’s the thing, though: all such new programs – and, indeed...

Late this morning the wind was moderately strong and the river moody – perfect conditions for a much-needed workout. When under the protection of a windward shore the water was deceptively calm; just around the bend, whitecaps made for difficult, exciting progress. My little boat jumped and dove, split the waves and sometimes left my arms and chest soaked and briefly chilled.

I wear a life preserver, which has often been helpful for warmth, but thankfully never yet for flotation.

I have been kayaking once or twice a week lately – trying to prepare myself for what might be a grueling adventure with friends on the Maine coastline a month from now. That water will be much colder and maybe quite choppy.

This morning’s scene was stunningly beautiful...

A close friend with whom I have recently been having distinctly adversarial conversations and email exchanges on political topics wrote to me a couple of days ago, effectively daring me to deny that Russia’s interference in our most recent presidential contest had taken place (and, it was implicit, thereby cast a pall over the election’s legitimacy), and asking whether I think our government is doing enough to prevent such acts in the future (the implication being that the Trump Administration, being too friendly with Russia, is not). A longer version of my off-the-cuff email response is presented below:      

Of course the Russians interfered with our election – as they have been doing since the revolution. They are not our friends...