• So do classical economists and, in principle, communists. (In practice, though, Stalin did not erase the lines on his maps, playing with them instead like a spiteful child.) Today the border is under attack from more prosaic people: businessmen and bureaucrats.

    ECONOMIST: Good fences

  • Just as Kandinsky turned his back on figuration, so did the atonal composers of the early 20th century, led by Arnold Schoenberg, abandon tonal harmony, the fundamental ordering principle on which all Western classical music had previously been based.

    WSJ: The Seductive Lure of Abstraction | Sightings by Terry Teachout

  • The lack of any monetary rule to constrain the Fed and the lack of any convertibility principle, as existed under the classical gold standard, means the Fed has a monopoly on base money (currency held by the public plus reserves), the supply of which is determined by a small group of Fed officials who presume to be able to forecast the future.

    FORBES: The Federal Reserve's Flawed Approach To Monetary Policy

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