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Walter Donway

Crony Capitalism Versus “Making” Money

Crony Capitalism Versus “Making” Money

By Walter Donway

May 7, 2012 -- Saluting the philosopher who gave reason its foundational tool, Ayn Rand named the three sections of Atlas Shrugged after Aristotle’s axioms of logic. The second section, “Either-Or,” is the novel’s pivot point.

Nationalizing the Financial Industry

Nationalizing the Financial Industry

By Walter Donway

July 25, 2012 -- When government proposes to nationalize a major industry, it is a loudspeaker blaring the message that the country is abandoning the market economy, moving from capitalism to full socialism. So it has been in Venezuela as socialist President Hugo Chavez nationalized the oil-drilling, gold-mining, coffee-producing, and other companies. When nationalizations begin, capital flees a country, businessmen despair, and socialists cheer the death of private property.

Obama's Power Move: Scapegoating Speculators

Obama's Power Move: Scapegoating Speculators

By Walter Donway
April 25, 2012 -- On April 17, President Barrack Obama addressed Americans about rising prices of gasoline, now above $5.00 a gallon in parts of the country. In any market economy, the cause of rising prices is that demand for a product has increased relative to the supply of it. Prices come down when demand is reduced or supply increased. That these obvious principles must be repeated is part of the problem we face.