Unmasking the New Fascism

I wish to congratulate you on another outstanding book issue (Dec.). I particularly liked Rasmussen's review of George Will's Statecraft as Soulcraft. Will is now unmasked as the authoritarian that he is. I am sure that many viewers will take Will's journalistic pronouncements with more skepticism now that we know more about his hidden agenda.

Robert Reich's book about the newest version of economic fascism (The Next American Frontier) has brought up a threat to our economic freedom that needs greater investigation. With the Campaign for Economic Democracy and the unanimity among Democratic presidential candidates, I hope that REASON will devote more energy to unmasking this threat. I am sure that whichever Demo-clone is nominated, the media will soon be bombarded with propaganda in favor of this new fascism.

Steven Vandervelde Columbia, SC

Putting Money On the Market

Steve Beckner (Money, Dec.) argues that the dollar is "overvalued" by 30 percent, but past money growth will eventually be inflationary "regardless of what happens to velocity." That is, the dollar is too valuable, and there are too many of these valuable dollars. As a result, he concludes that monetarists are right, and the foreign-exchange and commodity markets are wrong. Having observed the forecasts of both monetarists and markets over the years, it seems rather risky to bet against the markets.

The value of any "supply" of fiat money is essentially a matter of opinion. If confidence in dollars again deteriorates, then we will observe a speculative flight out of dollars and into gold. In that case, the Fed should tighten, but not simply because of an economist's forecast.

The nominal increase in gross federal debt (the "deficit") is a common symptom of unpredictable money but obviously does not by itself determine the markets' perception of the value of the "money supply."

Alan Reynolds Polyconomics, Inc. Morristown, NJ

Buying Immigrants' Votes

I wonder if Julian Simon (Spotlight, Jan.), whose works I haven't yet read, considers the effects of immigration on foreign aid and intervention? For example, our costs of supporting and defending Israel are becoming astronomical, may, indeed, result in nuclear holocaust, and are clearly and directly the result of politicians buying the Jewish vote to sustain themselves in office.

Horace D. McCowan, Jr. Richmond, VA

Flying Through More Hot Air

I have just finished reading "Flying Through Hot Air" (Editorial, Dec.), and find myself in 100 percent agreement with the facts and conclusions it presents.

I am taking the liberty of making copies of that editorial and will send one to Henry A. Duffy, president of the Air Line Pilots Association, and post the rest on various ALPA bulletin boards throughout United Air Lines' domiciles. I think the propaganda being put out by ALPA these last few months, which is nothing less than a wholesale assault on the concept of a free marketplace, needs to be countered whenever possible and exposed for the collection of lies and distortions that it really is....

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