To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government.

Coolidge was a pragmatist. He didn't start out with a tax theory. But he observed over time that lower tax rates sometimes brought in extra revenue. The success of his and Treasury Secretary Andrew Mellon's experiment with rate cuts has been obscured by our modern history books.

Coolidge cut the budget, and even better, cut it during peace and prosperity. He left a federal budget lower than the one that greeted him when he arrived in office. He managed to freeze or cut the budget over more than five years in office. If you look at charts of presidents - Nixon, Ike, and Reagan - you see them failing on this score.

Europe unified its monetary policy through the euro before it unified politically, therefore sustaining member countries' abilities to pursue the kind of independent fiscal policies that can strain a joint currency.

There's something unsettling about the education of a child who comfortably enumerates the rules for surviving zombie apocalypse but finds it uncomfortable to enumerate the rules of his grandparents' faith, if he knows them.

I'm not sure Roosevelt was quite a monster, he just did a poor job on the economics.

Laws must be justified by something more than the will of the majority. They must rest on the eternal foundation of righteousness.