Walter

Nobody has yet improved on Adam Smith’s version of capitalism.  Put different companies and concepts in the economic arena and the invisible hand will pick the most efficient idea and the one that, at its price, most people want to consume. But for the invisible hand to work, the competition has to be fair. And for…

Lou Robbins also was inducted into the APS Hall of Fame this year and was another old time philatelist with whom I had a life long relationship. Lou was 98 when he died and had been living in assisted living for many years. Lou was primarily a stamp auction agent. A stamp auction agent in the…

It is a curious fact, mostly to do with poorly designed and implemented rules, that banking crises in tiny countries can bring the world financial system nearly to collapse. Places like Iceland and Cyprus, which were more well known to philatelists than to the general public, have been given the power (by the European Union’s bizarrely lax banking rules) to…

The world is just a few dictators away from a radically different Arab world. Americans are fond of thinking that it is something peculiar to our character that has made this country great. Perhaps so. But never underestimate the significance of good government (Good government believe it or not is what we have. It is…