Evening Must-Read: Tim Duy: Heading Into Jackson Hole
Milton Friedman, Friedrich Hayek, Augusto Pinochet, and Hu Jintao: Authoritarian Liberalism vs. Liberal Authoritarianism: Wednesday Hoisted from the Archives

Nighttime Must-Read: Paul Ryan (2011): The Path to Prosperity

Via Menzie Chinn: Paul Ryan (2011): The Path to Prosperity: "Autopilot spending will soon crowd out...

...all other priorities in the federal budget, with spending on Medicare, Medicaid, Social Security and interest on the national debt eclipsing all anticipated revenue by 2025. Borrowing and spending by the public sector will crowd out investment and growth in the private sector....

Americans face the most predictable economic crisis in this nation’s history. Absent reform, the panic ahead is no longer a question of if, but rather when. A deterioration of confidence by investors in government’s ability to pay its bills will drive interest rates up, increasing borrowing costs for government, small businesses and families alike. A vicious cycle of debt will compound upon itself; the available exit options once the crisis hits will be limited; and all will involve pain...

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