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IN BRIEF

Despite Plan, Iranian Sanctions Push Oil Prices Skyward

FEBRUARY 28, 2012

“U.S. and EU sanctions on Iran’s crude oil exports and its central bank were not supposed to affect either the volume of oil available or its price, provided markets reacted ‘rationally’…. But the policy has backfired. Oil prices have surged, harming consuming countries and offsetting the impact of lower exports on Iran’s revenues…. [T]he thicket of sanctions on Iran imposed by the European Union and United States is now so complex it is becoming hard to conduct trade that is supposed to be permitted.” (Reuters)

Imagine that: The experts get it wrong . . . again.

FEE Timely Classic
“The Law of Supply and Demand” by Israel M. Kirzner

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Around the world, people are struggling to throw off authoritarianism, with deeply mixed results. From Egypt to Venezuela, determined people build networks to overthrow their regimes, but as yet we have not learned to live without Leviathan. In this issue, Michael Malice and Gary Dudney discuss their glimpses inside totalitarian regimes, while Sarah Skwire and Michael Nolan look at how totalitarian regimes grind down the individual--and how individuals fight back. Plus, Jeffrey Tucker identifies a strain in libertarianism that, left unchecked, could reduce even our vibrant movement to something that is analogous to the grim aesthetic of architectural brutalism. The struggle for our lives and freedom is a struggle for beauty; it begins inside each of us.
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