AN ENDLESS NUMBER OF MILLION DOLLAR GIFTS
The presidential candidates have been decrying the real stagnation in income over the last seven years. People are unhappy but are not rioting in the streets. Why aren’t they?
Because despite wage stagnation, most people are living much better. How can that be? It is because those reviled capitalists all over the world are creating more and better goods and services at lower cost, and in doing so improving everyone’s real standard of living, well-being and happiness.
There are now 2.6 billion smart phones in the world — a product that is less than 20 years old. The Apple iPhone is only 10 years old, but it has changed the world.
Some economists have calculated that 20 years ago, if one had to buy all of the devices that do what iPhone apps can do, it would have cost much more than $3 million (that does not include those features that could not have been bought at any price two decades ago because the technology did not exist).
And that’s only the start of an endless succession of million dollar gifts capitalism has bestowed upon each of us.

In the 


What the world’s major central banks have been doing is not working. Rather than go back to the tried and true, they are now digging in deeper on policies that are bound to fail, such as the move to negative interest rates, which many will find personally harmful.