shortages like the “energy crisis” of the 1970s, the inflation-adjusted prices of metals and other natural resources have been falling for centuries. It’s also why recycling programs lose so much money – with raw materials so cheap, no one is willing to pay much for the stuff in your garbage. Howmuch to worry: Not at all, if you’re living in a capitalist country. What to do about it: Don’t vote for socialists.
OVERPOPULATION This is the granddaddy of fears that refuses to go away. Plato and Aristotle believed the government needed to control population, and economics became known as the dismal science in the 19th century because of Malthus’ warning that population growth would inevitably outstrip food production. Prophets have been warning ever since that humanity will run out of food, energy, metals, and other natural resources unless we become fervent recyclers and let our wise leaders control population and ration resources. But today we have more food per person than ever, at lower prices than ever, thanks to farmers whose productivity per acre keeps increasing so rapidly that the amount of farmland is shrinking globally, even as the population grows. We already have more farmland than we need to feed the projected future population. We also have enough proven energy resources (including nuclear power) to last tens of thousands of years. Dire shortages of food and other resources have occurred in socialist countries with price controls – the Soviet Union, China, North Korea, Venezuela – but when supplies run low anywhere else, the rising price spurs entrepreneurs to find new reserves or cheaper substitutes. That’s why, despite temporary
TERRORISTSWITHWEAPONS OF MASS DESTRUCTION For more than 50 years, an array of experts and leaders like President Bill Clinton and Vice President Dick Cheney have been warning that a catastrophic nuclear or biological terror attack was inevitable within a decade – “100% certain,” according to Clinton in the 1990s. The prophets have all been wrong, but they’ve succeeded in their mission: boosting spending on anti-terrorism programs. Today’s prophets warn that the Internet has made it easier for terrorists to learn how to build WMDs, which is true, but getting materials for the weapons remains a daunting challenge, and new information technologies have also made it easier for authorities to spot terrorists. In recent years there have actually been fewer terrorist attacks and fatalities than
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November 2018
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