Daily Archives: 10 July 2020

More Disingenuosity

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The Supreme Court has ruled—7-2—in favor of the Little Sisters of the Poor and other organizations. The Court upheld the Trump administration’s rule exempting these employers from an Obamacare requirement to provide insurance coverage that includes contraception.

Justice Clarence Thomas wrote for the Court:

We hold today that the Departments had the statutory authority to craft that exemption, as well as the contemporaneously issued moral exemption. We further hold that the rules promulgating these exemptions are free from procedural defects.

Justice Ruth Bader Ginsburg dissented.

…this Court leaves women workers to fend for themselves, to seek contraceptive coverage from sources other than their employer’s insurer, and, absent another available source of funding, to pay for contraceptive services out of their own pockets.

Ginsburg is being disingenuous in this. Contraceptives are dirt cheap in Walmart and drug stores. It’s no great burden for “women workers” to pay for contraception “out of their own pockets.” If it’s a burden to seek “contraceptive coverage” from other sources, that’s the direct result of Obamacare driving up the cost of all coverage.

Ginsburg is being sexist in this. Condoms are nearly as cheap and even more widely available. But Ginsburg is blithely assuming that contraception is solely the responsibility of the woman.

Markets

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Zimbabwe, in attempt to protect its currency—already a close neighbor of worthless—has decided to close its stock exchange.

If there is no market for the currency, then it has little value in terms of purchasing power. If there is no convertibility of the currency into other currencies, then there is both high risk in holding the currency and reduced interest in holding it.  And so reduced purchasing power.

If the currency has little value and limited convertibility—or either alone—there is little interest in investing in the country or in simply buying its goods or selling foreign goods in—especially if the investments must be done in the domestic currency.

Without foreign trade or investment, domestic production of goods and services is strongly limited—especially when the nation is so far from self-sufficient in necessary resources—the inputs to any production.

Limited production, limited buying—the stuff of economic stagnation moving into decline.

Closing a stock exchange in such an environment is a move with no relevance to the failure of the ZWL. Aside from the fact that only the very rich Zimbabweans and foreign investors traded on that market, the failure of the currency is a failure in citizens’ belief in the government, a failure of their confidence in the nation, and a disbelief in the citizens to keep what they’ve earned, whether hard goods or money. It’s a failure in confidence in the future.

Getting the future back is more serious business than closing a stock market.