Progressives are fond of telling us that we are under a "social contract" with the government, in effect justifying whatever abuses authorities inflict. Putting up with massive inflation is the latest iteration of this so-called contract.
Standard economic theory states that as an economy grows, the money supply should grow with it. Appealing to the Austrian tradition, Frank Shostak shows that belief is mistaken.
The Fed's entire "strategy" can be summed up as "hike 'til it breaks, cut 'til it inflates." That's the best all those PhDs at the Fed have managed to come up with.
The Fed's entire "strategy" can be summed up as "hike 'til it breaks, cut 'til it inflates." That's the best all those PhDs at the Fed have managed to come up with.
US central bankers are guilty of much, but it's not their fault that central bankers elsewhere are so often even worse and have made their currencies weak compared to the dollar.
This is bad news for the administration, which has repeatedly attempted to downplay the relentless increases to the cost of living being inflicted on Americans after years of deficit spending, fueling inflationary monetary policy.
Congress tells the Fed to maximize employment and also have low inflation. But in reality the Fed usually chooses to ignore inflation and instead "stimulate" employment with inflation.
This is bad news for the administration, which has repeatedly attempted to downplay the relentless increases to the cost of living being inflicted on Americans after years of deficit spending, fueling inflationary monetary policy.
While African nations often are famous for corruption, poverty, and inflation, there is a way to bring dramatic changes to African economies: a gold-based currency.
Powell isn't a villain for pulling his foot off the money-creation accelerator a little. No, Powell's villainy stems from his role in helping create the boom in the first place.
