Inflation

The Federal Reserve might be experiencing a change of leadership, but the process of currency debasement that began more than a century ago continues.

Even the federal government's official data shows that price growth is well above the Federal Reserve's two-percent target. In fact, price inflation is now at multi-year highs, and there is good reason to think this will continue.

The standard line among most economists is that deflation is as bad or even worse than inflation. In reality, the economy needs deflation now more than ever.

The standard line among most economists is that deflation is as bad or even worse than inflation. In reality, the economy needs deflation now more than ever.

As the economy faulters, socialists are getting elected, promising free goods and services and an end to the chaos. Even when they make things worse, however, they will still gain political power.

As the economy falters, socialists are getting elected, promising free goods and services and an end to the chaos. Even when they make things worse, however, they will still gain political power.

Governments take valuable things like paper and minerals, stamp something on them, and call them money, in the process rendering these things almost worthless. Something is wrong with this picture.

Governments take valuable things like paper and minerals, stamp something on them, and call them money, in the process rendering these things almost worthless. Something is wrong with this picture.

Inflation is not neutral, it is a hidden tax, a distortion of entrepreneurial signals, and a corrosive force against social trust.

In Graham Moore’s The Wealth of Shadows, John Maynard Keynes is a hero for his monetary manipulations. However, in the real world, the economics of Keynes has brought economic ruin.