The current banking crises have deep roots in US financial history. Monetary authorities have engaged in inflationary behavior for more than a hundred years.
The so-called progressives sought to shape and control selected aspects of American family life, including education, work, liquor consumption, suffrage, and family size.
Austrian economics is defined by its adherence to the a priori methodology, not empiricism. That places it at odds with mainstream economics, which stresses the methodology of positivism.
Today is the 30th anniversary of the Waco Massacre in which the media and the government self-congratulated each other in absolving the FBI of any crimes. Nothing has changed since then.
Washington elites and especially their media have denounced what they once praised: leaking of official documents that show the government has been lying.
Conservative icon William F. Buckley wanted a "totalitarian bureaucracy within our shores" to combat the communist threat. Far too many modern Chinaphobes are embracing a similarly deranged policy.
Walter Bagehot, as Jim Grant writes, believed that bankers and central bankers should exhibit financial discipline. He would not recognize today's banking world.
Official Washington and its Court Media are up in arms that someone has told the truth via leaking government documents. They won't rest until he is punished severely.
