Real deflation—both monetary inflation and price inflation—is necessary, and that can only be accomplished if the Fed can resist the temptation to keep doing what it's been doing since 2008.
Unlike a private-sector service, police do not operate under any contractual obligations to provide services in any particular way. They can choose to do nothing at all, and face no real consequences.
Gary Galles explains that it is the virtue of the market that genuine experts rise to the top and a mark of politics that pseudoexperts rule what they know nothing about.
Progressives have long pushed for a state dominated by a new class of "scientific" experts who are supposedly nonpolitical and pursuing only "good government." It's a fantasy many people still believe.
Vladimir Putin (not unlike President George W. Bush) has led his country into a destructive war, yet the Russian political leadership enjoys wide public support.
