It is not surprising that some US states are facing large deficits between budgeted spending and incoming revenues. However, state bankruptcies occur when states cannot meet their bond obligations, which have little to do with operating expenses.
The Fed-launched real estate bubble did not just create havoc in residential markets, but also has distorted the commercial real estate market, too. And it is getting worse.
Few economists—even the free-market advocates—understand what caused the Great Depression. No, the Fed didn’t cause the Depression by failing to inflate the currency. Instead, it was the Fed’s inflation that led to the disastrous early events.
Saturday would have been Murray Rothbard’s ninety-eighth birthday! Celebrate with a copy of The Case against the Fed.
As Murray Rothbard has noted, there is an important distinction between nation and state. The former is a voluntary association of people while the latter is coercive and predatory. Progressives, of course, claim the opposite.
At best, a CBDC is surveillance masquerading as currency. The central bank would have precise information of your currency usage, savings, borrowing, and more.
Many of the high-flying businesses that received massive publicity turned out to be the creation of a bubble economy. Not all businesses are flashes in a pan; many of them continue to serve as the backbone of our economy.
"Politically there is nothing more advantageous for a government than an attack on property rights, for it is always an easy matter to incite the masses against the owners of land and capital."
Collectivism isn't a dangerous ideology just because of bad economics. It also is dangerous because its practitioners realize the only way to implement it is through outright violence, and they have no qualms about employing it to get their way.
Many economic think tanks espouse that national defense spending benefits Americans at large. It doesn’t. The notion that military spending "bolsters" the economy is yet another Keynesian fable.
