Hacking off soldiers' limbs was a favorite technique of Civil War surgeons, largely because doctors wanted to avoid blame for later cases of gangrene. So doctors erred on the "safe" side. Many patients may have disagreed.
The difference between modern economics and proper economic thinking lies in taking the step that comes after arriving at the "unseen," to the "unrealized."
Fueled by unprecedented quantitative easing, central bank asset purchases, and various stimulus packages, the money supply growth rate ballooned in April to an all-time high.
The ECB can disguise the risk for a while, but the reality of the mounting debt and tax burden ahead is probably going to end in a debt crisis.
We live in an age when politicians decide what is "essential" and what isn't. It's a grave abuse of power and common sense.
Panic over the COVID-19 virus has led to the closure of many schools and new forays into education outside the government school system. Many will find that they don't need the state's schools at all.
US government debt is spiraling upward, with debt-to-GDP rising to World War II levels. How long can this last?
Money really does buy happiness—up to a point. But at all income levels, happiness is very, very subjective.
With their bizarre and extreme lockdowns, governments are forcing very low-risk populations to endure social isolation and unemployment. The mental health effects will be significant.
After 2018, the US economy was already headed toward a recession. But bailouts and lockdowns have made things even worse.
