The Federal Reserve is not the only central bank in the world doing monetary and economic damage. Portugal‘s central bank—working as a branch of the European Central Bank—has been undermining sound money and economic prosperity in that country.
Once he took office, Trump continued Biden‘s policy of massive arms shipments to Israel. Trump even sent American bombers to attack Iran‘s nuclear facilities.
Instead, what matters is not whether expectations are stable, but whether expectations correspond to reality. Stable expectations cannot undo the damage caused by loose monetary and fiscal policies.
Many "social justice" advocates claim to appeal to a “higher law,” but they usually refuse to acknowledge economic laws because those laws stand in their way of creating the "just" society.
Most people believe that ours is a “free-market” healthcare system, but nothing could be further from the truth. A true market-based system as explained here would be less costly and more oriented to patient care.
Human reason, wrote Ludwig von Mises, is the basis for civilization itself. Western civilization, he said, was built upon economic progress that sprang from reason. However, he also warned that if the West abandoned sound economics, it would trigger its demise.
Europeans are being forced into an energy transition through debt-fueled spending that will lead to permanently higher energy prices and stifle European competitiveness. This won‘t change the climate, but it will make the people poorer.
Modern psychology has been at odds with the praxeology of the Austrian School, as psychologists have tended to see humans as passive and reactive, while Austrians view human action as purposeful. Recent developments in the field might change that narrative.
Even when MMT advocates are correct that colonial governments at times burned money after receiving it for tax revenues, they still manage to get both the history and the causes wrong.
Dr. DiLorenzo has some words for Secretary Bessent about the true role of the Fed and its record in this open letter.
