Auction bidders are demanding higher fixed rates as compensation for the risk that inflation—stoked by rising energy prices since the U.S. attacked Iran in late February—will accelerate further. 

Twice a year, the Federal Reserve releases its Financial Stability Report. According to the Fed:

This report presents the Federal Reserve Board’s current assessment of the stability of the U.S. financial system.

The Federal Reserve is at the center of the pure paper money system of the United States and the world. As the Fed transitions to a new chairman, it is timely to consider some questions about this remarkable, powerful, dangerous, and allegedly “independent” institution. Here are seven questions for the new chairman, Kevin Warsh, and his colleagues:

Do we need a national price fixing committee for interest rates?

Answer: No.

[Defending Southern Heritage: A Series of Letters and Essays in Response to Enemy Attacks by Jeff Paulk (Southern Vindicator Press, 2026; vii + 530pp.)]

Like it or not, for several centuries now, Hobbes’s nation-state concept has been the default paradigm and context for modern people whenever they think about government. Without having ever read Hobbes, people will unknowingly repeat his assumptions, presuppositions, concerns, and arguments for the state. Yet—with some simple logic and using Hobbes’s own presuppositions—we can internally critique Hobbes’s argument and see that his proposed solution of the state solves none of the problems he presents.