With the fiat US dollar price of gold multiplied 2.6x since October of 2022 (as of October 20, 2025 when this was written) and rising exponentially (Figure 1), some people are deeply worried that something is seriously wrong with the dollar and with the global financial system generally. Is the soaring price of gold a sign of monetary instability? Or is it just a transitory “nothingburger”?

Figure 1: Gold spot price per troy ounce, most recent five years

There are a few reasons why the word equilibrium stirs up so much debate among economists. One reason is that it is obvious that we live in a world of constant change. Preferences, total stocks of goods, productivity, and known technologies change in unpredictable ways, disrupting markets in ways that make it impossible to observe and very difficult to conceive of anything resembling stability.

“...Holocaust education has begun backfiring, because it has been giving young people the wrong impression that genocide is always bad.” By Caitlin Johnstone.

Crenshaw and other Republicans were on an official visit to Mexico and Crenshaw was “having drinks with a group of Mexican officials.”

When discussing strategies to achieve an anarcho-capitalist society, discussion usually focuses on direct action: the progressive dismantling of reformism, political separation through secession, or the development of parallel markets via counter-economics. Yet all these approaches share a blind spot: they target the effects of the state rather than its causes. They serve as tools for practical engagement, yet they merely scratch the surface.

The “data-dependent” Federal Reserve will be flying blind at its next FOMC mtg on Dec 10. It will be basing its decisions on September CPI data. 

Murray Rothbard had a different view of ethics from the prevailing view among mainstream economists. He advocated rights, while the mainstream favors utilitarianism. The mainstream economists will usually claim to be “value free,” but their appeal to the “social welfare function” belies this.

Almost all the rhetoric of social democracy today, especially its American version, boils down to this implicit statement: “Free market capitalism is great as long as it financially supports us and our campaigns. But for you common folks, it’s a lethal poison!”